Deferring taxes on money saved for retirement could be a thing of the past, if Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee, and Orrin Hatch, R-Utah, ranking member, have their way.
The "blank slate" approach they propose for reforming the tax code will eliminate all tax deductions, no matter how worthy, and force the defense of any measure by advocates who wish to see them retained.
The senators cited the Joint Committee on Taxation as saying that pension and retirement savings tax breaks alone, if added back into a newly reformed tax code, could amount to $2 trillion over 10 years, and "would, on average, raise each of the seven individual income tax brackets by between 1.3 and 2.2 percentage points from what they would be under the blank slate."
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