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'Talk about robbing Peter to pay Paul': Economists propose axing 401(k), IRA tax benefits to help fu

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Hoodat:
'Talk about robbing Peter to pay Paul': Economists propose axing 401(k), IRA tax benefits to help fund Social Security — but some retirement experts are lashing back

Serah Louis  •  5h

A new brief from the Center for Retirement Research at Boston College makes the case for scrapping tax benefits on retirement plans like 401(k)s and IRAs, potentially adding billions of dollars in U.S. tax revenue each year.

Economists Alicia Munnell and Andrew Biggs argue how subsidies for these retirement plans, which they say fail to “significantly boost national saving,” could be diverted to fund Social Security instead — which is set to run short of cash by 2033.

“It makes little sense to throw more and more taxpayer money at employer plans and IRAs,” the duo wrote in the brief. “In fact, the case is strong for eliminating the current tax expenditures on retirement plans and using the increase in tax revenue to address Social Security’s long-term financing shortfall.”  .  .  .

https://www.msn.com/en-us/money/retirement/talk-about-robbing-peter-to-pay-paul-economists-propose-axing-401-k-ira-tax-benefits-to-help-fund-social-security-but-some-retirement-experts-are-lashing-back/ar-BB1iI1NL

Hoodat:

--- Quote ---“It makes little sense to throw more and more taxpayer money at employer plans and IRAs,”

--- End quote ---

Wait just a damn minute.  No one is throwing taxpayer money at my IRA.  These people are pure evil.  Looters, through and through.  They see money.  They go after it.

Hoodat:

--- Quote ---could be diverted to fund Social Security instead — which is set to run short of cash by 2033
--- End quote ---

Social Security is already out of cash.  They are currently paying out more than they bring in, which means they are having to go to the Fed and ask them to print up more money for them to spend.

bigheadfred:
You should be able to opt out of SS taxes instead.

cato potatoe:
We know Americans will not consent to pushing back the age of full benefits.  Somebody is getting looted when the time comes — almost certainly the upper wage earners.  It also is hard to imagine the present capital gains or income tax rates getting extended beyond 2025.

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