乔纳森·格鲁伯-财政学（第五版）gruber_5e_lecture_slides_ch22.pptxVIP

Copyright ? 2010 Worth Publishers 22Heather Luea and Dan SacksP R E P A R E D B Y22.1 Taxation and Savings—Theory and Evidence22.2 Alternative Models of Savings22.3 Tax Incentives for Retirement Savings22.4 ConclusionTaxes on Savings 22On January 31, 2003, the Bush administration proposed the creation of Lifetime Savings Accounts and Retirement Savings Accounts.Would allow families to place up to $30,000 each year into special savings accounts on which the interest earned would not be subject to income taxation. These new accounts featured fewer restrictions than existing tax-subsidized savings vehicles.When withdrawn, any interest earned on these accounts, or increases in the value of the assets in the accounts, would be exempt from taxation. Introduction 22Opponents claimed the plan would drain tax revenue and be used by people of means to shelter what they already save thus savings would not increase.Within a week of the announcement, the Bush administration realized the new accounts had very little political support and began focusing on other tax-cutting measures. President Barack Obama took a very different approach on September 5, 2009, when he announced his plan to help Americans save for retirement.Obama’s plan consisted of initiatives based on research in behavioral economics that has shown systematic nudges to be very effective in increasing an individual’s investment in retirement savings.Introduction 22The first initiative encouraged small businesses to automatically enroll their employees in retirement savings accounts by reducing expensive fees that had previously discouraged the establishment of small business savings plans.Employers would also be encouraged to increase an employee’s savings rate automatically each year or every time the employee gets a raise. Congress has not approved any legislation as of yet for federally-mandated retirement accounts, but some states have taken it upon themselves to require employers to automatically enroll the