The spending is the problem. Our having over $1 trillion deficit year after year is the problem. Not the single-mom's 401K.
We have to dispel this notion that the role of government is to figure out how to ‘maximize tax receipts’.
The Laffer Curve states that if you tax somebody at 100%, you’ll end up with nothing, as there’s no incentive to make money. If you tax somebody at 0%, you’ll end up with nothing, as there’s no tax. SO - there’s some midpoint that maximizes taxes and just ‘raising the tax rate’ doesn’t necessarily translate into more tax revenue.
While I agree with this, it still rests on the premise that maximizing tax revenue is, and should be, the goal. It shouldn’t be. Clearly our government can’t control its spending. It’ll never be enough. The only answer is for government to be able to survive on a minimal income, giving us OUR money back, as MUCH AS POSSIBLE.
The ‘we the people’ being able to keep as much as possible should be the goal. We know how to spend it best, which includes investment at various levels, personal, local, and global. The mindset is completely upside down. The notion that problems get solved at the Federal level is insane - disproven by every socialist or communist government ever.
Been saying it for years - only a matter of time.
They screw with what little retirement options we have left, it’ll be time to start ending bloodlines.
On top of everything else? Camel... meet the last straw.
I’ve been saying for several years that the government will only extend tax advantages to 401k investments in federal bonds and T-bills.
3% return and your money goes to fund the government.
All of this cost the government an estimated $185 billion in 2019, or 0.9% of GDP.
No, it doesn't.
Not taxing citizens cost the government nothing.
Let’s hear it for Fear Porn!
Sometimes I wonder ... should we call this website FearPornBlick?
Good morning, FearPers! What can we FRet about today?
The savings are tax deferred. They will be taxed later. Likely at higher tax rates with the passing of time.
It was always coming. Way back under Hillary’s Healthcare Panel, Teresa Ghilarducci was promoting a one-off assessment of 401Ks to fund HillaryCare.
Saving is Unfair to the Poor
President Biden, along with Senators Elizabeth Warren and Bernie Sanders, all believe government should take care of you, not that you should try to take care of yourself.
Rather than encourage more saving, the ultra-Left proposal is to call saving unfair to the poor and eliminate 401Ks for everyone.
Ever notice it’s always about transferring wealth to the government, and never about the government spending problem?
If the Federal Government were to shrink by about 40% a lot of America’s big problems would either shrink drastically and/or disappear all together. That’s good for America, but bad for Washington and the parasite class which means it will only be accomplished by extreme measures. The dems are 100% against anything that even slows down the growth of government, and far too many Republicans evidently feel the same way. America needs REAL leadership, and there is a dearth of that in Washington.
Personally, I expect the government to steal everything. They really are evil in every way. Bastards.
Shedlock wrote a very disjointed and incoherent piece.
Normally he’s better than that.
And damn you autocorrect.