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<nobr>Apr 1, 2011</nobr>
ERIC Urges Senate Finance Committee to Preserve Tax Incentives for Retirement Savings
ERIC along with several other trade associations submitted a joint statement for the record for a March 30th tax reform hearing before the Senate Finance Committee on "How Do Complexity, Uncertainty and Other Factors Impact Responses to Tax Incentives."
The group letter outlines the importance of tax incentives for retirement savings, arguing that eliminating or diminishing the current tax treatment of employer-provided retirement plans will jeopardize the retirement security of American workers, impact the role of retirement assets in the capital markets, and create challenges in maintaining the quality of life for future generations of retirees.
The letter also explains that taxes on retirement savings are deferred, not excluded, and therefore not equivalent to the exclusion associated with other tax expenditures, such as the mortgage interest deduction. The letter adds that as individuals begin to retire, distributions from retirement savings are taxed and revenue will flow to the U.S. Treasury.
The Senate Finance Committee last year began holding a series of hearing in what Chairman Max Baucus (D-MT) described as a comprehensive review of the Internal Revenue Code to look at ways to make it more competitive, fair, and less complex. Baucus has said that he will continue holding hearings over the coming months on various aspects of the Internal Revenue Code.
A link to the statement appears below.
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For more information:
Ted Godbout
Director, Communications
The ERISA Industry Committee
1400 L Street, NW, Suite 350
Washington, DC 20005
Phone: (202) 789-1400
tgodbout@eric.org
www.eric.org
Websites:
Group Statement for the Hearing Record
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