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![handle is hein.barjournals/jkabr0027 and id is 1 raw text is: gJournal of the Bar Association
of the State of Kansas
VOL XXVII AUGUST, 1958 No. 1
Published Quarterly, August, November, February and May, by the Association.
Price per copy $2.00; to members, $1.50; per year to nonmembers, $8.00
Address Journal communications to Franklin Corrick, Editor-in-Chief,
Third Floor, Statehouse, Topeka, Kansas
Entered as Secohd-Class Matter, September 8, 1945, at the Post Office at Topeka, Kansas
Under the Act of March 3, 1879.
JENKINS-KEOGH (RETIREMENT) BILL NEWS*
[EDTroR's NOTE: In the Senate on August 12, 1958, an attempt to.amend H. R.
8381 to include H. R. 10 failed. On August 15, 1958, Senator Schoeppel advised
our President Scovel that Senate action must- now wait until H. R. 10 is re-
ported to the floor by its Finance Committee.-F.C.]
The organized bar and other organizations representing self-employed per-
sons scored an important.preliminary victory in Congress today [July 22, 1958]
when the House Ways and Means Committee voted 18 to 7 to approve the
Jenkins-Keogh bill (H.R. 10). The bill allows self-employed persons to defer
payment of income taxes until age 65 on a portion of current income placed
in a retirement fund.
While the committee action represented only a preliminary success, it was
regarded as a major gain in the long fight for individual retirement legislation.
It was considered particularly significant since the Ways and Means Commit-
tee, and the administration, had closed the door to practically all other tax relief
legislation at this session.
Normally, the bill (H.R. 10) would now go to the House Rules Committee
which would decide when and if it is to go to the House floor for consideration.
Conceivably the rules could be suspended, however, for earlier floor action.
Congress has been planning to adjourn the session by mid-August.
As approved by the Ways and Means Committee the Jenkins-Keogh bill
(H.R. 10) was amended to cut from $5,000 to $2,500 a year the maximum
which any taxpayer could put aside on a tax-deferred basis. The limitation
would be 10 percent of annual income, or not more than $2,500. The lifetime
limitation was cut by the committee from $100,000 to $50,000.
The American Bar Association and many state and local bar associations have
been in the forefront of the fight to enable self-employed persons to establish
individual retirement programs comparable to those provided by corporate re-
tirement and pension programs for employed persons.
°Source: Committee on Public Relations of the American Bar Association. [Editor's Note: An eplaaation of
the 1955 Jeukins-Keosh Bill appeas in the February. 1956 Kansas Bar Journal (VoL 24. pp. 240-248).]](ViewImageLocal?handle=hein.barjournals/jkabr0027&div=1&collection=&method=preview&ext=.png&size=3)