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Americans Agree: Keep Current Tax Incentives for Retirement Savings
Americans are building retirement preparedness paycheck by paycheck—thanks in no small part to the tax incentives for saving through defined contribution (DC) plans, such as 401(k)s and individual retirement accounts (IRAs).
Large majorities of Americans appreciate the importance of these tax incentives, saying that tax incentives are a crucial aspect of their ability to save for retirement.
Yet elements of the Administration’s proposed budget for fiscal year 2014, as well as other proposals in Congress, threaten to limit these incentives and jeopardize the success of the U.S. retirement system.
Limiting tax incentives would:
- Affect savers at all income levels—not just those in the top brackets
- Undermine the foundation of employment-based retirement savings
- Discourage employers from offering plans—and employees from participating in them
- Jeopardize our nation’s progress on retirement security
Don’t limit retirement tax incentives. Instead, listen to the large majorities of Americans who recognize the importance of maintaining tax incentives for retirement savings.
Interested in more information? Choose from the options below:
- I want to learn more about the success of the U.S. retirement system.
- I want to learn more about Americans’ support for tax incentives.
- I want to understand why tax deferrals are not the same as tax deductions or exclusions.
The Investment Company Institute is the voice of registered funds and their investors. Members of ICI manage total assets of $15.2 trillion and serve more than 90 million shareholders. In addition, members manage about half of the assets in DC accounts and IRAs.