The Insured Retirement Institute congratulated Sen. Ron Wyden, D-Ore., for taking over as chairman of the Senate Finance Committee. IRI President and CEO Cathy Weatherford said that he will have considerable power over tax policy in this position and she hopes that tax incentives for retirement savings will remain a top priority.
Wyden, who replaces Sen. Max Baucus, D-Mont., takes over the position today, Feb. 13. He has said that he wants to tackle the “dysfunctional, rotting mess of a carcass that we call the tax code,” but added that he will keep several tax provisions that are about to expire for another year as he and his colleagues work on tax reform.
“We congratulate Senator Wyden on his selection to this post. As Chairman of the Senate Finance Committee, Senator Wyden will have considerable influence over the direction of tax policy in America and, as such, he also will have a significant leadership role on retirement policy issues,” Weatherford said.
“Tax incentives for retirement savings have been a powerful tool in helping millions of Americans save and prepare for their retirement years, and the preservation of these incentives will be an important component of the retirement security agenda in Washington for years to come. We look forward to working with Senator Wyden in his new post as Chairman of the Senate Finance Committee, and we welcome the opportunity to partner with him as we work to advance retirement security in America.”
Wyden’s tax agenda includes narrowing the gap between taxation of investment income and ordinary income, increasing the standard deduction, revising savings incentives by creating new investment accounts for all Americans at birth, shifting savings subsidies from high-income taxpayers to low- and moderate-income households, and consolidating and simplifying the existing tax-preferred savings incentives, according to Forbes.
The Insured Retirement Institute leads a national consumer coalition of more than 20 organizations, and is the only association that represents the entire supply chain of insured retirement strategies.