“When you mess up that bargain, you’re disincentivizing those small business owners from having that plan anymore,” he said. “Not only is it unfair to those small business owners, it’s going to reduce the likelihood that they’re going to offer those benefits to their employees. And that’s particularly acute in a challenging time like now.”
Source: Biden’s plan to overhaul 401(k) tax breaks could force some companies to cut retirement benefits
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Let’s go on record that “tax policy” — by EITHER party — is fraught with Unintended Consequences!
Having killed “pensions” except for Gooferment bureaucrats; now they are killing 401Ks!