Tag: fixing Social Security
![icons of taxes, money, and percent signs with a businessman](https://crr.bc.edu/wp-content/uploads/2024/01/icons-of-taxesm-money-and-percent-signs-with-a-businessman.jpeg)
If Andrew Biggs and I can agree, the shift should have bipartisan support. Andrew Biggs, a conservative economist with the American Enterprise Institute, and I are usually opponents. Our disagreements go back decades – privatizing Social Security, adequacy of retirement income, compensation of state and local government employees – and just a few weeks ago…
![One big pink piggy bank on the left of a seesaw and four smaller money boxes on the other side](https://crr.bc.edu/wp-content/uploads/2024/01/One-big-pink-piggy-bank-on-the-left-of-a-seesaw-and-four-smaller-money-boxes-on-the-other-side-1536x1024.jpg)
The U.S. Treasury estimates that the tax preference for employer-sponsored retirement plans and IRAs reduced federal income taxes by about $185-$189 billion in 2020, equal to about 0.9 percent of gross domestic product. However, the best evidence suggests that the federal tax preferences do little to increase retirement saving…