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Roundup: Nixing 401(k) Tax Deduction, Free Tools & More!

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Jeremy at GenXFinance wrote about one of the most horrible proposals I’ve heard in a very long while, House Democrats are contemplating abolishing 401(k) tax deductions. Yep, House Democrats are actually thinking about removing one of the last incentives people have to save money. Oh, and to make matters more exciting, workers would instead get a $600 subsidy, be required to contribute 5%, and, get this, it would be administered by the Social Security administration.

My buddy Fred at One Project Closer has been giving away tools on his site. This month, he’s giving away a ceiling fan from Home Depot (it’s really a $175 gift card from Home Depot) and all it takes to enter is a comment. You can get more entries by subscribing to his Feedburner email distribution or writing about it, like I’ve done here. If you’re a home improvement junkie, just a few posts will get you hooked (just ask my friend Dave, who clicked over once from BFP and has been hooked every since!). If I won the gift card I think I’d get myself some tiling supplies for one of our bedrooms or a fancy power tool. One second though, I’d definitely get a power tool.

I don’t normally toot my own horn in these roundups but I recently had reason to revisit a post I wrote last August (2007), about how you should be comparing salaries. It was written back before the bulk of the financial turmoil and when some of the financial talk was on salaries of college graduates. I still think, over a year later, it’s a healthy way to approach the idea of looking at salaries and I still feel the same way about it. I’m curious to hear what you all have to say on the subject though.

Seems like the bottled water known as Sam’s Choice of Wal-Mart and Acadia of Giant Food didn’t quite meet the standards of California. They tested more than those two brands and in that larger group, they found “Coliform bacteria, caffeine, the pain reliever acetaminophen, fertilizer, solvents, plastic-making chemicals and the radioactive element strontium.” Those two brands had quality so poor that the study had to release their names. Not all bottled water is created equal!

This is the best “F U I Quit” letter ever, written by a hedge fund manager who raked in huge profits betting that subprime would blow up.

Finally, there are six reasons why the current economic turmoil can be good for you. I totally agree, stop freaking out and look for some sales! Stimulate my economy! :)

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3 Responses to “Roundup: Nixing 401(k) Tax Deduction, Free Tools & More!”

  1. Fred says:

    Thanks for entering/publicizing our giveaway, and earning yourself 75 entries into the contest. Good luck :-)

  2. Gates VP says:

    Here we are, two days ago talking about a better plan for tax-sheltered savings (the UK ISA accounts) and the house is trying to unshelter 401k…wow, that would just stop my contributions.

    There must be missing information or some form of tax reform to compensate for the changes… or maybe they are that crazy.

  3. jim says:

    I don’t think they’ve discussed it enough to even consider the grandfathering aspects, that will come later if this gets any farther than just talk.


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