Tag: tax treatment
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…
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…
