It's more than that...
It is destroying everything Reagan stood for (Friedman, Hayek, Laffer, Goldwater too) Reagan signed this into law, and ditto that the lower marginal rates.
You see he has to destroy all vestiges of American exceptional-ism, the 401k is one, where an individual can over time get rich slowly, and hand it off to another generation. You can't do that in the Socialist Construct.
Tangent that is it hurts the middle class more, and like all Commie B@$****s they need to destroy the middle class to have the surfs and the elite Apparatchiks, remember some Comrades are more equal than others.
It is also about them controlling your wealth and destiny, no you.
How dare even his "peeps" go to the library learn about their funds in their 401(k) via Morningstar, learn about asset allocation from Money Magazine and get rich on their own....
Can't have that, it is better to have someone like Trumpka and his minions oversee it, possibly even passed through their organizations organs, you know kinda like the old Teamsters Pension Funds building Vegas...
I think this is the biggest thing the left hates, viscerally, and without a conscious thought to it.
Because, it's something that God says is righteous behavior:
Prov 13:22 A good man leaves an inheritance to his children's children, but the sinner's wealth is laid up for the righteous.