Budget Games, A Big Gun Tax Has Drawbacks

About the EARN Act The Enhancing American Retirement Now (EARN) Act, passed by the Senate Finance Committee last week, allows older savers to deposit an additional $10,000 per year into their retirement accounts. Plan participants can contribute additional funds to a Roth IRA, where deposits are taxed but withdrawals are not. For Congressional scorekeeping, this means that revenue is included within the 10-year budget window, but long-term tax deductions are invisible. TPC’s Steve Rosenthal condemned the move, saying “This is a serious use of budget scorekeeping rules.” The Latest Budget…