I mean, that sounds like liberal rhetoric, but that’s precisely what some in the GOP are considering with their plan to cut income and business taxes — with the greatest benefits going to the most wealthy in our country — and paying for some of the loss in federal revenue by reducing the amount that people can put into 401(k) plans.
401(k)s have been the centerpiece of retirement planning for decades for the middle class. They’re too paltry for the rich to worry about, and require more investment than the poor can afford. Thus, they are a tool for the middle class to sock away tax-reduced savings (the tax savings themselves being the most immediate incentive), to create retirement funds that make up for the societal loss of pensions, strong unions, and the constant threat to Social Security from the Right.
So of course the GOP would target that as a potential offset for tax cuts that add massive income savings for the richest among us, in both personal income taxes and business taxes. Because nobody should feel financially secure about the future except the most wealthy, because God doesn’t like people who aren’t prosperous, and you can know that because prosperous people don’t have to worry about their (temporal) future.
It might be worth your while, if you are at all looking at 401(k) investments to fund your retirement, to contact your congressional representatives and suggest to them that gutting your ability to save for retirement might result in their early retirement from the halls of power.
Republicans Consider Sharp Cut in 401(k) Contribution Limits – The New York Times
A move to reduce contribution limits would almost certainly prompt a vocal backlash from middle-class workers who save heavily in such retirement accounts.
SMH
anything to make sure that the rich never have to have the money they choose not to donate go to helping someone less off than they are.
Again/more/still?? they won't be happy until they've bled everyone dry. They're even starting to feed on each other.
So, in my working life I've seen the end of pensions. "Oh. Don't worry. Look at all this 401k matching we're doing… you'll be fine." , they say as benefit costs go up. (Matching has fluctuated over the years… mostly down – tough economy and all).
Since so much 401k is in "the market", super wealthy corps and folks get to use our "retirement savings" as their pump to overfill their own cups. So, yeah… keep taking bites out of the middle until it's gone, I guess. Frustrating.