Folks, this is getting out of hand. Just like with any addict, once they get money from you, they continue to ask for more. And it seems the giver can’t stop giving either. But of course, in order to give, they’re going to take.
Today’s headline shows our good government giving AIG another $40 billion with total aid now coming to $150 billion – roughly one and a half times the market capitalization of Coca Cola.
While doing this, other elements of your government (i.e. your Congress) are spinning around plans to take away much of your 401(k) deduction. They want to replace it with a $600 dollat tax credit which is roughly equal to contributing $3,000 to your 401(k) and being in the 20% tax bracket ($3,000×20% = $600). if you contribute more than $3,000 and or are in the 25% tax bracket or above, YOU LOSE in this plan.But don’t worry, just know that you will be keeping AIG in business.
Chris Grande
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