Brian H. Graff, executive director and CEO of ASPPA, calls President Obama's proposed 2013 budget "a bad proposal based on bad math," especially when it comes to encouraging participation in small businesses' 401(k) plans. Graff issued the following statement in response to Obama's budget announcements, which were made Monday.
"President Obama's proposals to limit the tax benefit for retirement savings for families earning over $250,000 is a bad proposal based on bad math. Unlike other targeted tax incentives, the tax break for retirement savings is a deferral, not a permanent write off. Under the President's budget, these taxpayers wouldn't just lose a current tax break, they would actually be penalized for saving—paying taxes now and taxes later.
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"This will discourage small business owners from setting up or maintaining retirement savings plans for their employees. Workers that lose workplace retirement savings plans will be the ones that really pay for this misguided proposal.
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