Tax reform could change the way Americans save for retirement
he fight over tax reform is starting to get personal.
So far, much of the debate in Washington has centered on overhauling the corporate tax code. But a new coalition of consumer and industry groups is spotlighting the potential for major changes to the individual side — particularly the way that Americans save for retirement.
The White House and Republican leadership on Capitol Hill have said they want to streamline the tax system, allowing Americans to file their returns using nothing more than a large postcard. To achieve that, they are considering eliminating most of the individual deductions in the tax code. The principles for reform the administration outlined in April save only two: for mortgage interest and charitable donations.
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