Posted on 09/08/2010 11:41:26 AM PDT by Rogle
Jeff Bingaman (D NM) plans to require employers to set up automatic IRAs for their employees — who would be required to "opt out" if they don't want to participate
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which targets businesses with 10 or more full-time employees that don't already offer a 401(k) or other qualified retirement program
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Under Bingaman's plan, prompted by the Obama administration, employees would be automatically enrolled in an Individual Retirement Account, with at least 3 percent of their wages going into it. They could opt out. Their employer would get a tax break equal to the cost of administering the program.
(Excerpt) Read more at abqjournal.com ...
Because the Social Security piggy bank is empty, the libs want another endless pit from which to buy votes.
Everyone knows that they are trying to tax IRAs right?
A little light in the detail department.
What type of IRA is it?
Any employer contribution?
What happens when retired?
Inherritable?
THe country is bound to fall apart before this new type of IRA (if passed into law) would have time to effectively mitigate the retirement savings deficit of American households.
With that in mind, the Democrats see this as another source of revenue for the Federal Government to redistribute to their core constituencies.
C.R.E.A.M, GET DA MONEY
This plan would just enable the Democrats to reduce Social Security payouts in later years, as they would tell you you have your IRA to live on.
What do you mean 'no'?
Well folks here's another case of big brother exercising the "do as I say, not as I do" top-down leadership.
Federal government = crooks.
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