It's meant to shift the tax burden to the middle class and let the rich keep more of their money, while retaining fraudulent benefits to the poor to appease the hardline Democrats.   This is as the rich have no need for a 401k, they park their money elsewhere.  The poor don't save money, period.  Yes, middle class folks, you are handing your cash to the rich so they can pocket more to purchase additional Bentleys, and handing over money to the poor so they can purchase booze (and weed in the states that allow it) while sleeping in all day so you can go to work in the daytime to support them.