Filed Under:Life Insurance, Life Planning Strategies

No Tax Reform Without Incentives for Retirement Savings, Argue 2 Congressmen (AdvisorOne)

Reps. Jim Gerlach, R-Pa., and Richard Neal, D-Mass., both members of the House Committee on Ways and Means, introduced a joint resolution on Thursday that would make it the "Sense of Congress" that current tax incentives for retirement savings should be retained in any reform of the tax code. On the same day, Neal (left) also introduced two other bills—an auto IRA bill, The Automatic IRA Act of 2012, H.R. 4049, and a bill to simplify and enhance qualified retirement plans called the “Retirement Plan Simplification and Enhancement Act of 2012,” H.R. 4050—that his spokesperson said was a “pretty comprehensive retirement plan bill.” Neal commented that the “stunning” statistic that half of Americans go to work each day and aren’t covered by a retirement plan at work is just another sign that “we need to use the tax code to boost retirement savings and personal savings as well.”

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