Biden’s proposal would equalize the tax benefits of saving for retirement by instituting a refundable tax credit for contributions into a traditional retirement plan such as a 401(k), 403(b), or IRA. Under the current system, contributions to a traditional retirement account are deducted from the individual’s income, effectively providing a tax benefit for the contribution in an amount equal to the filer’s marginal tax rate.
Three Creative Ways to Lower Your Retirement Taxes
Adopting creative approaches to finance can help some
