While Barack Obama is promising a tax cut to a majority of Americans, the truth is that his economic policies will send us spiraling into a deep recession if not a depression. One of the ways to see this clearly is to look at your 401k or other savings that you may have for retirement.
Americans For Tax Reform (ATR) has a 401k calculator that predicts what your 401k would look like under four different tax schemes. There is the Barack Obama plan, the John McCain plan, the House Dems’ plan and the ATR Fantasy plan. Check it out:
If you know the value of your 401k, enter it in the box and then click “calculate.” You’ll see how much the value will go up or down as a result.
As bad as Barack Obama’s plan is, the plan presented by Nancy Pelosi, Harry Reid and the Congressional Democrats is actually worse. As your 401k goes down, so do corporate earnings which means less money for investment and less money for job creation. In fact, if the government takes away too much money in taxes, jobs will be lost and the economy goes even further down the tubes.
To find out what the ATR Fantasy plan is go to the following website: