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October 08, 2002

More Tax Cuts to the Wealthy

Millions unemployed and small investors facing a retirement desert. What's the priority of the GOP? Upping the maximum contribution to 401Ks to $15,000 per year-- largely a benefit for upper income families.

The problem is that, due to how the tax law is structured, 401Ks almost exclusively benefit the wealthy with subsidies to the tune of over $60 billion per year. See my recent article "401K Pension Tax Breaks: A $330 Billion Boondoggle for the Rich."

This is all as the GOP has blocked and delayed the real reforms that would protect the pensions of average workers, passing a "weak and ineffectual" bill in the House, according to AARP, and slowing real reform in the Senate.

Posted by Nathan at October 8, 2002 08:23 AM

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