In my Coverdell search, I found a bill that I guess didn't pass.
Changing the Coverdell name to "401Kids Savings Account" Allowing distributions from this account to be permitted for first time home purchase. The rolling from these accounts to Roth IRAs.
Aside from the obvious fact that this didn't pass, I wonder if any bill will simplify instead of obfuscating. The subtle differences between one type of account and another create confusion and chances for mistakes. The interplay between Employer based accounts (401(k) 403(b), etc) and the Individual accounts are beyond any simple understanding.
The phaseouts by income and the need to recharacterize or withdraw is one issue for those who don't know their precise income in advance.
I live in Massachusetts and frequently pass Walden pond on the way to/from work. As I pass, I mumble "simplify, simplify, simplify." Has congress read Thoreau?