The 401(k) plan has been in the news of late, as lawmakers have turned their focus on the tax system. In order to increase current tax revenue (without having to “raise” tax rates), one proposal being floated is that employee contributions to such plans would no longer be on a “pre-tax” basis....
Your Tax Dollars at Work
Some food for thought for your Tuesday…
The following is a chart from the website, The Budget Book. It illustrates that by their calculations, by 2031 all projected tax revenues would only be enough to pay for 3 federal programs (Medicare, Social Security and Medicaid) and interest we owe on our national debt....