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An Unwise Deal: Why Eliminating The Income Limit On Roth IRA's Is Too Steep A Price To Pay For A Refundable Saver's Credit

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Abstract:

Some House members are apparently considering a deal under which substantial new tax subsidies for saving would be provided to high-income households in exchange for a much less costly expansion of saving tax incentives for low- and moderate-income workers. In particular, the deal is said to involve eliminating the existing income limit on Roth IRAs in exchange for making the saver’s credit refundable. The terms of this deal are heavily tilted toward high-income households, which is precisely the opposite of the direction that sound pension policy should be moving.