“A wide range of sweeping changes to the 401(k) system were proposed Tuesday at a hearing on how the market crisis has devastated retirement savings plans. Chief among them was eliminating $80 billion in tax savings for higher-income people enrolled in 401(k) retirement savings plans. This was suggested by the chairman of the House Committee on Education and Labor. “‘With respect to the 401(k), it appears to be a plan that is not really well-devised for the changes in the market,’ Rep. George Miller, D-Calif., said. ‘We’ve invested $80 billion into subsidizing this activity,’ he said, referring to tax breaks … Continue reading Democrat domestic insanities ahead