Uncle Sam, in a desperate attempt to fix its $16
trillion-plus deficit, is leering over Americans’ retirement nest egg as its
new bailout fund, the NY Post reports.
Capitol Hill politicians are assessing tax changes that
could let the Internal Revenue Service lay claim to a portion of the $18
trillion sitting in 401(k) accounts and other tax breaks used by middle-class
workers, including cutting the mortgage tax deduction.
A commission looking for ways to close the deficit, and,
noting the extent of 401(k) tax breaks, recommends an examination of the system
as one way to prevent government bankruptcy.
Besides 401(k)s, other possibilities include the mortgage-interest
deduction on second homes, as well as benefits from employer-provided health
insurance, which are untaxed now….
Read all about it at http://www.nypost.com/p/news/business/plunder_CrD9s6MElVsEIJj2IVgHuK
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