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19264dc57c0c5319ee382d76666336f1 Archive

Retirement Tax Benefits Exacerbate Racial Inequities

TweetShareSharePin0 Shares In a recent report co-authored with University of Chicago Professor Daniel Hemel, I described how our retirement tax system favors the rich disproportionately. But it’s worse than that:  Our system of generous tax subsidies for retirement savings—such as 401(k) plans, other defined contribution plans, and individual retirement accounts (IRAs)—also exacerbates racial inequities. Due

Mega IRAs Reflect Mega Legislative Mistakes

TweetShareSharePin0 Shares Mega-IRAs are hot this summer, following a June 2021 report by the nonprofit news service ProPublica that revealed—based on leaked IRS files—that a handful of high-net-worth individuals have accumulated massive individual retirement account (IRA) balances. The congressional Joint Committee on Taxation also reported that in 2019 more than 28,000 taxpayers owned IRAs worth
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