An economic advisor to former President George W. Bush unveiled a proposal on Friday to reform the current retirement savings system by replacing the current deduction for contributions to retirement savings accounts with a flat-rate refundable credit that would be deposited directly into a saver’s account.

The proposal, put forth by William Gale, who is currently a senior fellow in economic studies at the Brookings Institution in Washington, would replace the existing tax deductions with a flat-rate refundable credit that serves as a matching contribution into a retirement savings account.

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