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Current taxation of qualified pension plans: has the time come?

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  • Alicia H. Munnell.

Abstract

The U.S. Treasury estimates that personal income tax receipts in fiscal year 1992 would have been $51 billion higher without the special provisions accorded employer-sponsored pension plans. It is at best unclear that taxpayers are getting their money’s worth from this large tax expenditure. Despite a myriad of legislative changes, all of which combine to increase the likelihood that persons covered by pension plans will actually receive benefits, the U.S. pension system is still a very erratic and unpredictable way to provide retirement income and it benefits a relatively privileged subset of the population. ; This article argues that the time has come for the current taxation of compensation received in the form of deferred pension benefits. Such treatment is feasible, and is consistent with the broad definition of income envisioned under a comprehensive personal income tax and incorporated in the language of the Internal Revenue Code.

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File URL: http://www.bostonfed.org/economic/neer/neer1992/neer292b.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of Boston in its journal New England Economic Review.

Volume (Year): (1992)
Issue (Month): Mar ()
Pages: 12-25

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Handle: RePEc:fip:fedbne:y:1992:i:mar:p:12-25

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Keywords: Pensions ; Income tax;

References

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  1. E. Philip Howrey & Saul H. Hymans, 1978. "The Measurement and Determination of Loanable-Funds Saving," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 9(3), pages 655-685.
  2. Michael J. Boskin, 1978. "Taxation, Saving, and the Rate of Interest," NBER Chapters, in: Research in Taxation, pages 3-27 National Bureau of Economic Research, Inc.
  3. Boskin, Michael J, 1978. "Taxation, Saving, and the Rate of Interest," Journal of Political Economy, University of Chicago Press, vol. 86(2), pages S3-27, April.
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Cited by:
  1. Cagatay Ergenekon, 1998. "The Impact of Tax Regimes on the Development of Private Pension Funds: Reflections on the Capital Market," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 2(8-7), pages 105-117.
  2. Mahir Fusunoðlu, 1998. "Prospects for Private Pension Systems and their Relation to the Stock Market in Turkey," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 2(8-7), pages 90-104.
  3. Polackova, Hana, 1997. "Population aging and financing of government liabilities in New Zealand," Policy Research Working Paper Series 1703, The World Bank.
  4. Davis, E.P. & DEC, 1993. "The structure, regulation, and performance of pension funds in nine industrial countries," Policy Research Working Paper Series 1229, The World Bank.
  5. Zeynep Onder & Z.Nuray Guner, 1998. "The Bid-Ask Spread and its Determinants for Stocks Traded on the Istanbul Stock Exchange," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 2(8-7 Year ), pages 1-20.
  6. Hans J. Blommestein, 1998. "Financial Market Implications of Pension Reforms," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 2(8-7), pages 79-89.
  7. Ajit Singh, 1996. "Pension Reform, The Stock Market, Capital Formation and Economic Growth: A Critical Commentary on the World Bank's Proposals," SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 1996-03, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.

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