“and found that every dollar that government spent on tax breaks increased total savings by about one penny.”
Do they even read the propaganda they write?
If I get a “tax break” on money I put into a 401K, it is by virtue of money that is removed from my taxable income. If I put $1000 into the IRA, I pay on $1000 less taxable income. If I’m in a 15% tax bracket, they “spent” $150 and “total savings” increased by $1000.
But the government didn’t “spend” squat, they just didn’t get their hands on a small amount of MY money, YET.
Yep, I pinged it for that reason. It is like he hates savings and independence in retirement.
Any sane government that is not evil would encourage that, savings for retirement.