When President Obama advances his reported proposed 2015 fiscal budget next week, he'll propose capping some existing tax advantages for employer-sponsored plans.
By limiting the value of tax deductions, defined contribution exclusions and IRA deductions to 28 percent of income, the Obama administration hopes to create $1 billion a year in new tax revenue.
The reduced 28 percent limit on deductions would affect the retirement savings of individuals earning more than $183,000 and couples earning more than $225,000.
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