Google exploits loophole to help employees evade taxes on $36,500 / year

I was sort of with the author until I got to the recommended policy change they want to see from legislators:<p>&quot;We should abolish all tax advantaged savings accounts. If the $158 billion in savings were then distributed evenly, every household could receive $1,250 per year and companies like Google would no longer pay HR tax specialists to exploit our tax code.&quot;<p>The author appears to literally suggest we just take everyone&#x27;s 401(k)s and IRAs for the year, give them away, and abolish the whole system. How is this a reasonable policy?

These are important tools for saving for retirement, and have enabled many people to build wealth. I know people who never made a lot of money in any given year, but used these tools to save money over decades, and they now can enjoy a good retirement. Calling these things loopholes, tax avoidance, or what have you is misguided and counterproductive.<p>We already do not have pensions, taking away private pension options such as these would condemn many to not ever being able to be retired, or to poverty.