"Controversial Proposal: Limiting Retirement Tax Breaks to Strengthen Social Security"

A controversial proposal by economists Andrew Biggs and Alicia Munnell suggests limiting tax perks for retirement savings plans to bolster Social Security's funding gap, sparking opposition from critics who argue that removing tax benefits would discourage saving. The proposal aims to redirect funds from retirement plans to shore up Social Security, providing immediate funding while allowing time for lawmakers to consider other changes. Despite pushback, both economists stand by their stance, emphasizing the need to reevaluate the impact of tax preferences on retirement saving behavior.