Given that most of the high-income taxpayers are business owners, are they really going to want to start a retirement plan that has the very real potential to be both professionally and personally bad for them? Retirement plans are costly to set up and expensive and time-consuming to maintain. In addition to the hard costs, the Department of Labor can walk into a business at any time to audit the plan.  Large corporations have the staff to deal with government regulators, but having one more governmental agency to deal with is tough for small businesses.  The fact is, more Americans work for small businesses than for large corporations.These hardworking folks deserve the same sort of retirement-savings incentives as those who work for a Fortune 500 company. Unfortunately, this bill will deprive those folks of this valuable tool.  So what are some other ways this administration could deal with the looming retirement crisis?  (Read more: CNBC readers get the power of saving)  How about opening up the tax deduction for retirement savings to all workers? Currently, if you work for an employer that offers a retirement plan, you can contribute up to $17,500 per year ($23,000 if you are 50 or older) to that plan.  However, if your employer doesn't offer a retirement plan, you are limited to using an individual retirement account plan with a maximum contribution of just $5,500 per year (add another $1,000 if you are 50 or older). This makes absolutely no sense. Why should your employer have the power to control how much you save for retirement?  Each year, there are billions of dollars that are withdrawn from 401(k) plans because people change jobs and either withdraw their account balance or default on an outstanding 401(k) loan.
Obama's proposed 2015 budget, reducing tax incentives for small businesses to offer retirement plans to employees, may harm Americans' savings plans.