House Democrats Contemplate Abolishing 401(k) Tax Breaks

Workforce Management ^ | October 16, 2008 | Workforce staff

[RetiredArmy]

Rush talked about this today. They will do away with the 401k plan. Your money goes into social security, you die your family does not get it all back, only 50%, as the death tax cuts it by half, it is administered by the SS system, you get no tax benefit, THUS you go into a higher tax bracket EVEN THOUGH you put money into this account. So, the US GOVERNMENT basically owns your retirement account, you die, your family does not get it all back.

[Argus]

SS = Slaves of the State

[CommieCutter]

No we CAN’T PRIVATIZE A PORTION OF SOCIAL SECURITY TO SAVE IT BE WE SURE CAN RAID PRIVATIZED 401K’S TO SAVE SOCIAL SECURITY!!!
THIS JUST REINFORCES THE CASE FOR PRIVATIZATION!!

[nickcarraway]

Scary

[CommieCutter]

BE = BUT

[rodguy911]

ANd so it begins.The pathway to Socialism.

[Hazwaste]

This alone will cause the Demos to lose Congress in 2010 if implemented. Are they really this stupid? (Rhetorical)

[ncfool]

I posted this the other day. The democrats are looking for a down 3000.

They want to win at all costs. The reason why Wall Street is crashing and burning are political with the democrats creating a panic on Wall Street and worldwide.

This is socialism at it’s best.

[muawiyah]

Ghilarducci is a fiscal idiot. She's failed to account for the fact that 401(k) accounts are subsequently taxed at INCOME TAX rates and not at the far lower CAPITAL GAINS TAX rates.

Otherwise, this old broad is advocating something little different from "W"'s Social Security privatization deal with a hidden increase in Social Security taxes.

Folks will continue to direct their investment dollars to the stock market and will pay no taxes on their investments at all until they make "withdrawals", and then pay only at the capital gains rate.

See how easy it was for that woman to TRICK Democrats?

[realcleanguy]

This will be the end. Why bother working, when the Democrats are going to take all your money?

[Egon]

Assholes. Pardon my Norwegian.

[CommieCutter]

I will opt for early withdraw if they pull this crap!

[JimSEA]

I want to spend our nation’s dollar for retirement security better. Everybody would now be covered

Remember now, only racists would criticize this plan and call it socialist.

[southernindymom]

I have been talking to everyone I can today about this. If the dem’s are allowed to get away with this and the RNC and Republicans don’t get in front of the microphones and spread this, it will be disasterous! Hacks me off!

[nickcarraway]

Privatizing Social Security can’t be discussed, but this is okay?

[Carry_Okie]

I can't believe that they were so dumb as to suggest this before the election, unless they wanted to tank the market deliberately to harm McCain.

[PGalt]

Thanks very much for posting.

UNFRIKKENBELIEVABLE! Socialist security is the greatest fraud ever forced on “free people”. These SOCIALIST SCUMBAGS are finding new ways to plunder our time of life and the meager savings we have accumulated through our hard work.

[MarkL]

Un-F@#$%^G-Believeable!

The BASTARDS who managed to engineer the financial meltdown are now going to FORCE US to use their solution, and steal even MORE money from us...

Mark

[Jacquerie]

This is only a glimpse of what a rat Congress will do if The Zero wins. It will be challenged of course in the courts, where this theft will be found “Constitutional.”

[Rapscallion]

As Hillary said months ago, It's for the greater good.