T20-0139 - Eliminate Deductions for New Contributions to Retirement Saving Plans, Baseline: Current Law, Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2020
The proposal would repeal tax deductions for new contributions to retirement saving plans. These contributions remain eligible for the savers’ credit. Tax burden changes include the resulting change in current tax liabilities and the change in the net present value of future tax liabilities from withdrawals of accumulated assets from these contributions in retirement. Baseline is the law in place as of December 18, 2019.