Re:Netflix Posted Biggest-Ever Profit in 2018 and Paid $0 in...
by refurb on Wednesday February 06, 2019 @11:40AM
(#19096658)
Would you include 401k as a loophole that is legal but wrong?
401K was not the idea of some smart legislator. The 401K name comes from a section of the IRS code. This section was added in 1978 but for 2 years no one paid much attention to it. A creative interpretation of that provision by a smart consultant gave birth to first 401k savings plan. The government tried to repeal the 401K provision twice once it realized the enormous tax loss from the 401K provision.
401K was not the idea of some smart legislator. The 401K name comes from a section of the IRS code. This section was added in 1978 but for 2 years no one paid much attention to it. A creative interpretation of that provision by a smart consultant gave birth to first 401k savings plan. The government tried to repeal the 401K provision twice once it realized the enormous tax loss from the 401K provision.
http://401kbenna.com/401k-history.html