There is a big difference between reducing or eliminating the 401(k) tax break and actually confiscating the assets in the 401(k).
Agreed. St. Theresa wants to confiscate them. The study wants to abolish the tax break. Still a big huge deal.
They have been coveting 401Ks since Hillary’s attempt to control the government before 1994 under her husband’s aegis. The government his further reinstituted ‘panel discussions’ and meetings on that very subject. Don’t be fooled they will stop at curtailing deductions.
The only source of cash that can do anythinga about the debt and allow them to keep up their 1-2 trillion dollar entitlement spending spree is to steal your cash retirement. Count on it.
Finally, a voice of sanity.
Everyone is running around like a chicken with their head cut off, screaming "THEIR GONNA TAKE YOUR 401K!!!ELEVEN!!". Even Rush Limbaugh is falling for this.
The most Congress can do without causing a panic in the financial markets is change the rules for future contributions. If Congress tries to make retroactive changes for prior contributions, there is going to be a huge flight of capital out of these accounts, and it will shake the financial markets to the core. It will make the mortgage crisis looks like a hiccup.
Yes there is. That's why it makes the perfect incremental, first step toward the final goal of confiscation.
Just like implementing a law that allows police to issue a citation for an unseatbelted child only after having pulled a driver over for another, primary offense is a first step toward being able to pull over and ticket an un-seatbelted adult as a primary offense.
You have to boil the frog slowly.