House Democrats Aim to Remove 401k Tax Breaks

All American Blogger ^ | 10/22/08 | Duane Lester

[cherry]

well good.....I'll keep my money......to hell with supporting our economy by NOT INVESTING IN AMERICA and not just sitting on it..or wasting it....

the govt will support me when I am broke and have no medical insurance and can't pay my bills...

[NetSurfer]

Dumber than a box of rocks bump.

[nufsed]

401ks are a government tax trap. You’ll pay 7-12 times more taxes in retirement as the amount your deferred in your work years. Get out now and do something which grows tax free. Take responsibility for your retirement. Forget the government and your employer, do it yourself.

[estrogen]

What a great idea !!!!! have the Social Security office (which is going bankrupt) handle the investments into govt. bonds.........................

Are these people socialists or what? I cannot believe that this is being considered right in front of our eyes. That coupled with Obama's "redistribution of wealth" plan makes me wonder where I live. This can't be America.

[gotribe]

Bank of Mattress, insured by FDIC.

[dirtbiker]

They tried this same BS back in 1993 under Klintoon and the Dim Congress, and it got smoked.

They say the textbook definition of "insanity" is doing the same thing over and over, expecting a different result. If Nobama wins, I hopes he enjoys the 2 years he'll have of a Congressional majority (re: the Klintoon years) before it destroys itself....

[estrogen]

From what I read it would be obligatory

[anniegetyourgun]

BOHICA

[PhiKapMom]

Too many companies dont’ give you a choice — tey give you 401K donations for your retirement that the Feds take a huge bite of at retirement.

[bestintxas]

Great way to get the savings rate up for Americans.

Couldn’t we have predicted this?

I am saving as little in 401k to get a match.

Need tog et it further away from the hands of taxers.

[bestintxas]

In my case, it is Smith & Wesson, if not Remington.

[glide625]

Note: under one proposal, “Under Ghilarducci’s plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation.”

I’ll quit and go on contract; not a penny to the Commie gov’t.

[GOYAKLA]

“Bank of Mattress, insured by FDIC.”
Update:Bank of Mattress, insured by Browning, Glock and Colt.

[bmwcyle]

This will piss me off to no end.

[nufsed]

You can invest in a program which grows tax-free. Has no contribution limits. No age restrictions. Has a death benefit. Can take money out without tax penalty (be my own bank and avoid non-preferred debt). Never loses principle. Pay it back or not. Can set up the same program for my children and grandchildren.

Why would I ever do a 401k, IRA, rothIRA or whatever?

Why reply on the government, politics, or my employer?

[nufsed]

Guideline. Take the match (the match will pay the taxes) and put the rest in IUL. my #16.

[madison10]

Bank of Mattress, insured by FDIC.

How does Bank of Mattress hold up if it is beset by a FIRE? How 'bout keeping your stuff in little baggies in metal fence posts in the back yard? ;)

[madison10]

Are you talking about a certain insurance policy?

[dforest]

Well, there goes the 401K.