House Democrats Contemplate Abolishing 401(k) Tax Breaks

Workforce ^ | 10/22/2008

[ncfool]

AMERICA is under attach by the Socialist better known as the Democratic party. Why is nobody screaming about this issue. It Seems that Barack Hussein Obama's plan to SPREAD THE WEALTH is wholy endorsed by the Democrats.

Lead by Nancy Pelosi the congress is now the socialist party of America.

Think about how millions of employees are invested in 401K plans and the impact this would have again on the national financial markets.

Why is the dow down again today 400+ points it because of the Democrats trying to destroy the American Capital market.

We need to rise up and vote against any rat running for office.

[realcleanguy]

Sine all union members have this benefit, how is it they are supporting the very people who are going to take their money away? This makes no sense at all, why on earth would a union or union member support this party?

[Obadiah]

How much you want to bet that Democrats have their eye on eliminating the Roth IRA?

[AU72]

Just a whiff of this possiblity will tank all the markets down a permanent 50%.

[43north]

Democrats are proving once and for all that they are the enemy within. Time to fight.

[misterrob]

It’s tax deferred savings. When you retire and tap the account you pay the taxes then. Remove the benefit and people will stop saving and companies will stop matching.

Of course if we had a fair tax system of say 15-17% on eveyone then we wouldn’t need all of these various incentives.

[MrB]

“Yeah, I know you all put money in the Roth IRA based on the promise of tax free gains, but, we want that money, so we’re just going to do like we always do,

and change the rules after the game has been played.”

[Secret Agent Man]

They seem to ignore we already contribute to a retirement system for all workers and we are forced to contribute to it.

Dumb ass journalist, never thought about asking that? It’s called SOCIAL SECURITY and a little over 12% of our earnings are taken to go towards that (6% ours, 6% employers’ budget for us).

This is bullsh1t. Utter bullsh1t. They’re trying to kill off private investment ability and take down businesses all at the same time.

The Red Revolution in the USA (to make us the USSA) is now underway. Guess that makes us the white army. Hopefully we do better than the Russian white army did.

[okie01]

How much you want to bet that Democrats have their eye on eliminating the Roth IRA?

If it moves, tax it.

If it's stationary, confiscate it.

[wmfights]

I thought you might find this article helpful when talking with your friend who wants to support Obama because of the tax break he gets on his 401K.

[DoughtyOne]

McCain/Palin should address this infantile brain storm.

The left is simply not fit to lead.

[businessprofessor]

Sine all union members have this benefit, how is it they are supporting the very people who are going to take their money away? This makes no sense at all, why on earth would a union or union member support this party?

The Democrats are looking for a way to save social security. If they can redirect your 401K contributions to another government controlled program, they can avoid painful changes to social security. This will be just a stealth payroll tax that funds social security and other government programs.

There is no doubt that the ERISSA law governing 401ks needs revision. It needs revision to give employees more control of their money, not less control.

[Williams]

Leftist insanity

[ncfool]

Down 380 points right now. Thanks Nancy Pelosi and the Rat party!

[AU72]

Private Retirement accounts should be just as dangerous a 3rd rail for politicians to touch as SS.

[ncfool]

Then send the link to all your friends on your email list........

[Dawn531]

Under Ghilarducci’s plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation.

IMHO, it's a ruse to fund SS...that's how I see it. It has nothing to do with the tax deferral issue...they need more money to fund SS and this account would be administered by SS.

[Pilated]

Sure penalize me even more!!!!!! If Jim McDermott, D-Washington is for it you know it is a bad idea! This puke is a traitor of the United States of America!

[CPT Clay]

I’m OUTRAGED!!!!!

[epluribus_2]

Do it. Destroy the retirement of most of america’s working middle class. I dare ya.