No more pretax contribution to your retirement.A wide range of sweeping changes to the 401(k) system were proposed Tuesday at a hearing on how the market crisis has devastated retirement savings plans.
Chief among them was eliminating $80 billion in tax savings for higher-income people enrolled in 401(k) retirement savings plans.
This is dumb on so many levels that you have to know it was proposed by a Democrat from California.
The leftist Democrats do not want workers to ever become independently wealthy. Too many average Americans are retiring with a million dollars in their 401(k)'s, so they need to kill that while they have the chance.
Virtually every American would have over a million dollars in retirement money at age 65 if they had put all the social security taxes that were collected into a 401(k), even with the big drop we are currently experiencing in the stock market. Do you think you will see a million dollars worth of value from social security?