The primary benefits of contributing to an IRA are the tax deductions, the tax-deferred or tax-free growth on earnings and, if you are eligible, the non-refundable tax credits.

FORBES: IRA Contributions: Deductions and Tax Credits

Their plan would scrap most deductions or offer 12.5% non-refundable tax credits for big items like mortgage interest and charitable deductions while lowering rates, expanding brackets and expanding the base of tax revenue.

FORBES: Simpson-Bowles Unplugged: Time's Running Out

It would convert the current deductions for mortgage interest and charitable gifts into 12 percent non-refundable tax credits (with limits) and permit workers to continue to make tax-advantaged contributions to retirement plans, though under tighter caps than exist today.

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