In response to:

Fiscal Cliff Idea: How About We Tax Your 401k?

Jon Russo Wrote: Nov 30, 2012 9:24 AM
It is too late. Protect your wealth.
Thasic Wrote: Dec 01, 2012 6:39 AM
A wealth tax will NEVER happen. All the politicians would be required to pay that. As would the wealthy, who, as it satnds now, will never pay an extra dime of the new 'tax the rich' BS Obama keeps spouting. Those taxes are on INCOME not wealth. Most of the truly rich, the 1% as it were, don't make an income. They recieve their money in the form of divedends, profit sharing, stock options etc etc etc. Those things are not INCOME. Income is a pay check recieved from an employer.

How do you feel about the government touching your private retirement account known as your 401k in order to "pay down the deficit?" Not so good? Already feel like the government has stolen your retirement through Social Security? Well get ready because taxing the 401k is floating around as an idea while the fiscal cliff talks on Capitol Hill continue.

One of the earliest fears about tax-favored savings accounts like IRAs and 401(k) plans was that when this pool of savings grew large enough Congress would not be able to resist tapping it to help solve the...