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Roth Conversion Provision Might Be Worst Budget Gimmick in the Fiscal Cliff Legislation
The Washington Post; subscription may be required Jan. 2, 2013
"Buried in the fiscal cliff deal is a small provision with big political significance: The bill makes it much easier for ordinary Americans to convert traditional 401(k) retirement accounts into Roth accounts, which the Congressional Budget Office has scored to raise $12 billion over 10 years. The White House and congressional Democrats insisted on including the revenue-raiser to offset half of the sequester's two-month delay.... The only problem is that it's highly unlikely to raise that much revenue in the long term -- in fact, it's at best likely to break even and at worst be a big revenue loser, tax experts say."
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