A bill to amend the Internal Revenue Code of 1954 to increase the limitations on the deduction for individual retirement savings and to allow individuals covered by employer plans to qualify for such deduction.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to increase the limitation to $5,000 ($7,000 for married individuals) on the income tax deduction for individual retirement savings. Allows individuals covered by employer plans to qualify for the deduction for retirement savings.…