Senate Finance Committee Chairman Sen. Max Baucus, D-Mont. left, and the committee's ranking Republican, Sen. Orrin Hatch of Utah. (AP Photo/Charles Dharapak/File)

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.

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