I've got a better idea. Warren Buffet and Bill Gates have about 125 billion between the 2 of them. Why doesn't the government take all that (leave them a few mill "just to be fair")? That would cover a 1/4 of the budget deficit. And if they object just shoot them. This is what the Russkies would have done, and if you think this is hysteria and you are "o.k. with having any conversation to resolve the crisis"- then why not have this conversation. Is this "idea" worth discussing?
[QUOTE=PlumberKhan;2846567]The government thinks alot about stupid stuff. Same as it ever was....
Wouldn't the moral of the story be IRA>401k? Lobby our politicians to raise the $5,000(?) tax deduct. limit. All is good...[/QUOTE]
[I]Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and [b]confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.[/I][/b]
And the point of the IRA was that you can contribute to the investments you want, not the investments that the man wants.