AS News (Mundelein) - Today the administration signed into legislation the abolishment of the tax credit for 401k contributions. An official connected to the administration is quoted "we have been allowing too much money to be controlled by too few. The current fall in the market and decrease in 401k portfolio value has shown that the freedom given to 401k holders to invest has not worked. We have allowed people to invest in their retirement and they have shown that this is a bad policy."
The tax credit received by workers for their 401k investments is $80 billion dollars. Officials went on to say "The government is better equipped to make decisions regarding people's retirement because the rich have been able to invest differently than those of lesser means. We have been losing money because of welfare for the most fortunate in our society. By eliminating this discrepancy and having the government level the playing field, we will better able to decide who should benefit from the recouping of the $80 billion we have been losing."
The only retirement funds that will not be converted to government bonds will be the Union pension funds. "We feel that assets in the hands of a those who work in our society is a benefit to society as a whole. " officials said.
readers note: This is a look into the future
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