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401Ks are just another tax subsidy to Wall Street


By tovarichpeter   Follow   Thu, 29 Nov 2012, 8:23am PST   159 views   0 comments
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http://business.time.com/2012/11/28/fiscal-cliff-why-congress-might-have-to-mess-with-the-401k/

With a combined $10 trillion sitting in IRAs and 401(k) plans, retirement accounts make a juicy target. Some of this money has never been taxed, and under current law never will be. To maintain this savings incentive the government spends $100 billion a year in the form of tax breaks to those who stash money in these kinds of accounts.

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