The near-universal popularity of tax-deferred retirement plans (free growth for retail investors, less churn for corporations, offloading of social safety net risks for governments) make me suspicious of them the same way I’m suspicious of mortgage interest deductions.
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The 3 big loopholes: carried interest, mortgage deduction, tax-deferred retirement are the 3 pillars of industrial era capital management. All 3 supposedly favor “long-term” investment in assets but maybe they actually create over-the-horizon deadweight loss sinkholes?
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Whatever you do, tax base shifts to shorter term and more volatile which I think is a good signal for driving economy and disturbing the complacency of government spending based on too-predictable revenues.
