Be a part of the coverage as America elects the 44th President of the United States, Tuesday, November 4th! 

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Powerful House Democrats are eyeing proposals to overhaul the nation's $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.

House Education and Labor Committee Chairman George Miller, D-Calif., and Rep. Jim McDermott, D-Wash., chairman of the House Ways and Means Committee's Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.

A plan by Teresa Ghilarducci, professor of economic-policy analysis at The New School for Social Research in New York, contains elements that are being considered. She testified last week before Mr. Miller's Education and Labor Committee on her proposal.

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"I want to stop the federal subsidy of 401(k)s," Ms. Ghilarducci said in an interview. "401(k)s can continue to exist, but they won't have the benefit of the subsidy of the tax break."

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"I want to spend our nation's dollar for retirement security better. Everybody would now be covered" if the plan were adopted, Ms. Ghilarducci said.

It's no surprise that liberals in Congress want to take over control of a little more of your hard-earned wages, but it's instructive to listen to why. This is what Chairman George Miller had to say during the recent commitee hearing that examined the idea:

With respect to the 401k, it appears to be a plan that is not really well-devised for the changes in the market. We load an awful lot onto the back of the individual - and I've been to more seminars and conferences where they ask for more and more education about savings and investing. We keep asking this person to get smarter and smarter about their savings and that's sort of it and they're on their own...

By way of newsworthy items this afternoon, there is this development out of Ohio regarding ACORN--the community organization that has been engaging in rampant voter fraud:

The second debate between Arizona Senator John McCain and Illinois Senator Barack Obama in their quest for the Presidency happens tonight in Nashville, TN on the campus of Belmont University.

Here is a little bit of What To Watch For (W2W4):

Tuesday's match-up at Belmont University in Nashville, Tenn., will be moderated by NBC's Tom Brokaw, with the questions to be culled from a group of 100 to 150 uncommitted likely voters in the audience and another one-third to come via the Internet. The Gallup Organization -- as in past debates like this -- has the job of making sure the questioners reflect the demographic makeup of the nation.
Brokaw selects the questions to ask from written queries submitted prior to the debate, according to the "contract."

An audience member will not be allowed to switch questions. Under the deal, the moderator may not ask followups or make comments. The person who asks the question will not be allowed a follow-up either, and his or her microphone will be turned off after the question is read. A camera shot will only be shown of the person asking -- not reacting.

While there will be director's chairs (with backs and foot rests), McCain and Obama will be allowed to stand -- but they can't roam past their "designated area" to be marked on the stage. McCain and Obama are not supposed to ask each other direct questions.

As in all the debates, the contenders cannot bring in notes, though they can take them once at the lectern.

The bailout bill also gives the Internal Revenue Service new authority to conduct undercover operations. It would immunize the IRS from a passel of federal laws, including permitting IRS agents to run businesses for an extended sting operation, to open their own personal bank accounts with U.S. tax dollars, and so on. (Think IRS agents posing as accountants or tax preparers and saying, "I'm not sure if that deduction is entirely legal, but it'll save you $1,000. Want to take it?") That section had expired as of January 1, 2008, and would now be renewed.

Starting with the so-called Anti-Drug Abuse Act in 1988, the IRS has possessed this authority temporarily, with occasional multiple-year lapses. A 1999 internal report said the IRS had 126 "trained undercover agents" working in field offices at the time. This is the first time that such undercover authority would be made permanent.

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There's another section of the bailout bill worth noting. It lets the IRS give information from individual tax returns to any federal law enforcement agency investigating suspected "terrorist" activity, which can, in turn, share it with local and state police. Intelligence agencies such as the CIA and the National Security Agency can also receive that information.

The information that can be shared includes "a taxpayer's identity, the nature, source, or amount of his income, payments, receipts, deductions, exemptions, credits, assets, liabilities, net worth, tax liability, tax withheld, deficiencies, overassessments, or tax payments, whether the taxpayer's return was, is being, or will be examined or subject to other investigation or processing, or any other data received by, recorded by, prepared by, furnished to, or collected by the Secretary with respect to a return."

Filmed on location in Cape Town, South Africa, and Los Angeles, 24: REDEMPTION stars Emmy Award winner Kiefer Sutherland along with new cast members Cherry Jones, Robert Carlyle, Gil Bellows and Academy Award winner Jon Voight.

After sacrificing everything for his country, Jack Bauer (Sutherland) is wanted by the U.S. government and now stands to lose the only thing he has left: his freedom. Working as a missionary in Africa, Bauer is called upon to stop a ruthless warlord from drafting innocent children into his murderous militia. First, Bauer must confront his own torturous past and face an impossible decision that will change his life forever. A decision that will set the stage and raise the stakes for Season Seven, which debuts in January 2009.

The American spirit is celebrated in the outrageous and totally irreverent comedy An American Carol from David Zucker, the master of questionable taste (Airplane!, The Naked Gun, Scary Movie 3 and 4).

In An American Carol a cynical, Anti-American Hollywood filmmaker sets out on a crusade to abolish the 4th of July holiday. He is visited by three spirits who take him on a hilarious journey in an attempt to show him the true meaning of America.