Word: taxed
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RECONSIDER YOUR 401(K) PARTICIPATION. Cashing out your 401(k) retirement account early--and paying the resulting tax and penalty--is a measure of last resort only. One thing you need to question, though, if you will be receiving severance paid out over time, is whether to keep making contributions during that period. If you're vested and you will get a company match, by all means continue. If not, you may as well stop...
...through the House. While most criticism of his foreign policy has been silenced, the President has faced much rougher sledding on domestic issues. The Senate has handed him a series of embarrassing setbacks: stalling judicial nominee Miguel Estrada, blocking Alaskan oil drilling and last week cutting Bush's proposed tax cut in half. Some Democrats are already balking at another Bush initiative: in addition to a request for $75 billion to pay for the war, the Administration is drafting ambitious postwar plans that include providing health care to the entire Iraqi population. --By Karen Tumulty and Douglas Waller
Noting that he had never seen evidence suggesting that one-shot tax cuts—an alternative proposed by Sperling—would be helpful in even the short term, Hubbard asserted that short-term deficits would be acceptable...
Sperling warned that the deficits created by the tax cut would not be small or temporary. The so-called “moderate” tax cuts would cause a revenue loss equivalent to the amount needed to keep both social security and Medicare solvent, he said...
Much of the discussion was devoted to Sperling’s contention that the very wealthy would receive the direct benefit of the tax cuts and Hubbard’s rejoinder that the burden of taxation would be spread out to everyone in the long term no matter what the immediate distribution...