Monday, June 3, 2013

The Tax Man is a kid in a candy store - 401(k) Savings threats

On this blog we've tried to inform the readership about the very immediate threats to the United States' primary savings vehicle, the 401(k) Plan.  See previous postings on the 'Save My 401(k)' campaign. 

Recently Fox News had a brief piece produced on The Willis Report, linked below.

In the report you can hear Judy Miller of ASPPA and Jonathan Hoenig of Capitalist Pig Asset Management discuss one of the proposed Tax Reform's attacking 401(k) plans, the $3m lifetime benefit cap.  I think they do a good job of highlighting that by capping savings for the wealthy, that there will be a trickle down negative impact on the working middle class as well.  Bottom line, ANY program engineered to dis-incentivize savings stated differently is to incentivize dependency on government. 

We don't take political stances here on this blog, but any program engineered to create dependency on ANY other institution feels wrong, and is very dangerous.  The private sector can, and has, successfully engineered a savings system that works very well.  If anything, politician's should be looking for ways to increase incentives to save. 

Check the video, become aware, act!