US. IRI wants tax reform, but not at expense of retirement plans
The Insured Retirement Institute is urging the Trump administration and Congress to tread lightly in considering tax reforms that would strip incentives to save in qualified retirement plans.
In an extensive letter to the Commerce and Treasury Secretaries and Republican and Democrat leaders on tax policy in both chambers of Congress, IRI says proposals that would limit the tax preferred treatment of contributions to employer-sponsored retirement plans would “risk significantly impairing retirement security” for the country.
“With 30 million Baby Boomers at risk of not having enough retirement income and 10,000 Americans reaching retirement age every day, it is vital that tax reform protect existing tax treatment and tax-deferred savings incentives that spur retirement savings and economic growth,” said IRI’s CEO Cathy Weatherford in a statement.
The White House is expected to release new details on its plans to reform the tax code this week. On the campaign trail, President Trump pledged to reduce the corporate tax rate to 15 percent, and the individual rates to 12, 25, and 33 percent. House Republicans’ Blueprint for tax reform would reduce the corporate rate to 20 percent.
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