The Congressional Budget Office recently released more optimistic projections for federal surpluses in the years ahead, prompting both the White House and congressional leaders to advocate using some of that money in a tax relief bill to be passed this year. A general tax relief bill is the best chance of passing a long-pending measure that would remove the percentage of salary limits on the Thrift Savings Plan and allow all investors to put in up to the IRS maximum (currently $10,500) annually. Adding the TSP plan to a larger tax bill would help hide the provision’s cost, estimated at $1 billion in lost tax revenues over five years. That has been its main roadblock to passage.
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