NAIFA Issues Statement on Senate Finance Committee Tax Hearing

NAIFA CEO Kevin Mayeux issued this statement following the Sept. 14 Senate Finance Committee hearing on tax reform:
 
“As Congress and the Trump administration begin policy discussions on tax reform, it is crucial that they bear in mind the important role the tax code plays in encouraging Americans to take responsibility for their own financial futures and prepare for retirement. NAIFA is encouraged that three of the four witnesses at yesterday’s Senate Finance Committee hearing raised objections to proposals that would mandate the use of Roth accounts for retirement.
 
“Roth accounts are an important retirement option, but they are not right for every person or family in every situation. Retirement savers need the flexibility and freedom to choose retirement plans that provide them with the greatest benefit. Forcing Roth products on all retirement savers could discourage many middle-income Americans from saving for retirement. It would also be little more than a bookkeeping maneuver to increase the government’s near-term revenue at the expense of future revenue. It is not an effective means of paying for sustainable, permanent tax reform.    
 
“NAIFA also commends Sen. Sherrod Brown and his colleagues Sens. Ron Wyden, Debbie Stabenow, Benjamin L. Cardin, and Robert P. Casey Jr. on the Senate Finance Committee for promoting retirement savings in a letter to Treasury Secretary Steven T. Mnuchin, Chief Economic Advisor Gary D. Cohn, and Republican leaders in Congress closely involved in tax reform efforts. The letter supports continued tax-deferred status for traditional 401(k) plans and IRAs and calls on Congress and the administration to reject any proposal that would reduce incentives for working families to save for retirement.”
 
  • Posted September 15, 2017 IN


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