US. Democrats want to force businesses to contribute to retirement plans, and they’ll pay for it by raising taxes on the wealthy
Democrats aren’t just pushing for a higher minimum wage. Now they’re talking about “minimum retirement.”
Sens. Chris Coons of Delaware and Amy Klobuchar of Minnesota planned to introduce a bill Thursday that would make companies contribute to employee retirement plans. Here’s what the measure calls for:
Businesses would be required to pay at least 50 cents into an employee retirement plan for every hour worked.
To offset that cost, companies would receive a tax credit for a portion of those contributions.
To pay for the proposal, the senators are proposing raising the corporate tax rate by 2 percentage points to 23%.
It would also increase the tax rate on the wealthiest households from 37% to 39.6%.
Read more @CNBC
