Obama Aims to Kill 401(k) Tax Breaks

[WhiskeyGirl]

Obama Aims to Kill 401(k) Tax Breaks

Contact: Pamela Geller, 516-426-7630, writeatlas@aol.com, www.atlasshrugs.com

OPINION, October 23 /Christian Newswire/ -- In a possible preview of economic policy under an Obama Administration, powerful House Democrats are looking at eliminating most of the $80 billion in annual tax breaks for 401(k) investors. 

Workforce Management reports that Rep. Jim McDermott, D-Washington, Chairman of the House Ways and Means Committee's Subcommittee on Income Security and Family Support, and House Education and Labor Committee Chairman George Miller, D-California, are studying how to alter the nation's $3 trillion 401(k) system, to eliminate investor tax breaks and force workers' money into obligatory retirement accounts.

Blogger Ed Morrissey of Hot Air notes "that means your employer can no longer write off their contributions to your 401(k), and your capital gains would be taxable year to year.  In other words, it becomes just another investment or savings account, with no tax benefit at all, and no employer contribution."

This huge disruption of Americans' retirement plans may be only one element of an Obama Administration's tax hike on workers. The Wall Street Journal notes that "the prospect of these tax increases is now hanging over the economy like a pall, as investors and businesses wonder where and how heavily an Obama Administration and Congress would strike."

For more information:
http://www.workforce.com/section/00/article/25/83/58.php

http://hotair.com/archives/2008/10/23/democrats-to-kill-401ks-for-privatized-social-security/

http://online.wsj.com/article/SB122471696933660407.html

http://www.usnews.com/blogs/capital-commerce/2008/10/23/would-obama-dems-kill-401k-plans.html

original article here -
http://www.christiannewswire.com/news/805398388.html

Wow.