“It would leave the American working and middle classes with no retirement option other than a government handout.”
What is to stop people from saving anyway. I realize that we would loose the tax deferred benefit, but those who were using a 401k anyway would most likely continue to put back for retirement.
On the other hand, I have known few if any people who actually put back enough that they would not need social security and medicare anyway.
One could still save, but there’d be less take home to save because you’d miss the pre-tax saving on a 401K, so you’d be paying higher taxes, and you’d be forced to contribute 6% to the mandatory gov’t plan.
It is just another big pool of money they want to grab. They must be stopped.
Rather bold assumption, don't you think, given that there may be super majorities in both houses?
Savings of the type you envisage may indeed be an option...for the short term, anyway. Should this segment of the economy grow to any size, however, just how long do you think it will be before Congress casts yet another covetous eye towards this new potential money source?
Optimism has to be tempered by realism, especially in these parlous times.
CA....