Detailed text transcripts for TV channel - FOXNEWS - 20120424:02:02:00
Right now you can deduct up to $50,000 in employers and employees put into a retirement fund. let's cut that deduction a $20,000. a 60% reduction and voila you are going to bring in more money. here is the other proposal. let's end all tax deductions entirely for all money that you put into your 401-k. the deduction for your employer or for yourself. let's then give you an 18% tax credit inside your retirement account so when you have to pay taxes, 20-30 years later you'll have that as a credit to reduce your taxes. the problem is it let's government collect up front from you money ahead of ti...
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