Congress mulls Eliminating 401(k) Plans For High Income Individuals

Investment News reports:

A wide range of sweeping changes to the 401(k) system were proposed Tuesday at a hearing on how the market crisis has devastated retirement savings plans.
Chief among them was eliminating $80 billion in tax savings for higher-income people enrolled in 401(k) retirement savings plans.

This was suggested by the chairman of the House Committee on Education and Labor.

Just think: if you are a higher income individual,President Obama wants you to pay a higher income tax,FICA tax,and capital gains tax,and now his Democratic comrades want to take away your 401K.