Cutting out every single tax break they can get their hands on, including your 401(k), which has proven a popular way for Americans to save and invest enough money to afford to retire. Sarah Hansard of Investment News reports:A wide range of sweeping changes to the 401(k) system were proposed Tuesday at a hearing on how the market crisis has devastated retirement savings plans.Chief among them was eliminating $80 billion in tax savings for higher-income people enrolled in 401(k) retirement savings plans. This was suggested by the chairman of the House Committee on Education and Labor."With respect to the 401(k), it appears to be a plan that is not really well-devised for the changes in the market," Rep. George Miller, D-Calif., said."We've invested $80 billion into subsidizing this activity," he said, referring to tax breaks allowed for 401(k) contributions and savings.With savings rates going down, "what do we have to start to think about in Congress of...(Read Full Post)