Tax Breaks for Retirement on Congress’s Lame-Duck Agenda
The U.S. House of Representatives and Senate returned for a post-election session of Congress, with tax breaks for retirement savings on the agenda. Lawmakers are hopeful that a retirement security measure with bipartisan support can get through Congress before the end of the year. A lame-duck session can often be an opportunity for the current Congress to push through final priorities or clear tricky items out of the way ahead of a potential new majority. Although the Senate will remain in Democratic hands next year, Republicans are expected to take control of the House. Members of the U.S. Congress from both parties have shown interest in moving forward a retirement-savings bill that passed the House in March. It has also drawn wide support in the Senate. The legislation would raise the minimum age when people must start taking distributions from tax-deferred retirement accounts to 75 from 72, increase contribution limits for older workers and encourage smaller employers to create retirement plans and auto-enroll employees. It would also enhance a savings tax credit for lower-income workers.
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