Here we go:

http://www.carolinajournal.com/artic...y.html?id=5081

Eliminating the 401(k) for middle class earners and replacing it with a
laughable $600/year contribution will increase taxes for the middle class.
Let's say you're putting away $10,000/year in a 401(k). You get to pay about
2000-3000 less in taxes for that year and save %10,000 for retirement which
is taxed upon withdrawal. Under the Big O's plan you will pay 2,000-3000
more in taxes because you have no 401(k) deduction anymore and have $600
saved for retirement through the new plan - a net loss of about $1400-$2400.

No tax increase at all! You just have to pay more because you can deduct
less.

30 years of retirement savings under the plan will give you a whopping
$18,000 plus interest! Figure that's about $3,000 in today's dollars. Hope!