401 K

In the governments ongoing plan to redistribute income they have recently discovered the trillions in 401K plans. Since half the people do not pay income tax there is no tax advantage to them to participate in a 401 plan. Upon further investigation experts find that 60% of the money in these plans is owned by one percent of the participants and thus a pool of higher income people are getting most of the tax brakes. There is talk in congress of eliminating the tax deduction for these plans and some say the next step is to tax the money for the second time when it is withdrawn. They already started double taxation of social security benefits for higher income people so this would be the next logical step. Congress says this money will be used to pay down the deficit but most realize it will just be used for existing programs or perhaps start new programs, things like solar power plants.