While Barack Obama is promising a tax cut to a majority of Americans, the truth is that his economic policies will send us spiraling into a deep recession if not a depression. One of the ways to see this clearly is to look at your 401k or other savings that you may have for retirement.
Americans For Tax Reform (ATR) has a 401k calculator that predicts what your 401k would look like under four different tax schemes. There is the Barack Obama plan, the John McCain plan, the House Dems' plan and the ATR Fantasy plan. Check it out:
If you know the value of your 401k, enter it in the box and then click "calculate." You'll see how much the value will go up or down as a result.
As bad as Barack Obama's plan is, the plan presented by Nancy Pelosi, Harry Reid and the Congressional Democrats is actually worse.
To find out what the ATR Fantasy plan is go to the following website:
Americans For Tax Reform
1 comment:
An issue that has me concerned is the possibility of Congress eliminating the tax benefit of 401k plans on high income individuals.
Here is a link to the article: http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20081007/REG/810079894
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