Putnam CEO Pleads For The Survival Of Keogh, SEP Tax Breaks
- Created: Friday, 27 May 2011 06:53
Putnam CEO Robert Reynolds bristled over word that the Obama administration is considering capping tax-favored retirement contributions at $20,000 in order to raise additional tax revenue.
It's unclear how this will come as a burden on the working class as Reynolds says.
The only accounts out there that currently allow that kind of thing are tailored to self-employed professionals who generate higher than average income -- to save more than $20,000 a year in a SEP IRA, for example, you need to earn over $80,000, and to hit the current $49,000 cap you need to gross a substantial $196,000 a year.
Maybe he's worried that if Keogh and SEP contribution limits are cut, more mass-market IRAs and 401(k)s will follow.
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