Tax breaks for retirement savings should be simpler, Camp says

U.S. tax incentives for retirement savings should be simpler and encourage more participation by low- and middle-income taxpayers, said Dave Camp, chairman of the House Ways and Means Committee. Camp, the top Republican tax writer, said today that he hasn’t drawn conclusions about what Congress should do on retirement savings as it overhauls the tax code by lowering rates and curtailing tax breaks. Camp also said he supported the idea of requiring automatic enrollment in individual retirement accounts. President Barack Obama and Representative Richard Neal, a Massachusetts Democrat, support making employers who don’t offer retirement plans enroll their workers in IRAs. “I basically, in general, like the concept,” Camp, a Michigan Republican, told reporters after a hearing on retirement tax policy. “I think it’s got a lot of merit.”

Read the full story here!