Road to Depression

Fascist government considering eliminating 401(k) tax benefits!

on . Posted in Road to Depression

WASHINGTON (PNN) - November 27, 2012 - As the debate around tax reform grows more heated, broker-dealers and other companies that service retirement plans offered by employers are increasingly concerned that the tax benefits of 401(k) plans are on the chopping block.

An industry group that normally works behind the scenes, the American Society of Pension Professionals and Actuaries, on Monday launched a media campaign intended to educate Fascist Police States of Amerika employers and workers that the federal government might consider changing the tax benefits of retirement savings accounts.

That worries the ASPPA because Amerikans might end up saving less, and some smaller employers might eventually decide to discontinue their own 401(k) plans.

The "Save My 401(k)" campaign includes a website, Facebook page, Twitter feed, and even an online video game. The budget is undisclosed but is in the six figures, according to the ASPPA's chief executive, Brian Graff.

In the wake of the November FPSA elections, the fascist federal government is mulling a possible increase in taxes as a means of reducing the federal budget deficit.

A full-scale tax reform could cut or limit specific tax breaks as a way of lowering overall tax rates. Illegitimate President Barack Obama has said he will raise taxes for wealthy Amerikans, and trade groups representing both employers and financial services firms have voiced concerns that the tax benefits of 401(k) plans could be slashed.

Under the current system, investors who place money in their 401(k) plans do so on a tax-deferred basis, which means they pay no taxes on that money until they withdraw it from the plan. Tax code changes could restructure the tax-deferred status of 401(k) plans, meaning there would be little advantage to having such a plan.

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