Is your retirement savings account contributing to the federal deficit? Yes.
How much? Some folks figure as much as $67 billion a year. The five-year revenue loss projections balloon to around $600 billion.
So should Washington, D.C., do away with the tax benefits of workplace 401(k) retirement plans?
That's the discussion in how 401(k) plans contribute to the federal deficit, one of the items I posted last week at my other tax blog.
Another cost to U.S. coffers is the now-refundable adoption tax credit.
But as I noted in my Bankrate Taxes Blog last week, when this child-related tax break was enhanced, the IRS stepped up scrutiny of adoptive parents' tax return claims.
And that has left some families waiting months for sizable IRS refund checks.
If you missed these posts when they appeared on Bankrate last week, feel free to check them out now. You can find new posts there on Tuesdays and Thursdays.
And if you miss 'em when they're fresh, I'll be back next weekend with a review of what was hot "Last week at my other tax blog."
- 401(k) do's and don'ts
- High taxes discourage childbirth
- 5 tests to claim a child as a dependent
- At my other tax blog, week of May 23:
Sales tax holidays; gas excise taxes
- At my other tax blog, week of May 16:
Refund tracking; auditing the rich
- At my other tax blog, week of May 9:
Worst tax season ever; U.S. vs. global taxes
- At my other tax blog, week of May 2:
Who gets taxed how much; Amazon state sales taxes
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