"Debating the Future of Retirement Tax Breaks: Economists, Industry, and Critics Weigh In"

Economists from both the left and right are calling for the axing of tax benefits on 401(K) and Individual Retirement Accounts (IRA) in favor of higher Social Security payments, claiming that these benefits disproportionately benefit the wealthy and have done little to incentivize workers to save more. The report suggests that cutting these perks could save the government almost $200 billion annually, which could help plug the shortfall in Social Security payments. However, the proposal has received widespread backlash, with critics arguing that it would discourage saving for retirement and lead to increased reliance on government support.