Watch out, America. Congress is coming after your retirement fund.
Republicans in Congress have a daunting task in front of them. For years, they have campaigned on a promise to lower tax rates and balance the budget, but accomplishing both goals at once is nearly impossible. Now that they control both chambers and the White House, they actually have to make it happen. Somehow, Congress needs to raise revenue while lowering taxes — and now they think they may have found a way.
But you’re not going to like it.
One of the few sources of income not already taxed is the money contributed to a 401(K) — so it was only a matter of time until the government came after the potential revenue source.
And now they’re about to.
Read about the plans to tax 401(k) contributions on the next page:
It is already being taxed when you take money out.
B******t
Tell you what…srop giving refunds to anyone who doesn’t pay taxes in the first place, that alone would save billions.
Secondly, go to a flat tax system where EVERYONE will pay taxes.
Exactly what I was going to say.
Sooooo…it would be a Roth IRA …right?
Yes it is taxed at withdraw if you take any out early a 10% penalty tax applies. That is why this is a f**e news story because if they tax it now the will loose billions latter. Right now it would be taxed at the tax bracket you are currently in if it is taxed at retirement it will be taxed at the max rate because I’d you are saving right should be well above the 250000 threshold
http://money.cnn.com/retirement/guide/401k_basics.moneymag/index7.htm
obama was clear,what they want is to confiscate it and replace it with program similar to social security.
Of course they want to double, triple, or even quadruple tax everything.
Let’s take all of congress freebies away! We could save a ton of money that they are not worth!!!