The executive director and CEO of the American Society of Pension Professionals & Actuaries is speaking out against The Brookings Institution's "15 Ways to Rethink the Federal Budget" because it would hurt the small businesses who sponsor 401(k) plans for their employees.
Brian Graff said that the Brookings Hamilton Project proposed placing a 28 percent cap on the rate at which deductions and exclusions related to retirement saving reduce a taxpayer's income tax liability.
"Because the tax incentive for retirement savings is a deferral, not a permanent exclusion, the proposal would more accurately be described as double taxation of contributions to retirement savings plans for anyone with a marginal tax rate of over 28 percent," said Graff.
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