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Letter: Senators, congressmen please heed the call: Hands off my 401k

Related Topics: 401(k)

Congress, it has been reported that you want to massively reduce the amount the American middle class can contribute to 401k programs tax-free. Tax-free contributions to 401k programs are an incentive to save for the future, and for many of us, the only hope we have for retirement.

You have no business taking that away from us so you can pay for tax breaks that primarily benefit the richest Americans.

Putting money away pre-tax allows significantly more money to compound and grow. Paying taxes up front reduces the amount that is actually invested, and could result in tens of thousands of dollars in lost growth over the course of one’s career.