then there would be no tax--

就不用交这部分的税...
that would be a tax deduction for the amount of the contribution

这相当于减免了缴款部分的税款
until later--after the person retires.

一直到缴款人退休
It would be taxed many years later

许多年后当他们以普通收益的形式
as ordinary income when they received it.

得到这笔款项时才需要缴税
By postponing the tax, it was a significant tax advantage.

由于推迟了缴税时间其税率优势意义重大
After 1981, there was a tremendous revolution in our tax--

1981年之后我们的税制以及养老金系统
in our pension system because it led--first of all,

发生了翻天覆地的变革它致使...首先
people liked tax breaks and it sounds good to get a tax break.

人们喜欢减税减免税款听上去也十分诱人
But secondly, people start--unions were declining.

不过人们开始...工会开始衰落
Unions, which had always advocated defined benefits,

那些提倡固定福利的工会
were declining as a force in the U.S.

在美国开始走下坡路