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The longer amounts that an individual can contribute each longer year on a tax-favored basis will rise to $5,000 for an IRA and $15,000 for a 401(k) in 2008, and then will be adjusted upward for inflation each year thereafter. The House pension bill would make these annual inflation adjustments permanent. As a result, higher-income taxpayers who can afford to set aside these large amounts every year would not lose any of these tax-cut benefits to inflation. In contrast, longer both the income thresholds and the maximum contribution amount for the saver’s credit have been frozen with no inflation adjustment since their enactment in 2001. The House bill would continue to eschew an inflation adjustment, so that inflation would eat away at the credit and sharply reduce the tax benefits (and the incentive to save) provided to moderate-income taxpayers.
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