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Posted: 12/14/2003 12:33:34 PM EDT
[Last Edit: 12/14/2003 12:34:18 PM EDT by The_Macallan]
The significance of his career-long work fighting high taxes, Gov't waste and especially his creation of the Roth IRA can not be underestimated.

What an incredible effect he has had and WILL CONTINUE to have for many generations to come.



Former U.S. Sen. William Roth Dies


Former Sen. William V. Roth Jr., (search) a fighter for tax cuts during his five terms in the U.S. Senate and the creator of the popular retirement account that carries his name, has died. He was 82.

Roth was a relentless champion of tax cuts during his time in Washington and also oversaw high-profile inquiries into both alleged taxpayer abuses by the Internal Revenue Service (search) and Pentagon overspending that uncovered the famous $9,600 wrench and $640 toilet seat.

The Republican co-authored the 1981 Kemp-Roth tax cuts, but he was best known as the creator of the Roth Individual Retirement Account, or Roth IRA.
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During World War II, he had served in an Army intelligence unit in the Pacific theater, eventually receiving the Bronze Star for meritorious conduct.
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One of his first acts in Congress was to comb through the government agencies that provide grants, small business loans and other money. He finished with what became known as the "Roth Catalog," originally published in the Congressional Record in 1968, a guide now updated annually as "The Catalog of Federal Domestic Assistance."

In 1981, early in his Senate career, Roth joined former Congressman Jack Kemp to usher in a sweeping tax cut that conservatives hailed as the spark for the robust economy of the 1990s but critics blamed for the spiraling national deficits under President Reagan.
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Roth later focused his attention on the tax collectors, leading a series of high-profile Congressional hearings into the workings of the Internal Revenue Service.

Although Roth insists his inquiry reined in an agency out of control, the hearings were unable to substantiate any specific claims of abuse by IRS workers. He later authored a 1999 book, "The Power to Destroy," a look at the IRS.

In 1983, as chairman of the Senate Governmental Affairs Committee, he helped to expose wasteful defense spending, drawing attention to overpriced spare parts by decorating a Christmas tree with screws, nuts and wrenches. The total price tag was $101,000.
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Roth's crowning legislative achievement was the creation of the Roth IRA, an individual retirement account which allows people to invest taxable income that can be withdrawn tax-free in retirement.



Thank you for your service.



Link Posted: 12/14/2003 12:36:05 PM EDT
We have been losing a few good and bad lately.
Link Posted: 12/14/2003 12:46:38 PM EDT
+1 CW
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