As part of its plan to overhaul the nation's tax system, Congress is debating whether to change the rules governing 401(k) retirement account contributions. With 401(k) plans nationwide collectively containing over $5 trillion as of June 30, according to the Investment Company Institute, as many as 55 million account holders could be affected. —
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"The 401(k) plan has become a cornerstone of retirement for tens of millions of Americans, so any way of making the most of it has to be respected," said MoneyHax representative Todd Weitzman. "With certain members of Congress now proposing to limit the amounts that taxpayers can contribute, this is even more the case than in the past. Our new report on an impressive 401(k) analysis and management service will therefore be of especially timely interest to many people. As before, we're always looking for new ways to help our readers save money and invest profitably."
Although most of the details remain to be worked out, there is significant political support for a major reform of the American federal tax system. One especially notable proposal of recent times has been to partially offset the revenue losses that might come from a simplified tax structure by cutting back on the tax-privileged 401(k) plan contributions that employers and workers make.
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Release ID: 256447