Should They Stay or Should They Go? Reexamining Retirement Tax Incentives
On Thursday, March 2nd, FSP hosted a panel discussion on the effectiveness of current tax incentives to encourage saving for retirement – a timely topic given growing momentum in Congress to overhaul the tax code. In addition to debating the efficacy of retirement tax incentives, the conversation covered the upside-down nature of current retirement tax expenditures, the potential role of the Saver’s Credit to boost savings for low- and moderate-income families, the possibility for consolidation and simplification of the various savings incentives in the code, and other reform proposals.
Panelists included:
- Peter J. Brady, Senior Economist at the Investment Company Institute (ICI) (@ICI)
- Catherine Collinson, President of the Transamerica Center for Retirement Studies (@Cath_Collinson)
- David Kamin, Professor of Law at New York University and author of new paper entitled “Getting Americans to Save: In Defense of (Reformed) Tax Incentives” (@davidckamin)
- Monique Morrissey, Economist, Economic Policy Institute (@MoniquMorrissey)
- Moderated by Ray Suarez (@RaySuarezNews)
Highlights:
Men earn more, women save more, but neither is enough to prepare for #retirement says @RaySuarezNews @Aspen_FSP talk on #TaxIncentives
— Lee Davenport (@davenportlee) March 2, 2017
Much of our retirement planning still revolves around employers even w/ rise in gig economy says @RaySuarezNews #TaxIncentives
— Aspen FSP (@Aspen_FSP) March 2, 2017
.@davidckamin: current retirement #taxincentives redistribute from savers 2 nonsavers, is easily gamed, & ill-designed 2 help most in need
— Ida Rademacher (@idarademacher) March 2, 2017
Tax incentives could do better “with a little TLC” says @Cath_Collinson #TaxIncentives #SaversCredit
— Aspen FSP (@Aspen_FSP) March 2, 2017
Peter Brady from @ICI argues Social Security is more or less enough/system isn't broken. #TaxIncentives
— Sarah Spell (@sarahspellphd) March 2, 2017
People can’t claim saver’s credit if using 1040EZ. @Cath_Collinson explains this & many broken features of current #taxincentives system pic.twitter.com/9FaWJAwwjw
— Ida Rademacher (@idarademacher) March 2, 2017
60+% of #retirement #TaxIncentives go to DC plans. $ well-spent? DavidKamin says “no” @ASPEN_FSP
— Josh Gotbaum (@JoshGotbaum) March 2, 2017
Essential that we have a system that combines ease of access with an easy to understand tax benefit – @davidckamin #taxincentives
— Aspen FSP (@Aspen_FSP) March 2, 2017
.@MoniquMorrissey: the biggest problem w/ the tax system is that it encourages sheltering not saving https://t.co/wauph5lRw3 #TaxIncentives pic.twitter.com/sMxuiwlxa3
— Aspen FSP (@Aspen_FSP) March 2, 2017
Related materials:
- POWERPOINT: David Kamin PowerPoint Presentation
- BLOG: Increasing Retirement Saving: Reforming Tax Incentives and an All-of-the-Above Approach – By David Kamin
- BLOG: The Saver’s Credit: A Case Study About a Little-Known Tax Credit That Pays to Save for Retirement – By Catherine Collinson
- BLOG: A Conversation with Monique Morrissey on the State of American Retirement and Tax Incentives – By Monique Morrissey
- HANDOUT: How America Supports Retirement: Tackling the Myths That Surround Us – By Peter J. Brady