<Tr> <Td> 2008--2012 </Td> <Td> $5,000 </Td> <Td> $6,000 </Td> </Tr> <Tr> <Td> 2013--2018 </Td> <Td> $5,500 </Td> <Td> $6,500 </Td> </Tr> <P> Originally called an "IRA Plus", the idea was proposed by Senator Bob Packwood of Oregon and Senator William Roth of Delaware in 1989 . The Packwood--Roth plan would have allowed individuals to invest up to $2,000 in an account with no immediate tax deductions, but the earnings could later be withdrawn tax - free at retirement . </P> <P> The Roth IRA was established by the Taxpayer Relief Act of 1997 (Public Law 105 - 34) and named for its chief legislative sponsor, Senator William Roth of Delaware . In 2000, 46.3 million taxpayers held IRA accounts worth a total of $2.6 trillion in value according to the Internal Revenue Service (IRS). Only a little over $77 billion of that amount was held in Roth IRAs . By 2007, the number of IRA owners has jumped to over 50 million taxpayers with $3.3 trillion invested . </P>

Which two us senators proposed and helped pass the investment platform roth ira