Morning Glory: Congressional GOP needs to find new sources of revenue
Fox News
The agenda of President Trump is expensive. It cannot all be deficit spending.
1. Americans are thrifty. They have socked away more than $37 trillion in retirement savings in 401(k) plans and traditional IRAs. Those savings have never been taxed. They will be taxed upon withdrawal. Most savers don’t want to withdraw that money until they retire and their tax bracket drops. In fact, a lot of that will be never be withdrawn by the folks who saved it but will be passed on to heirs. So, Congress, open a one time window that allows those savers to convert those funds to Roth IRAs for a one-time flat tax of say 10% or 15% or whatever yields the present value of the deferred taxation. Get the money now for use in the budget/reconciliation process.
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