The federal tax code can either encourage workers to prepare for retirement and provide opportunities for them to save and invest for the future, or it can do the opposite.
With 45 percent of Americans having saved nothing for retirement, we need a tax code that encourages retirement savings.
Fortunately, the tax reform legislation being voted on in Congress (Tuesday) would impose no new restrictions on workers’ traditional, pre-tax retirement plan contributions.
Early drafts of tax reform proposals would have severely curtailed pre-tax retirement plan contributions. For a while, increasing restrictions on pre-tax retirement savings seemed to be gaining real traction in Washington.
Rep. Bruce Poliquin was among lawmakers who worked to ensure his colleagues understood the issue. His influence helped shape reform that continues to encourage flexibility for retirement savers. He championed consumer protections in the process and has been influential in crafting legislation designed to shield seniors from financial fraud.
Rep. Poliquin was instrumental in introducing H.R.3758 — The Senior Safe Act of 2017. He worked diligently across the aisle with Rep. Kyrsten Sinema, D-Arizona, to cosponsor the bill and get it passed with a unanimous vote. The Senior Safe Act is an important consumer protection bill that gives elderly citizens the financial protection they deserve.
Ideally, every Mainer would be well prepared for a financially secure retirement. Thanks to Rep. Poliquin and his colleagues who recognize the effect of the tax code on retirement savings, current tax reform legislation does not threaten that ideal.
Lisa Laliberte, Lewiston, president
National Association of Insurance and Financial Advisors