Is your 401K safe from the Democrats?

jackson jambalaya ^ | November 29, 2012 | Kingfish

[prplhze2000]

Suddenly within 24 hours three articles appeared in the NYT, Atlantic Monthly, and Time discussing a Danish "study" about the tax breaks for the 401K plan. Naturally they all discussed whether the government should abolish the tax break for them. What was it they said about never wasting a crisis?

[Dead Corpse]

Safe? No.

A few may need some high-speed lead poisoning to get across the idea that their theft isn't a good career move.

[DesertRhino]

No problem. It was true all three times!

[massgopguy]

That was Laura D’Andrea Tyson.

[cherry]

why don’t we have dynamic leaders in the pub party?....fire and brimestone!

[cherry]

why don’t we have dynamic leaders in the pub party?....fire and brimestone!

[XenaLee]

Your half-bottle of Heinz Ketchup is probably safe. After all....that IS now part of how Hanoi John Kerry (who was in Vietnam) can afford his yacht.... while living off of Teresa’s ketchup profits.

[justlurking]

There is a big difference between reducing or eliminating the 401(k) tax break and actually confiscating the assets in the 401(k).

Finally, a voice of sanity.

Everyone is running around like a chicken with their head cut off, screaming "THEIR GONNA TAKE YOUR 401K!!!ELEVEN!!". Even Rush Limbaugh is falling for this.

The most Congress can do without causing a panic in the financial markets is change the rules for future contributions. If Congress tries to make retroactive changes for prior contributions, there is going to be a huge flight of capital out of these accounts, and it will shake the financial markets to the core. It will make the mortgage crisis looks like a hiccup.

[abb]

The most Congress can do without causing a panic in the financial markets is change the rules for future contributions. If Congress tries to make retroactive changes for prior contributions, there is going to be a huge flight of capital out of these accounts, and it will shake the financial markets to the core. It will make the mortgage crisis looks like a hiccup.

What makes you think that isn't the goal of the Marxist in the White House?

[justlurking]

What makes you think that isn't the goal of the Marxist in the White House?

Let him try. It will expose him to the people that still think he isn't a Marxist.

The Republicans may be waffling about the taxes now, but I'll bet this is one line in the sand they will not let him cross.

[abb]

I hope you’re right. The GOP could use a dose of spine about now.

But never forget, elimination of the entire concept of private property and private capital is the goal of Marxism. Always has been, always will be.

[andyk]

I guess I’m the only one here who thinks credits should be eliminated before deductions.

[G Larry]

Yes, and the idiots are discussing a “wealth tax” too.

There’ll be a whole lot of folks yanked off of their thrones, before these things happen.

Might be surprised at what you find floating in the water at the next tea party.

[abb]

I guess I’m the only one here who thinks credits should be eliminated before deductions.

Especially the tax credits given to Hollywood by various governmental entities that are supposed to entice 'movie making' in their area.

[lucky american]

A couple of democrats want to take the money in your 401k and replace it with a government bond paying 3%. They technically dont want the account, but the cash amount you have
accrued over the years.

[PJammers]

401ks are racist. /s

[ArrogantBustard]

Sorry for the multi-post...

It was worth repeating.

OBTW: "Four legs good ... Two legs beh-eh-eh-eh-ttter-r-r-r-r

[ArrogantBustard]

If Congress tries to make retroactive changes for prior contributions, there is going to be a huge flight of capital out of these accounts, and it will shake the financial markets to the core. It will make the mortgage crisis looks like a hiccup.

The goal of the 0bama Regime is to destroy the United States of America.

[Disambiguator]

Sorry for the multi-post...

Some things bear repeating.

[justlurking]

A couple of democrats want to take the money in your 401k and replace it with a government bond paying 3%. They technically dont want the account, but the cash amount you have accrued over the years.

Point me to the proposal of the "couple of democrats". I want to see the specific details, not the equivalent of an urban legend.

Yes, I'm aware of one loony consultant that made a presentation to a committee, and was all but disavowed by both parties. She doesn't count.

If there is a concrete proposal from an elected Democrat that is still in office, show it to me. Otherwise, stop trying to scare people over something that is only a figment of your imagination, or the imagination of someone that you quoted.

[justlurking]

The goal of the 0bama Regime is to destroy the United States of America.

As I said above, let him try. Then, there will be no doubt.

As long as the Republicans hold the majority in the House, no confiscation of privately-held retirement accounts is going to happen. I'll bet on it.

But, I'd really like to see Congressional Democrats try. They won't, because they aren't that foolish. Have you forgotten how much campaign money they get from the financial services industry?