William A. Jacobson @ Le·gal In·sur·rec·tion:
Were you reading Legal Insurrection on the 3rd day of its existence?
If so, you would have known that Democrats were targeting your 401(k) and other retirement accounts, Will 401(k)’s Disappear in the Interest of “Fairness”?:
Powerful House Democrats are eyeing proposals to overhaul the nation’s $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.
House Education and Labor Committee Chairman George Miller, D-Calif., and Rep. Jim McDermott, D-Wash., chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.
So is it any surprise that a first step towards eliminating private retirement accounts will be part of Obama’s proposed budget? Via Breitbart (h/t reader):
I suspect that many Democrats are also jealously looking at the EU Cyprus bank account looting “solution” and are licking their chops and drooling heavily.