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House Democrats Contemplate Abolishing 401(k) Tax Breaks
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Contributor | Servo |
Last Edited | Servo Oct 21, 2008 08:38pm |
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Category | News |
News Date | Wednesday, October 22, 2008 02:00:00 AM UTC0:0 |
Description | Powerful 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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