Photo: AP.

If President Obama thinks his proposal to place a $3 million cap on tax-deferred retirement plan contributions will help boost government coffers, he might want to review a Congressional Budget Office report that tells an altogether different story.

Obama’s proposal – released just ahead of his recent State of the Union and a rehash of an idea the White House tossed into the mix last year – was lauded by some as a way to prevent the abuse of tax loopholes by the ultra-rich. Others said the idea could, in fact, create a host of potential unintended consequences that would harm middle-class investors.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events.
  • Access to other award-winning ALM websites including and

Already have an account?



Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join now!

  • Unlimited access to - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including and
  • Exclusive discounts on and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.