Liberals aiming to destroy your 401k?
Will the government outlaw your 401(k) plan? It seems like an absurd possibility, yet earlier this month two Democratic senators, Sen. Tom Harkin, D-Iowa, and Sen. Bernie Sanders, I-Vt., held a hearing on Capitol Hill exploring the possibility of doing exactly that.
That's from Mark Hemingway, writing in the Washington Examiner.
I doubt that it would happen, but that's what everyone thought last May when this idea was given some currency. The idea would be to remove the special tax privilege now given to 401ks, which has been one of the most successful government policies designed to encourage saving for retirement.
Instead of 401Ks, you would deposit your money into a government-run "Guaranteed Retirement Accounts," or GRAs.
Hemingway argues that organized labor is pushing GRAs as a "back door" way to bail out underfunded pension plans. You be the judge.