Respectfully, I have to disagree with your case here.

First, it’s possible to beat the market even in a 401(k), as I’ve done, so assuming an 8% annual return there vs. a market-beating return in a taxable account is not a fair comparison.

Second, it’s highly improbable that you’ll be able to beat the market in a taxable account without selling and buying investments, which triggers a tax bill on your capital gains along the way. This results in a significant drag on your taxable account.

Third, if you’re calling into question whether the rules governing a 401(k) will be honored by the politicians, you should also acknowledge that they could change how they tax capital gains in your taxable account.

Fourth, there are many people who may pull out money from a taxable account to pay for non-retirement expenses (such as an expensive vacation), but who can’t do the same from a 401(k). This means that the lack of access can actually help preserve the money from our tendency to overspend now at the expense of our future selves.

In short, I’d argue that your 401(k) is indeed a good tool for building wealth.

By the way, an HSA is even better, though it’s far more limited in contribution limits, and is most useful for the part of your retirement budget covering medical expenses.