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Obama plan: Cut tax breaks for richest retirement savers

from MarketWatch

President Barack Obama plans to ask Congress in early March, as part of his fiscal 2015 budget, to reduce some of the tax advantages for employer-sponsored retirement plans for higher-income earners, according to published reports. Plus, the president wants to limit the value of all tax deductions, defined contribution exclusions and IRA deductions to 28 percent of income — and include an overall cap on all retirement accounts, including pensions, that could bring in $1 billion a year in new tax revenue, according to a Pensions & Investments report. more


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