Helping The Average American

Hey Congress!

You've helped the financial institutions, so what about the average American?  I realize that stopping our economy from melting down helps all of us (is it working yet?), but what can you do to directly help those of us in the trenches?

I have an idea.  For those of us that have any money left in our 401k's, give us a tax moratorium on withdrawals for a set period of time so we can withdraw funds tax free (you can set limits) and penalty free so we can do those mundane things like put food on the table and make the house payment. (Update: Obama stole my thunder and mentioned an idea like this in the 10-15 debate!)

Sure, that means future tax revenue will be lost on those withdrawals, but what the heck, when did we start worrying about the future?  Maybe this jesture will restore confidence and help some people keep their homes, staying out of bankruptcy court.

For those that don't have a 401k, we'll have to come up with some different ideas for you.  Any thoughts out there on this?

I'm sure Congress would love to hear your opinion on helping you stay in your home.  Go to MORELINX and click on the link "Contact Congress" to make your opinion known.

Comments

[Imaindependent]

Not sure this would work. The taxes forfeited on this type of proposal could be significant. I would more agree with this if we were just talking about waiving the penalty.