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Helping working families build wealth at tax time

Date Added to Library: 
Friday, April 4, 2014 - 14:39
Individual Author: 
Valenti, Joe
Reference Type: 
Research Methodology: 
Published Date: 
Published Date (Date): 
Wednesday, February 27, 2013

The tax code encourages people to save through billions of dollars in tax incentives for homeownership, retirement, and other goals, including the Saver’s Credit, which rewards low- and moderate-income families who make contributions to retirement accounts. Yet the vast majority of benefits from retirement-tax incentives—about 80 percent—go to the top 20 percent of income earners. Some have suggested, however, that savings incentives help low- and moderate-income families increase how much they save—which generates net new savings—while higher-income earners are more likely to simply move existing savings into tax-advantaged accounts.

...This issue brief looks at some of the problems low-income families face in building wealth at tax time, the pilot programs and policy developments that have been able to potentially increase savings, and current proposals to make tax-time savings more popular and effective. (authors introduction)

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