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Friday April 18th 2014

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Fiscal Cliff Deal Retirement Plan Revenue Boost Questioned

retirementOne modest way that U.S. lawmakers were able to offset the impact of delaying spending cuts in the deal to avert the “fiscal cliff” was through a retirement plan provision that is supposed to raise $12.2 billion over 10 years. The only problem is that some retirement and fiscal policy experts doubt whether enough people will take advantage of the provision, which allows workers to move their money from one kind of plan to another, for the government to be able to raise that much money. And if it does, they argue it will only be robbing from future taxation revenue – which might even reduce the government’s tax take over the long run according to a recent story in the Chicago Tribune.