During my lifetime, combined taxes at the local, state, and federal levels have increased from 10 percent to almost half of a person's income.  American families still pay a lot in taxes, and we need to do all we can to lower the tax burden on the working class. 

The Lifetime Savings Accounts (LSAs) President Bush has proposed in his 2005 budget are a great way to provide some extra security.  These accounts will allow everyone, regardless of age or income status, to contribute up to $5,000 per year after taxes that can be withdrawn anytime with no penalty.  Individuals with existing tax-preferred savings plans will also be able to convert them into a LSA.  This “front-loaded” plan provides a needed savings incentive, particularly for folks unhappy with their 401(k).