Senate Bill Threatens Life of Stretch IRAs
Industry trade groups are up in arms over a provision in a Senate highway bill that would reduce the value of inherited IRAs, commonly referred to as stretch IRAs, and are determined to have it removed.
Obama’s 2013 Budget Raises Taxes on Top Earners, Bolsters SEC Budget
President Barack Obama on Monday released his 2013 budget to Congress, which includes boosting taxes for higher income earners as well as allocating more funds to the SEC.
Obama and Buffett Rule Make ‘Good Tax Politics, Not Good Tax Policy,’ Expert Says
A central focus of President Barack Obama’s State of the Union address was economic fairness, and requiring the wealthiest to pay more in taxes, but tax specialists and wealth managers say hiking taxes for the rich will do nothing to fix the tax code.
Joint Congressional Hearing Addresses Derivatives and Tax Reform
Baucus quotes Buffett on limiting ‘potential for mischief;’ witnesses criticize Congress’ piecemeal approach to taxing financial products.
Deficit Supercommittee: Are You Ready for More Political Football?
Everything you wanted to know about the Congressional supercommittee, and when its recommendations need to be made.
Social Security’s 3.6% Benefit Increase Scorned as Not Enough
For the first time since 2009, the U.S. government said Wednesday that it will raise Social Security benefits with a cost-of-living adjustment, up 3.6%, and the announcement was followed by praise—and criticism.
New Hires Roundup: New York Life Realigns Retirement Services; Great-West Promotion
This week in new hires, New York Life realigned its practice groups and named new team leaders, and also named Sue Ericksen as CIO; Sen. Max Baucus praised Senate approval of three tax court nominees for second terms.
As Politicians Spar Over Social Security, 401(k) Planners Fill Retirement Gap
America’s workers are relying more than ever on their employers to ensure they’ll have enough money to retire—and this trend toward paternalism is being embraced by mutual fund and insurance companies.
Senate Finance's Baucus: Let Tax Cuts for Wealthy Expire
At a hearing held by the Senate Finance Committee on Wednesday to discuss the committee’s ongoing efforts to reform the tax code, Sen. Max Baucus, D-Mont., chairman of the committee, said the lower tax rates for the nation’s wealthiest workers must expire, “rather than making major cuts to Social Security...
Former Bush Economist Floats Retirement Reform Plan
An economist to former President George H.W. Bush unveiled a proposal to reform the retirement savings system by replacing the deduction for contributions to retirement savings accounts with a flat-rate refundable credit deposited directly into a saver’s account.