The Obama administration is proposing a limit to the amount of tax-free savings that can be put in an IRA or 401(k) retirement account. Supporters say the proposal will save billions of dollars in revenue that goes to wealthy individuals who don’t need a tax incentive to save for retirement. Critics argue the cap, which is set at $3.4 million, will curb retirement savings.

Allan Sloan, senior editor at large at Fortune magazine, is one such critic. He joins Marketplace Morning Report host David Branccaccio to explain his take. Click on the audio player above to hear more.