In the wake of Rep. Dave Camp's plan to overhaul the nation's tax code, the Insured Retirement Institute has urged legislators to recognize the overlap between tax policy and retirement security.
The 979-page plan from Camp includes new limits on breaks for retirement savings, health insurance and mortgage interest.
The Michigan Republican on Wednesday proposed restructuring the tax code to eliminate dozens of tax breaks to replace reductions in individual and corporate rates.
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In a statement released afterwards, IRI President and CEO Cathy Weatherford said, "Tax incentives for retirement savings have been a powerful tool in helping millions of Americans save and prepare for their retirement years, particularly for middle-income Americans, who would be less likely to save if these incentives were reduced or eliminated."
She continued, "As such, maintaining incentives for retirement savings will be essential to helping Americans attain financial security during their later years. We will continue to communicate the importance of these incentives to policymakers, and look forward to working with Chairman Camp to ensure that retirement savers are protected in any tax reform legislation."
Corporations would have a maximum rate of 25 percent, down from 35 percent, while individuals would have a top rate of 25 percent, down from 39.6 percent.
The plan has little chance of becoming law without Democratic support, but it could become a political talking point of great importance as the midterm elections approach in November.
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