Posted on 09/05/2009 10:35:11 PM PDT by Cindy
Thank you! The awful, black joke of the day: now that Obummer has our economy comatose and on life support, he’s creating ways for us to invest in it. Gee, thanks, Barry!
Note: The following post is a quote:
http://www.freerepublic.com/focus/f-news/2333227/posts
Obama promotes saving as recession hits nest eggs
breitbart ^ | 9/5/09 | CHARLES BABINGTON
Posted on September 5, 2009 11:07:11 PM PDT by Nachum
WASHINGTON (AP) - The recession has eaten into people’s nest eggs so the government is promoting ways to make it easier to save for retirement.
One initiative that President Barack Obama outlined in his weekly radio and Internet address Saturday will allow people to have their federal tax refunds sent as savings bonds. Others are meant to require workers to take action to stay out of an employer-run savings program rather than having to take action to join it.
“We know that automatic enrollment has made a big difference in participation rates by making it simpler for workers to save,” Obama said. “That’s why we’re going to expand it to more people.”
(Excerpt) Read more at breitbart.com ...
Bottom line, he is looking for ways to let him use your tax refunds for his socialist agenda. Then when the money is gone, you’re SOL.
They should also make interest earned on savings accounts exempt up to at least $400.00 like it was in the past. Actually, to adjust for inflation, it should be higher than $400.00.
More unicorn farts.
If they want people to save just stop holding interest rates artificially low.
Contrary to Obamaknowledge, most people who earn their own money are smart enough to figure out that savings accounts paying interest rates below the rate of inflation costs them money.
It’s a scam.
He’s boxed in, having promised to deliver the moon to the poor, and unable to borrow a red cent from China anymore.
He has no choice but to fail or seize yet another great store of wealth and this time he has drawn a bead on our retirement savings.
The legislation will be another 1400 page bill no-one is allowed to read before they vote on it, and when the dust settles, the government will own your entire retirement account.
Rational argument will not change his course of action.
How bad do YOU want to keep YOUR money?
What income tax returns???? They can cook the books on the unemployment numbers now but it’s going to show up somewhere. Wait until next April 15th.
>>Third, we’ll make it possible for employees to put payments for unused vacation and sick days into their retirement plan if they wish. Right now, most workers don’t have that option.
That’s hilarious! My company already did that—until the IRS swooped in a few months ago and said that we had to stop it because it was an “option”. Apparently, it is OK if it’s mandatory for all employees to put excess leave into the retirement account, but it it’s optional, then the employees that DON’T do it must pay TAXES on unused leave at the end of the year. So we had to end the practice.
The company has been doing it for 20 years without any problems, but now that Black Jesus is in the WH, it’s got to stop. Now we see why. He plans to take away something we already had...and then give it back as a gift.
I recall our Congress back in the 1980s convinced everbody that Social Security taxes needed to be reaised in order to prepare for the Baby Boomers retirement.
What did the govt do with this money? Did they save it for us(I retire next year). Hell no. the spent it.
They lied once, they will lie again.
and the GOP is as complicit as the Dems.
Out of it all, this excerpt is the scariest
More than 100 million families receive federal income tax refunds each year. Averaging more than $2,000, tax refunds present a unique opportunity for families to save. Taxpayers can already instruct the IRS to directly deposit their refunds and dedicate a portion to an IRA or other savings vehicle. Today, the Treasury and IRS announced that taxpayers will have another savings option beginning in early 2010 — the ability to use their refunds to purchase U.S. savings bonds simply by checking a box on their tax return, without having to open an account at Treasury or take any other action, and even if the taxpayer doesn’t have a bank account. The savings bonds would be mailed to the taxpayer. Taxpayers will be able to purchase bonds in their own names beginning in 2010 and to add co-owners such as children or grandchildren beginning in 2011.
So many problems with this. First, 100 million Americans are currently allowing their money to be used interest free by the government. Collectively, we are floating a $200 billion dollar interest free loan to the treasury (if the figures given are to be believed). That’s a bad thing. Freepers, please, review your tax situation. If you are getting a “refund” that’s a very bad thing. You are giving the government an interest free loan. And you risk not getting that money back. Ask your friends from California about this. Everyone should check their tax situation, and claim your deductions and exemptions so that your withholding is as close as possible to your actual tax bill. Try hard to make you April 15 “annual settlement” with the tax man an amount less than $100.
Then, the “savings bond” for your “tax refund” is just a voluntary (for now) way to get people used to the idea of getting their money back in the for of an IOU. How long before the US treasury issues IOU's to everyone, like California. How long until the check box on the form is automatically filled in for you.
Much better to endorse your “refund check” and deposit it in your personal IRA. Better still, divide your typical “refund” amount by 12, and set up an automatic monthly transfer into your IRA for that amount, and adjust your withholding to put that much back into your paycheck. You'll get interest or dividends from your IRA for the entire year for the money you would have given interest free to the government.
And I’m very skeptical about the “automatic” stuff _resident Obama speaks of in this plan. Where does the Congress (article 1) or the Executive (article 2) get the power to open any savings account, IRA or whatever on my behalf?
The fact that the _resident is suggesting the savings bond for your tax refund makes me wonder how long before refunds will be held up in limbo because the money isn't there to return.
Is this yet another UNION bailout? I do not trust these liar and thieves when they start sticking their greedy fingers into Americans retirement accounts.
Right! Current CDs are 1 year at 1% Stagnant money growth. Fed Reserve bank discount rate is close to zero. Banks will mortgage you for 4.75 but will NOT pay you 4.75 if YOU loan them money by putting it in their bank. No sense to this.
Earlier post is right- The ALARM should go out on the “streamlined” automatic 401K/IRAs. If, by this legislation the Feds are trying to tap into private savings plans by changing the rules to make them “public”, in order to raid them for “general revenue” funds (like they have done every year since LBJ with Social Security) then we need to STOP this NOW! Find out now. If it is this raid then a run on the accounts needs to occur- but where to put it since it is all paper. Imagine the theivery of a govt. that causes money to be withheld from pay, gets that money monthly and then, having overtaxed us, offers to “refund” our overpaid taxes back to us in the form of “conversion” to a savings bond. This costs them nothing- except interest payments for the bonds. Already loaned them the money for a year at no interest. Thanks, I’ll keep the cash upfront.
If China wont buy our T-bills maybe we can soak the regular tax payer by making their private accounts public and raiding them. Bastards. We must stop this NOW!
Read the text.
He claims he going to things that are already being done.
He is so stupid it makes me sick.
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