Today's hearing of the House Ways and Means Committee demonstrated that even Republicans realize there need to be some tax incentives to help Americans motivate for retirement savings, according to Bloomberg's coverage.
Congressman Dave Camp, head of the committee, told reporters he hasn't finalized his thoughts on proposals to overhaul the tax code and its treatment of retirement issues, but did say he is in favor of requiring automatic enrollment in IRAs – an opinion shared by President Obama.
But Congress should be wary of de-incentivizing participation in retirement plans just to try to shave points and lower an already explosive budget, warns Rep. Sander Levin of Michigan, the committee's top Democrat.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
