The beleaguered 401(k) has been under unrelenting pressure from every direction. Eliminating its tax subsidies was a much discussed idea during the march toward the fiscal cliff, then again as a way to avoid the sequester cuts.
Recently, a prominent liberal blogger stirred controversy in a USA Today op-ed titled "401Ks are a Disaster," calling for a massive boost in Social Security benefits funded by taxes on the rich and a lifting of the salary cap in Social Security taxes.
Not to be outdone, a conservative author is heating up the blogosphere with a full frontal assault on the 401(k), advocating that Americans not contribute to their retirement plans for fear the government will eventually be forced to confiscate their assets when the day comes that the liberal blogger's Social Security scheme is realized.
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