JCT Estimates EARN Act Would Raise $539 Million

JCT Estimates EARN Act Would Raise $539 Million

U.S. Joint Committee on Taxation

The Enhancing American Retirement Now (EARN) Act, as scheduled for markup by the Senate Finance Committee, would raise $539 million from 2022 to 2032, according to estimates released June 17 by the Joint Committee on Taxation.

The Enhancing American Retirement Now (EARN) Act, as scheduled for markup by the Senate Finance Committee, would raise $539 million from 2022 to 2032, according to estimates released June 17 by the Joint Committee on Taxation.

The Enhancing American Retirement Now (EARN) Act, as scheduled for markup by the Senate Finance Committee, would raise $539 million from 2022 to 2032, according to estimates (JCX-10-22) released June 17 by the Joint Committee on Taxation. Provisions related to individual retirement saving would cost $18.2 billion, the report said. Provisions related to retirees would cost $7.1 billion over the 10-year period. Proposals concerning public safety officers and military would cost $3.3 billion. Nonprofit and educator provisions would raise $319 million. Disaster relief would cost $1.9 billion. Employer plan provisions would cost $8.2 billion.  Revenue provisions, including for simple Roth accounts, elective deferral limits, and the optional treatment of employer matching and nonelective contributions as Roth contributions, would raise $39.2 billion, the JCT said.

The Enhancing American Retirement Now (EARN) Act, as scheduled for markup by the Senate Finance Committee, would raise $539 million from 2022 to 2032, according to estimates (JCX-10-22) released June 17 by the Joint Committee on Taxation. Provisions related to individual retirement saving would cost $18.2 billion, the report said. Provisions related to retirees would cost $7.1 billion over the 10-year period. Proposals concerning public safety officers and military would cost $3.3 billion. Nonprofit and educator provisions would raise $319 million. Disaster relief would cost $1.9 billion. Employer plan provisions would cost $8.2 billion.  Revenue provisions, including for simple Roth accounts, elective deferral limits, and the optional treatment of employer matching and nonelective contributions as Roth contributions, would raise $39.2 billion, the JCT said.