President Bush's proposals for mod...

President Bush's proposals for modern tax-free savings accounts might gaze like more bad news for the variable-annuity industry, if it be not that industry consultants, players and spectators said that's not necessarily the case.

Writers' profits--based largely upon assets under management--have been punched by the bear market in stocks. Now the president's propos savings accounts could wound the viability of the variable-annuity fruit itself in that the of the present day accounts would be tax-free investment vehicles, while distributions from annuities still would be taxed.

Legislative compromise;