JustAGuy1
Diamond Member
- Aug 18, 2019
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The federal government should stop allowing pre-tax contributions to retirement savings, abolishing the 401(k) and Individual Retirement Account, two economists from opposing ideological camps argued in a research brief in January.
Allowing people to shelter their retirement money from taxes is a policy that largely favors the well-heeled, they said. Congress could use that money, nearly $200 billion a year in lost tax dollars, to shore up the underfunded Social Security program.
"We do not think that this subsidy, which you can only rationalize if it increases saving ... we don't think it does increase saving very much," said Alicia Munnell, an assistant treasury secretary under President Clinton. She co-wrote the brief with Andrew Biggs, a senior fellow at the right-leaning American Enterprise Institute.
Good lord, what is wrong with these people?
Allowing people to shelter their retirement money from taxes is a policy that largely favors the well-heeled, they said. Congress could use that money, nearly $200 billion a year in lost tax dollars, to shore up the underfunded Social Security program.
"We do not think that this subsidy, which you can only rationalize if it increases saving ... we don't think it does increase saving very much," said Alicia Munnell, an assistant treasury secretary under President Clinton. She co-wrote the brief with Andrew Biggs, a senior fellow at the right-leaning American Enterprise Institute.
Good lord, what is wrong with these people?