Claiming that the tax code needs “a dose of fairness” when it comes to its treatment of retirement savings, Sen. Ron Wyden, D-Oregon, issued a discussion draft of legislation that would cap contributions to so-called “mega” IRAs and make it easier for younger workers struggling with student debt to receive contributions to 401(k)s from employers.
“Tax incentives for retirement savings are designed to help people build a nest egg, not a golden egg,” said Wyden in a statement announcing the proposals under the Retirement Improvements and Savings Enhancements, or RISE, Act.
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