Jo's Cafe

From Workforce Management.com:

House Democrats Contemplate Abolishing 401(k) Tax Breaks

Powerful House Democrats are eyeing proposals to overhaul the nation’s $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.

My 401(k) is not supported by my company because of a profit sharing program they have.  The 401(k) followed me from my previous employer and I do contribute to it myself.  But its before taxes.  According to the democrats, that must stop!  And then once that is accomplished you will be FORCED to contribute to a government run retirement account. 

…all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation.

Heil Obama!