This measure opened the issue of what to do about slavery in border states that had not seceded or in areas that had been captured by the Union before the proclamation. In 1864, an amendment abolishing slavery passed the U.S. Senate but died in the House as Democrats rallied in the name of statesâ rights.
The IRS sets limits on after-tax contributions to your IRA. When it comes to retirement plans, a penny saved is not only a penny earned. Thanks to generous tax deductions and other government subsidies, it is also a penny invested. This holds true even when you invest after-tax money into an IRA.
Significance. A Roth IRA allows a person to contribute post-tax dollars to an account to save for retirement. The money in the account grows tax-free. It can also be withdrawn tax-free, as long as the account holder is at least 59 1/2 years old.