Thursday, November 29, 2012

The Democrats' tax simplification plan

By Donald Sensing


Remember the old joke about the IRS' simplified Form 1040? It looked like this:

1. Write the amount of your total income from all sources here: ___________

2. Send us a check for the amount on line 1.

What could be simpler? Now add to that a couple of new lines:

3. Write the amount in all your retirement accounts combined here: _________

4. Send that in, too.

Investors Business Daily warns that the Democrats are setting their sights on individual retirement accounts, including 401(k) accounts and Roth and traditional IRAs. Link.

Related:

The 401(k) Is a $240 Billion Waste

Fiscal Cliff: Why Congress Might Have to Mess with the 401(k)

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