House Democrats Contemplate Abolishing 401(k) Tax Breaks

October 24, 2008

http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20081012/REG/310139971

So, if the Dem Congress forces this through:

1. Investors in 401(k) programs lose their tax breaks, as do their employers.

2. Employers stop the matching program.

3. People withdraw en masse from their 401(k)s. Stock market collapses for good.

4. People are made dependent on government.

Sigh. Most people of my age got into 401(k)s because we knew Social Security to be a Ponzi scheme that will collapse long before we are able to receive any benefit from it. Both parties are lying about the stability of Social Security. So, Congress, which has mismanaged one retirement program into the ground, wants to apply their tender mercies to another program. In the words of Peter Griffin, they can kiss the fattest part of my ass. If Congress tries to nationalize 401(k)s, I’ll close mine, taxes and penalties be damned, and buy a piece of land for Galt’s Gulch, and hold out until sanity returns to the body politic.

Keep your eyes on this story, and hope that there will be a Republican President to veto the worst of Congress’s ideas.

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