“You know what they want? They want obedient workers. Obedient workers. People who are just smart enough to run the machines and do the paperwork, and just dumb enough to passively accept all these increasingly sh____er jobs with the lower pay, the longer hours, the reduced benefits, the end of overtime and the vanishing pension that disappears the minute you go to collect it, and now they’re coming for your Social Security money. They want your retirement money. They want it back so they can give it to their criminal friends on Wall Street, and you know something? They’ll get it. They’ll get it all from you, sooner or later, ‘cause they own this f______g place. It’s a big club, and you ain’t in it.”
-George Carlin
Maybe trading in scalps will replace it?
They’re telegraphing the next moves.
L
I have a better idea. Abolish 401(k)’s AND abolish the income tax. Deal?
Well, it could be argued that the Federal Government should have been limited to taxing income, in the first place.
The People and States should have fought tirelessly to limit the definition of “income” to the minimum possible.
The accounts are not “tax free” - they are tax deferred. They collect taxes on the payouts...which should be larger. Would they be ending the taxes on the payouts if they end the tax exemption on the deposits? Or is this going to be a case of double taxation?
The younger generations that want “free healthcare” are going to get it, at the cost of retirement and savings plans.
But for decades democrats have been salivating at the thought of there being trillions of dollars sitting out there in 401k's that they could use to fund their social boondoggles.
> Median total financial assets of those age 60 is only $53,000.
Barely enough to buy a lower end pickup truck.
They want Revolution II? Just try that, Obamaholes, try it.
“Not the money, thank goodness, but the plans themselves.”
These kinds of stories lead to stupid comments about “them” taking all our 401k money.
The proposal is to change the tax treatment of future contributions. Teresa Ghilarducci’s proposals are the same. The money in existing 401ks and IRAs is untouched, tax treatment of future contributions is changed.
“Neither conservatives nor liberals are particular fans of tax-advantaged retirement accounts”? What outrageous drivvel. I love them. Got a huge tax break when I was in a hightax bracket. Now I’m in a low tax bracket and pay little in taxes. And my home state of SC doesn’t tax the first 16,000 of non-government pensions (nor SS). What could be better? This writer at Bloomberg is an idiot.
Anything that benefits the average Joe Citizen has to go.
What really needs to go are the democommies and the bush league chamber of commerce worshiping republiCAN’Ts...
We’ve got a greedy, fascist government taking wages away from
American working families and giving their money to foreign freeloaders and the younger, selfie taking, “hikers” who refuse to work for a living, in exchange for their votes. The voting system in this country is totally corrupt and seriously broken. More so than the corrupt, high fiving and fist bumping “border patrol.”
All of this cost the government an estimated $185 billion in 2019, or 0.9% of GDP."
The bolded is the problem. I sure would like to know who defines their self as "on the right" who subscribes to that attitude.
What it is really about is people in the US wanting to confiscate those savings. Probably why they are trying to figure out how to disarm the general population.
The real kicker-- they want to give those savings to the "replacements" they've escorted into the United States.
You can bet if they cheat trump out of office again that they’re coming after Maga money...your money. And there won’t be a thing you can do about it. Nobody will stop it just as Nobody is stopping it from happening to trump. Don’t be pollyannish. It’s over.
bttt
Here’s how we got here.
Senator Howard Metzenbaum (champion of labor) slipped a poison pill in the Tax Reform Act of 1986 changing the rules for Defined Benefit (DB) pension plans in vesting rights from 10 years to 5 years. This change was to take place in 1989. I worked for a company with 20,000 on-site employees (jet engines) in Evendale, Ohio in 1988. The massive layoffs started soon after. This was so easily predicted. Now we have 20,000 illegal invaders crossing the border in a week to take American’s jobs and private company Defined benefit (DB) pension plans have been gutted. Now American workers are being outright replaced.
You don’t think Howard knew what he was doing? Introduced in the Senate as S.3527 Worker Adjustment and Retraining Notification Act of 1988 by Howard Metzenbaum on June 16, 1988. In 2001, there were about 2,000 mass layoffs and plant closures that were subject to WARN advance notice requirements and that affected about 660,000 employees.
88 percent of public employees are covered by a defined benefit pension plan.
https://en.wikipedia.org/wiki/Defined_benefit_pension_plan
https://en.wikipedia.org/wiki/Tax_Reform_Act_of_1986
I will put the follow the money plan into action. Anyone or group that seizes my IRA will be hunted down.
Kinda interesting that Braindead always says the line “we will only increase taxes on those making over $400,000” or something to that effect.