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Maybe I am missing something, here. But, if the feds tax 401k accounts doesn't that completely nullify the advantage of that type of account? Why would I put money in a taxed account that also invokes a 10% penalty if I make a withdrawal before I am 59 1/2? This would be the end of IRA's, 401ks, etc. Dems don't think anything through. They just talk, words without knowledge.
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...
All savings retirement programs will go by the wayside if this takes place.
Want to see what happens to the stock market if it occurs?
43% Mine are in a Roth which is supposed to be tax free but President Economic Wrecking Ball will figure a way around that given time.