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.
If you have a traditional IRA, the contributions that you make each year are tax deductible. Contributions to a Roth IRA, however, are not tax deductible. But five years after opening a Roth account, you can start taking qualified distributions that are tax-free [sources: IRS, IRS, USAA, Edward Jones ].