​ABA, Business Groups Support Deferred Taxes on Retirement Savings

As the Senate Finance Committee solicits feedback on comprehensive tax reform, ABA and several other business trade groups yesterday urged the committee not to change the tax treatment of employer-sponsored retirement plans and individual savings vehicles like IRAs.

“The tax treatment of qualified plans provides significant benefits to employers and employees by encouraging retirement saving,” the groups said. “There is substantial evidence that changing the tax treatment and/or lowering contribution levels will result in lower retirement savings and fewer workers being offered retirement plans by their employers.”