House Democrats contemplate abolishing 401(k) tax breaks

House Democrats contemplate abolishing 401(k) tax breaks

"House Education and Labor Committee Chairman George Miller, D-Calif., and Rep. Jim McDermott, D-Wash., chairman of the House Ways and Means Committee's Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.

Under Ms. Ghilarducci's plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5% of their pay into a guaranteed retirement account administered by the Social Security Administration.

Yeah, lets hand our money over to the folks who bankrupted the Social Security system.

Be afraid, be very afraid.