A bill to amend the Internal Revenue Code of 1954 to allow the deduction for contributions to individual retirement savings without regard to whether the taxpayer is an active participant in any pension plan and to increase the maximum amount allowable as a deduction for such contributions and for contributions to retirement plans for self-employed individuals.

Amends the Internal Revenue Code to permit an income tax deduction for contributions to retirement savings plans even if the taxpayer was a participant in a tax qualified pension plan, annuity, bond purchase plan, or government pension plan for any part of the taxable year. Increases the maximum deduction for contributions to retirement savings plans from $1,500 to $3,000.