During this recession millions of Americans have lost their jobs and been forced to drain their (401, IRA) retirement accounts just to get by. Then they are penalized with a Federal 10% early withdrawal tax.
Their outstanding retirement account loans become taxable income when they loose their jobs and a 10% early withdrawal tax imposed.
No one should suffer this extra burden in these tough times.
Early (401k, IRA) withdrawal penalties must be discontinued until this recession ends.
Anyone who has paid the 10% withdrawal penalty after the recession started must be refunded.
Americans have suffered from this recession through no fault of their own and the 10% early withdrawal tax in these tough times is not only unjust, it targets Americans who are suffering the most.