Thursday, October 23, 2008

House Democrats Contemplate Abolishing 401(k) Tax Breaks | workforce.com

House Democrats Contemplate Abolishing 401(k) Tax Breaks If the Dems really want to learn the meaning of the word backlash they will try to push this great idea.

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 [401k] tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.

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