CSE Note: Treasury Assistant Secretary for Tax Policy Pamela Olsen gave a speech on Monday, June 2, that put non-taxable retirement accounts back on the agenda. She proposed Lifetime Savings Accounts (LSAs), which would combine many of the existing savings plans and give taxpayers more control over their own money. According to Olsen, these tax-free savings accounts could “fund a college education, start a business, buy a first home, save for emergencies, or used for retirement.” Taxpayers can put up to $7,500 a year into these accounts, with no restrictions on age or income. She also spoke of the need to create Employer Retirement Savings Accounts (ERSAs) which would consolidate the six existing types of plans into one. The complexity of the tax code has discouraged people from creating individual retirement accounts. In 1982, the IRS publication for individual accounts was only 12 pages long—today it is 104 pages. This complexity also reveals the lack of trust some in the government have of the ability of taxpayers to spend their own money. Low-income families especially need the ability to withdraw money from their savings accounts in the case of an emergency. 104 pages of government regulation can stop them from doing this, discouraging savings.