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:
They already tax the hell outta you when you withdraw monies out!!!!
Funk congress
I am so tired of than for lieing too us all about getting rid of Obamacare they make me sick to my stomach
yes yes, blame thew republicans for wanting to tax 401k’ when it’s really democrats who want to do that.
No tax on 401 k
Better idea let’s tax all politicians pensions or remove them altogether putting it back in to social security where it belongs.
It is taxed when you withdraw. If they attempt to tax on the front end or place more limits on contributions this would be news as this reads, it is at best f**e news and at worst mild speculation on limits.
No
Dbags
Tax caviar, private jets, champagne…