The Congressional Budget Office (CBO) and Congress have floated ideas to tap retirement plans to fund shortfalls projected from reductions in tax revenue. (Photo: iStock)

When considering a topic as broad and politically charged as tax reform, there are two major issues to consider when gauging its impact on retirement: structural changes in the tax code; and the impact of tax changes on the budget deficit — who will pay for the changes when they are expected to reduce revenue?

The tax reform proposals put forth by the Trump administration would reduce the number of personal tax brackets, lower the corporate tax rate to 15%, eliminate the Alternative Minimum Tax (AMT) and keep the capital gains tax brackets on investments at current levels (20%, 15% and 0%).

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