A bill to amend the Internal Revenue Code of 1954 to increase to $4,000 the maximum deduction for contributions to retirement savings and to allow the deduction for such savings to be computed for married individuals on the basis of their combined compensation.

Amends the Internal Revenue Code to increase to $4,000 the maximum deduction for contributions to retirement savings plans and to allow married individuals to compute the amount of their income tax deduction for contributions to retirement savings plans on the basis of the earnings of their spouse.