T20-0150 - Allow Roth Contributions and Repeal Deduction for Elective Contributions (No Change in Future Taxes), Baseline: Current Law with TCJA Permanently Extended, Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2020

The proposal would repeal the deduction of elective contributions for individual retirement accounts (IRAs), Keogh plans, and employer-sponsored defined-contribution accounts, but continue to allow Roth contributions. Tax burden changes include only current-year changes in income tax liabilities. Baseline is the law in place as of December 18, 2019, with the Tax Cuts and Jobs Act of 2017 (TCJA) permanently extended.