[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?

[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.

[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.

[Little Ray]

They don’t care about a panic. “Eliminating the tax brake” brings in a few billions against a deficit of over a trillion. It doesn’t even amount to a rounding error compared to the national debt.

But if they plunder the IRAs and 401K, there are trillions in there - enough to make a nice one time bump.

BTW: THEY ARE talking about eliminating 401Ks and replacing them with government secured annuities for what this is worth. Naturally, of course, they’ll have to find some way to redistribute the retirment funds to the “poor” to make it “fair.”