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Killing 401k

October 23, 2008

Now, the Democrats are talking about removing the tax breaks people get when investing in a 401k. This would not be good in many ways not the least of which is the negative effects on the stock market. I hope this never happens, but who knows?

From Wizbang:

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.

And James Pethokoukis at U.S. News and World Report wonders:

I hate to use the “S” word, but the American government would never do something as, well, socialist as seize private pension funds, right? This is exactly what cash-strapped Argentina just did in the name of protecting workers’ retirement accounts (Efharisto, Fausta’s Blog). Now, even Uncle Sam isn’t that stupid, but some Democrats might try something almost as loopy: kill 401(k) plans.

I hope people seriously consider what they are doing by voting for Democrats. Unless, of course, you want to be a bum and live on my taxes.

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