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  House Democrats Contemplate Abolishing 401(k) Tax Breaks
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ContributorServo 
Last EditedServo  Oct 21, 2008 08:38pm
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News DateWednesday, October 22, 2008 02:00:00 AM UTC0:0
DescriptionPowerful House Democrats are eyeing proposals to overhaul the nation’s $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.

House Education and Labor Committee Chairman George Miller, D-California, and Rep. Jim McDermott, D-Washington, chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.
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