the govt will support me when I am broke and have no medical insurance and can't pay my bills...
Dumber than a box of rocks bump.
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.
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.
Bank of Mattress, insured by FDIC.
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....
BOHICA
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.
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.
This will piss me off to no end.
Well, there goes the 401K.
This is only the start. They will have to go after every pot of savings you think you’ve secured for your retirement. Where do you think the wealth to be spread is going to come from?
People stand not to lose just their 401(k) contributions but their employer's matching contributions as well.
What's next? Our IRA's? Damned right they are!
Democrats do not want you to fund your own retirement - they want you to be 100% dependent on the government, which is to say, on THEM.
Self-reliance is the enemy of the Democrat Party.
mcCain - the election was just handed to you.
NOW FOR PITY SAKES ) TAKE THE BALL AND RUN !!!!!!!!!
Retirement accounts are a HUGE pool of money (trillions of dollars) that is just sitting there waiting to be "spread around". My guess would be that democrats would either require 5% of all retirement accounts be "invested" in social security (in reality it would go into general revenue and SS would get more IOU's) that they will use to fund the rest of their social spending schemes. And the worst part is, you are pretty much held hostage, because if you try to pull your money out to avoid the tax, you get hit with early withdrawal penalties...
401K plans are really just welfare payments to Wallstreet, courtesy of the tax code.
They have surreptitiously usurped our unrealized gains in our property and retirement savings via this financial mess driven by a GSE not under the scrutiny of any Federal Act, by Democratic Congressional neglect.
We may redefine wealth not by the size of our portfolios, but by what we have for tools to fix what we own and can do to survive. Conservatives may in that sense go off the grid and ride it out almost John Galtish, until it is time to come back into the world.
The funny thing is, they can't live without us, they haven't figured it out yet :-).....
Qeers and RATS,hide the chillins.
This is just amazing to me. Decades ago, Americans had savings accounts because the money could sit in the bank and draw interest tax-free. Credit usage was virtually non-existent and most people paid for their purchases with actual money! Then Congress got their greedy grimy clutches on our savings accounts and started taxing them and, lo and behold, Americans stopped saving!!
Who’da thunk it??
Now, they want to impoverish us more by taxing 401(k)s. This “idea” actually springs from the devious, socialist mind of Bill Clinton who planned to implement it in the late 90s until he got distracted with his Monica Lewinsky scandal and impeachment.
If the Obamessiah should win, plan on being able to keep about $0.15 of every $45.00 that you earn so that the Obamessiah can “spread the wealth around” (remember that Michelle has expensive lunch habits - the woman’s GOT to eat!!).
dems are like cockroaches
scurrying around in the dark
and when the light comes on
..
It’s crunch time!