Tax Policy Center

retirement savings

Individual Taxes: TaxVox

Keeping Your Eyes on the Tax-Advantaged Prize

Or: The Case of the Powerball Ticket and myRA
Why would sensible people buy lottery tickets, where their chances of coming away with big bucks are vanishingly small, but be so reluctant to contribute to retirement savings?
September 6, 2017Renu Zaretsky
Individual Taxes: TaxVox

How economists eliminate taxes on your retirement income

Let’s face it. Economists just see the world differently than everybody else. Take, for example, the question of whether Individual Retirement Accounts are tax-free or...
June 15, 2016Lydia Austin
Individual Taxes: TaxVox

The Case of the Questionable Tax Incentive: Women and Retirement Savings

Twenty years ago, I turned 25 and earned my first raise. My older sister gave me some great advice: “When you get a raise always...
November 4, 2015Renu Zaretsky
Individual Taxes: TaxVox

Marco Rubio Wasn't the Only One Who Cashed Out an IRA Last Year

It is easy to mock Senator Marco Rubio, who cashed out $68,241 in IRA retirement funds last September. The GOP presidential hopeful, who made about $230,000 last year, told Fox News he needed the dough to prepare for his campaign, buy a new $3,000 refrigerator, and fix his busted a/c. As it happens
May 26, 2015Howard Gleckman
Individual Taxes: TaxVox

A Small But Important Change in Retirement Savings Rules

Earlier this year, the Obama Administration proposed a small and almost unnoticed change in retirement savings rules that could be a big help to middle-income seniors who want to preserve assets to pay for medical and long-term care costs in very old age. The proposal would exempt those who have $
April 27, 2015Howard Gleckman
Individual Taxes: TaxVox

How Asset Building Tax Subsidies Miss Their Targets

Nearly one-third of all federal tax expenditures--$384 billion in 2013 alone-- is aimed at various forms of asset building, such as retirement savings, higher education, and home ownership. Yet, according to research by several of my Tax Policy Center and Urban Institute colleagues, these tax
October 7, 2014Howard Gleckman
: TaxVox

Income Inequality and Time for State Action

Income inequality may shrink state tax revenues. A new report from Standard & Poor’s tells the tale. Incomes have grown rapidly among the wealthy, but have barely kept pace with inflation for many others. But high income earners both shelter their income from taxes and save more, reducing state
September 16, 2014Renu Zaretsky
: Daily Deduction

Taxes Take Center Stage This Week—At Least on the House Floor

Shutting down talk of a shutdown… The House is expected to vote on a continuing resolution to fund the government—including the IRS—through December 11. The resolution would include an extension of the Internet Tax Freedom Act, which bars states from taxing Internet access. Unless Congress acts,
September 15, 2014Renu Zaretsky
: TaxVox

Congress Is Back with Much To Do and Consider

On the Hill this week: The House may vote to make bonus depreciation permanent . The Senate Finance Committee may present a transportation funding plan reflecting a compromise with the House Ways and Means Committee. The House Oversight and Government Reform Committee has scheduled a hearing on
July 7, 2014Renu Zaretsky
Individual Taxes: TaxVox

State of the Union Speech Promotes New Retirement Savings Vehicles

In this year’s State of the Union Address, President Obama announced a new retirement savings account for workers whose employers do not offer any form...
January 29, 2014William G. GaleBenjamin H. HarrisDavid C. John