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Am I the only one who thinks that taxing them 1% per month on the overcontribution is a good sum to add to the coffers of our fine government?

I'm thinking with that kind of interest penalty the house would win more often than the gambler.
 

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It was only a matter of time before they closed that loophole...I'm surprised it took this long.

I wonder if the 100% levy on overcontributions is going to be on contributions going forward, or applied to pre-existing overcontributions?
 

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As people keep abusing the intent of the plan there are going to have to be even more "tweaks". Read the other thread where a poster was proposing to deliberatley overcontribute $1M, withdraw it a year later and pay the penalty, but still be able to keep the earnings on the overcontribution inside the plan.
 
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