Retirement Savings and Democrats’ Latest Tax Plans: Explained

The $3.5 trillion budget plan Democrats are advancing on Capitol Hill includes the first-ever federal mandatory framework for workplace retirement plans, a policy that could result in the single biggest influx of new plans and first-time savers in U.S. history.

The House Ways and Means Committee approved the retirement mandate, 22-20, late Sept. 9, sending it to the House Budget Committee where it will be considered for a final budget package Democrats may send to the House floor. The tax proposal expected to accompany that spending package would cap wealthy savers’ tax-favored contributions. It’s expected to go before Ways and ...