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Should They Stay or Should They Go? Reexamining Retirement Tax Incentives

Note: This is a past event, additional resources may be available below.

Thu Mar 2, 2017
Washington, DC

Date

Thu Mar 2, 2017
7:00am – 9:00am EST

Location

Washington, DC
The Aspen Institute
1 Dupont Circle NW #700

Contact

    kiese.hansen@aspeninstitute.org
    202-736-3592

Hosts

  1. Financial Security Program

03022017 Reexamining Retirement Tax Incentives Laurence Genon-2[/flickr_embed]

 

Do tax incentives raise retirement savings? Are they carefully targeted at the families who need them most?[/quote_embed]

On Thursday, March 2nd, FSP hosted a panel discussion on the effectiveness of current tax incentives to encourage saving for retirement – a timely topic given growing momentum in Congress to overhaul the tax code. In addition to debating the efficacy of retirement tax incentives, the conversation covered the upside-down nature of current retirement tax expenditures, the potential role of the Saver’s Credit to boost savings for low- and moderate-income families, the possibility for consolidation and simplification of the various savings incentives in the code, and other reform proposals.

Panelists included:

Peter J. Brady, Senior Economist at the Investment Company Institute (ICI) (@ICI)
Catherine Collinson, President of the Transamerica Center for Retirement Studies (@Cath_Collinson)
David Kamin, Professor of Law at New York University and author of new paper entitled “Getting Americans to Save: In Defense of (Reformed) Tax Incentives” (@davidckamin)
Monique Morrissey, Economist, Economic Policy Institute (@MoniquMorrissey)
Moderated by Ray Suarez (@RaySuarezNews)
Highlights:

Men earn more, women save more, but neither is enough to prepare for #retirement says @RaySuarezNews @Aspen_FSP talk on #TaxIncentives

— Lee Davenport (@davenportlee) March 2, 2017

Much of our retirement planning still revolves around employers even w/ rise in gig economy says @RaySuarezNews #TaxIncentives

— Aspen FSP (@Aspen_FSP) March 2, 2017
.@davidckamin: current retirement #taxincentives redistribute from savers 2 nonsavers, is easily gamed, & ill-designed 2 help most in need

— Ida Rademacher (@idarademacher) March 2, 2017
Tax incentives could do better “with a little TLC” says @Cath_Collinson #TaxIncentives #SaversCredit

— Aspen FSP (@Aspen_FSP) March 2, 2017

Peter Brady from @ICI argues Social Security is more or less enough/system isn’t broken. #TaxIncentives— Sarah Spell (@sarahspellphd) March 2, 2017

People can’t claim saver’s credit if using 1040EZ. @Cath_Collinson explains this & many broken features of current #taxincentives system pic.twitter.com/9FaWJAwwjw

— Ida Rademacher (@idarademacher) March 2, 2017

60+% of #retirement #TaxIncentives go to DC plans. $ well-spent? DavidKamin says “no” @ASPEN_FSP

— Josh Gotbaum (@JoshGotbaum) March 2, 2017

Essential that we have a system that combines ease of access with an easy to understand tax benefit – @davidckamin #taxincentives

— Aspen FSP (@Aspen_FSP) March 2, 2017

.@MoniquMorrissey: the biggest problem w/ the tax system is that it encourages sheltering not saving https://t.co/wauph5lRw3 #TaxIncentives pic.twitter.com/sMxuiwlxa3

— Aspen FSP (@Aspen_FSP) March 2, 2017

Related materials:
POWERPOINT: David Kamin PowerPoint Presentation
BLOG: Increasing Retirement Saving: Reforming Tax Incentives and an All-of-the-Above Approach – By David Kamin
BLOG: The Saver’s Credit: A Case Study About a Little-Known Tax Credit That Pays to Save for Retirement – By Catherine Collinson
BLOG: A Conversation with Monique Morrissey on the State of American Retirement and Tax Incentives – By Monique Morrissey
HANDOUT: How America Supports Retirement: Tackling the Myths That Surround Us – By Peter J. Brady
Live webcast will begin below at 12:30 EST.

Related Materials

POWERPOINT: David Kamin PowerPoint Presentation
BLOG: INCREASING RETIREMENT SAVING: REFORMING TAX INCENTIVES AND AN ALL-OF-THE-ABOVE APPROACH – By David Kamin
BLOG: THE SAVER’S CREDIT: A CASE STUDY ABOUT A LITTLE-KNOWN TAX CREDIT THAT PAYS TO SAVE FOR RETIREMENT – By Catherine Collinson
BLOG: A CONVERSATION WITH MONIQUE MORRISSEY ON THE STATE OF AMERICAN RETIREMENT AND TAX INCENTIVES – By Monique Morrissey
HANDOUT: HOW AMERICA SUPPORTS RETIREMENT: TACKLING THE MYTHS THAT SURROUND US – By Peter J. Brady
Follow the conversation with #TAXINCENTIVES | @ASPEN_FSPPanelists:
Peter J. Brady, Senior Economist at the Investment Company Institute (ICI) (@ICI)
Catherine Collinson, President of the Transamerica Center for Retirement Studies (@Cath_Collinson)
David Kamin, Professor of Law at New York University and author of new paper entitled “Getting Americans to Save: In Defense of (Reformed) Tax Incentives” (@davidckamin)
Monique Morrissey, Economist, Economic Policy Institute (@MoniquMorrissey)
Moderated by Ray Suarez (@RaySuarezNews)

[quote_embed]Do tax incentives raise retirement savings? Are they carefully targeted at the families who need them most?

Join us for a lunchtime panel discussion on the effectiveness of current tax incentives to encourage saving for retirement – a timely topic given growing momentum in Congress to overhaul the tax code. In addition to debating the efficacy of retirement tax incentives, the conversation will cover the upside-down nature of current retirement tax expenditures, the potential role of the Saver’s Credit to boost savings for low- and moderate-income families, the possibility for consolidation and simplification of the various savings incentives in the code, and other reform proposals.