State-Facilitated Retirement Plans Can Save Taxpayers $33 Billion and Reduce Dependence on Government Programs
U.S. taxpayers could save almost $33 billion over the next 15 years if every state established a state-facilitated retirement savings plan for small-business employees, according to a new report from the University of Maine. While most of the savings would come from reduced costs paid by the federal government, state taxpayers would save almost $7.8 billion. The savings reflect the lower cost for basic government benefits new retirees would otherwise need if they continue to be unable to save for retirement.
The recently installed head of the Internal Revenue Service, John Koskinen, dropped in on members of the media the other day at the National Press Club in Washington.
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