On April 8, 2013 the Aspen Institute’s Initiative on Financial Security (Aspen IFS) submitted a testimony to the House of Representative’s Ways and Means committee’s working group on Pensions and Retirement.
The Ways and Means Committee held 20 separate hearings on comprehensive tax reform in the 112th Congress. In February 2013, Chairman Dave Camp (R-MI) and Ranking Member Sander Levin (D-MI) announced the formation of 11 separate Ways and Means Committee Tax Reform Working Groups. Each working group is researching and compiling feedback in their designated issue areas. Aspen IFS submitted testimony to the Pensions and Retirement working group.
Aspen IFS’ testimony highlighted four key ideas listed below.
1) Achieving financial security is a lifelong endeavor and tax reform offers an opportunity to take practical steps to ensure that all Americans have the basic tools to save.
2) The majority of low- and middle-income workers have effectively no tax incentive and fewer workplace opportunities to save for retirement.
3) Tax reform offers the opportunity to transform coverage rates and account balances to enhance workers’ retirement security and mitigate the lag on the economy.
4) Getting the American economy back on track means strengthening and preserving the retirement nest-eggs of American households.
