Replies

— allow savers with tax-favored Individual Retirement Accounts and 401(k)’s to withdraw 15 percent of those retirement savings, up to a maximum of $10,000, without paying a tax penalty as the law currently requires for withdrawals before age 59 and a half;

A very sneaky way of increasing tax revenues RIGHT NOW. While the tax penalty would be waved, the taxes owed on the ordinary income withdrawal would be taxed at the person's current tax rate instead of their (lower) tax rate in retirement.