Sens. Stabenow, Brown, Wyden, Cardin, Casey Call on Republican Leaders to Protect Retirement Savings Accounts in Tax Plan
Following recent reports that congressional
"We are alarmed by reports that you continue to consider "Rothification" or severely limiting how much Americans can contribute to their retirement accounts," the lawmakers wrote in a letter to Republican leaders. "Reducing the opportunities that millions of Americans have to save for their retirement and secure their standard of living in old age will only serve to put their future financial security more at risk. Consistent with
The signed copy of the letter is attached to this release and the full text may be found below.
The Honorable
Secretary of the
Mr.
Chief Economic Advisor
The
Senator
Representative
Speaker of the House
1233 Longworth HOB
Senator
Chairman
Representative
Chairman
1102 Longworth HOB
Dear Secretary Mnuchin,
We write to express our strong support for
We are alarmed by reports that you continue to consider "Rothification" or severely limiting how much Americans can contribute to their retirement accounts. Experts estimate that Americans have saved between
In addition to being problematic, these proposals are deeply unpopular. Ninety percent of Americans oppose limiting how much an individual or employer can contribute to their retirement account. Over 60 percent of workers between ages 45 and 64 who participate in 401(k)s for a full year contribute more than
Tax reform that is guided by the principle of helping the middle class get ahead simply cannot require retirement savers to foot the bill. Consistent with
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