I like that. Everybody who is already saving for retirement -- you know, the ones who take the future seriously -- will be penalized in favor of supporting everybody else. Nice. Naturally, I'll be first in line to stop looking for real employment and draw from somebody else's paycheck.House Democrats Contemplate Abolishing 401(k) Tax BreaksPowerful House Democrats are eyeing proposals to overhaul the nation’s $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.
House Education and Labor Committee Chairman George Miller, D-California, and Rep. Jim McDermott, D-Washington, chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.
Thanking you in advance for my early retirement.