- Joined
- Aug 9, 2010
- Location
- Coral Springs, Florida
The deficit commission is starting to discuss possible changes to 401(k) retirement savings accounts. They are exploring several alternatives which include lowering the amount one can contribute or replacing it with a federal tax credit (it sounds like uncle same will give you a some type of match). There is also some discussion about changing social security cost of living increases to another index that is slower growing than the Consumer Price Index.
We shall see what, if anything comes of this, but it sure sounds like its going to be painful. If they move to a flat tax and get rid of all loopholes, deductions etc. then we are probably going to see the elimination of all of these types of programs including the mortgage interest deduction. Maybe it will be better and less complicated but I'm not going to hold my breath.
We shall see what, if anything comes of this, but it sure sounds like its going to be painful. If they move to a flat tax and get rid of all loopholes, deductions etc. then we are probably going to see the elimination of all of these types of programs including the mortgage interest deduction. Maybe it will be better and less complicated but I'm not going to hold my breath.