“I am also going to maximize my contributions to lower my taxable income as much as possible.”
They are going to tax your 401k.
That is true. The Dem Congress wants to take your 401k and turn it into an account similar to Social Security. You would receive a 3% rate of return, but your money would now be "safe" from the greedy capitalistas.
They will then raid that new large poll of assets, just like they do with Social Security Trust Funds to spend on other programs.
A new form of retirement programs will need to be formed to keep them away. It might be done with insurance products, like annuities.
Stay tuned...
I honestly don’t think the Democrats are that stupid. I could see them phasing out the deduction based on income. If they do away with the deduction (and Roth IRAs), I think I’ll start investing in antique cars. I have two Chevys (63 and 64). I saw in an investment magazines that muscle cars were second only to art as investments over the last 20 or so years.