A wave of US companies are suspending payments to their staff 401(k) retirement plans in a bid to cut costs amid the economic downturn.
Saks, General Motors, newspaper group McClatchy, clothing company J.Crew, FedEx, UPS, Coca-Cola Bottling, Reader’s Digest, Motorola, Regions Financial and Sprint Nextel are among the growing list of companies which have suspended contributions in recent months. Read More
This will be hurting retirees and if Obama raises the Capital Gain Taxes it will cause many more of these companies to cut cost to save money. Companies do not pay taxes, we the people pay them in higher prices and lost of benefits which will hurt the poor as well as the middle class Americans!