Sens. Max Baucus, D-Mont., and Orrin Hatch, R-Utah, are pushing to end tax deductions on retirement savings such as 401(k) plans. The lawmakers say that adding pension- and retirement-savings tax breaks back into a newly reformed tax code would raise individual income tax brackets by up to 2.2% more than their proposed "blank slate" approach. Such a move would prove detrimental to retirement security, warns Brian Graff, executive director and CEO of The American Society of Pension Professionals & Actuaries.

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