Nations $3T 401k System Overhaul, tax breaks for investors eliminated

[Dirigo]

One N.H. voter asks, Not that my 401k is worth much anymore, can you help me with this? Taken from "culture 11" today - is based on hearings from last week. Why would democratic "chairs" bring up an emotional subject like this just prior to an election. This can't help Mr. "O". Truth vs. fiction?? What's the inside poop?? Your thoughts please. Thanks. Bill

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.

WHAT DO YOU MAKE OF ALL OF THIS?

Thanks,
Dirigo

[MichiganVote]

1. Sounds like a meal ticket for some financial house and it ain't going to be mine or yours.

[speedoo]

2. Whatever they do, they better leave the Roth IRA out of it.

And they better not do anything retroactively.

I suspect this effort is too much of a kneejerk reaction to the current stock market misery.