Retirement Savings Tax Breaks Eyed
Take even more from tomorrow to pay for today
For many Americans, it's the first order of business when they visit the HR department at a new job: enrolling in the 401(k) plan.
The tax-deferred savings plans have been promoted as one of the best ways to prepare for retirement, as traditional pensions become a thing of the past.
But the tax-free part is coming under greater scrutiny, as Congress looks under every couch cushion for the dollars needed to strike a deal on the looming fiscal cliff, and possibly re-write the tax code next year.
It's been a frequent target of would-be budget reformers across the political spectrum, including the Simpson-Bowles Commission and the Center for American Progress. Even President Barack Obama has eyed changes to the rules governing 401(k)s.
Hide Comments (0)
Editor's Note: As of February 29, 2024, commenting privileges on reason.com posts are limited to Reason Plus subscribers. Past commenters are grandfathered in for a temporary period. Subscribe here to preserve your ability to comment. Your Reason Plus subscription also gives you an ad-free version of reason.com, along with full access to the digital edition and archives of Reason magazine. We request that comments be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of reason.com or Reason Foundation. We reserve the right to delete any comment and ban commenters for any reason at any time. Comments may only be edited within 5 minutes of posting. Report abuses.
Please
to post commentsMute this user?
Ban this user?
Un-ban this user?
Nuke this user?
Un-nuke this user?
Flag this comment?
Un-flag this comment?