TIME MAGAZINE: IS CONGRESS EYEING YOUR 401(K) AND IRA TO SOLVE FISCAL MESS

(Time) -- Time.com reports, "Everything including the sacred mortgage deduction is on the table as lawmakers wrestle with the fiscal cliff ... With a combined $10 trillion sitting in IRAs and 401(k) plans, retirement accounts make a juicy target. Some of this money has never been taxed, and under current law never will be." According to Time, the left-leaning "Tax Policy Center in Washington has found that about 80% of retirement savings benefits flow to the top 20% of earners. Eliminating the deduction for retirement savings would hit the well-off disproportionately, a condition with a lot of appeal in the current political climate." The story notes Congress "could eliminate the deduction altogether or just for top earners, further restrict the amount that is deductible, start taxing retirement savings growth, or take back the part that has grown tax-free."