Posted on 03/23/2010 4:05:47 PM PDT by 444Flyer
One of the nation's largest labor unions, the Service Employees International Union (SEIU), is promoting a plan that will centralize all retirement plans for American workers, including private 401(k) plans, under one new "retirement system" for the United States.
In effect, government pensions for everyone, not unlike the European system and regardless of personal choice.
The SEIU, which was integral to the election of Barack Obama as president, is working with the left-leaning Economic Policy Institute (EPI), and the National Committee to Preserve Social Security and Medicare, on SEIU's plan, called "the Retirement USA Initiative."
Claiming that the retirement system in place now has "failed most Americans," EPI vice president Ross Eisenbrey, told a labor union publication that "account balances have fallen by a third since late 2007, leaving many older workers unable to retire just as our economy is shedding millions of jobs.”
(Excerpt) Read more at moneynews.com ...
Step 1- Pass Health Care
Step 2- Pass amnesty for illegals
Step 3- Collect and register 10,000,000 new dim votes
Step 4 Use those 10M to win 2012
Step 5- Adjust and repeat steps 1-4
Well, unfortunately this tidbit may just make your day.
About the same time (about a week or two ago) they were kicking around the notion of taxing unearned income they were also thinking of taxing people who have paid off mortgages. Looks like they are coming after you no matter what you do.
Kind of like a federal real estate tax because you were responsible and paid off your mortgage.
Posthumously, after the hangings.
“Saying that money belongs to God is great in your own life, but it’s hardly a good idea for making public policy.”
Exactly the point I was trying to make, but you did it better. I’ll differ by stating that it isn’t “hardly a good idea”, it’s a terrible idea to make it public policy.
bttt
I don’t know if you’ve seen this, but this will mean war.
Might also be a ploy to get you to withdraw early and take a big tax hit.
http://en.wikipedia.org/wiki/401(k)#Withdrawal_of_funds
Nope, hadn’t seen it
Just another thing to make my blood boil.
we’re looking at a sure fire way to cripple our economy
Christ! Our social security is in ruins, our housing market is in ruins, our banking system is in ruins, et cetera. And, all because of them. Who would trust these thieves to handle our personal savings?
I have got to go find some valuable talking points about the communist in this country and how they are changing the face of the United States of America. I need to make people aware of what is really going on behind the mask of helping people!
It’s all in those 10 words:
“I’m from the government and I’m here to help you.”
Thanks, those post election trial balloons re taking over our 401ks and IRAs were floated to see how we responded.
Next on their Socialist Agenda will be so called immigration reform or open the borders and pay for the invaders er immigrants.
Then will come their Green Economic Terrorist agenda making gas cost $7/gallon with thousands and thousands of worthless and high paying jobs for Green Weenies.
Then, they will take over our 401ks and Iras to pay for health care, open borders and green economical terrorism.
Not my dough. I moved it off shore 2 weeks after the election ;-)
That is excellent advice!!
B U M P
You got it. They have us right in the cross hairs.
Obama’s goal from day one was to take control of as much of the entire economy as he could before the American people came out from under the ether.
So far he has control of...
1) banks
2)insurance companies
3) 2 of the “big three” auto companies.
4) health care
This is approx. 48% of our national economy.
If congress just abolished the 401K program and made us all withdraw our savings, they would in effect confiscate half of the money right there. Of course doing this or seizing it either one would just destroy the stock market. If they do move to seize 401K's it will be done without notice or there will be nothing there.
______________________________________
I remember, it was a special moment...
Carolina Journal Exclusives
Dems Target Private Retirement Accounts
Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs
By Karen McMahan
November 04, 2008
RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.
Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.
The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
Rep. George Miller, D-Calif., chairman of the House Committee on Education and Labor, in prepared remarks for the hearing on “The Impact of the Financial Crisis on Workers’ Retirement Security,” blamed Wall Street for the financial crisis and said his committee will “strengthen and protect Americans’ 401(k)s, pensions, and other retirement plans” and the “Democratic Congress will continue to conduct this much-needed oversight on behalf of the American people.”
Currently, 401(k) plans allow Americans to invest pretax money and their employers match up to a defined percentage, which not only increases workers’ retirement savings but also reduces their annual income tax. The balances are fully inheritable, subject to income tax, meaning workers pass on their wealth to their heirs, unlike Social Security. Even when they leave an employer and go to one that doesn’t offer a 401(k) or pension, workers can transfer their balances to a qualified IRA.
Mandating Equality
Ghilarducci’s plan first appeared in a paper for the Economic Policy Institute: Agenda for Shared Prosperity on Nov. 20, 2007, in which she said GRAs will rescue the flawed American retirement income system (www.sharedprosperity.org/bp204/bp204.pdf).
The current retirement system, Ghilarducci said, “exacerbates income and wealth inequalities” because tax breaks for voluntary retirement accounts are “skewed to the wealthy because it is easier for them to save, and because they receive bigger tax breaks when they do.”
Lauding GRAs as a way to effectively increase retirement savings, Ghilarducci wrote that savings incentives are unequal for rich and poor families because tax deferrals “provide a much larger ‘carrot’ to wealthy families than to middle-class families — and none whatsoever for families too poor to owe taxes.”
GRAs would guarantee a fixed 3 percent annual rate of return, although later in her article Ghilarducci explained that participants would not “earn a 3% real return in perpetuity.” In place of tax breaks workers now receive for contributions and thus a lower tax rate, workers would receive $600 annually from the government, inflation-adjusted. For low-income workers whose annual contributions are less than $600, the government would deposit whatever amount it would take to equal the minimum $600 for all participants.
In a radio interview with Kirby Wilbur in Seattle on Oct. 27, 2008, Ghilarducci explained that her proposal doesn’t eliminate the tax breaks, rather, “I’m just rearranging the tax breaks that are available now for 401(k)s and spreading — spreading the wealth.”
Freep Mail me re how to do this.
Thanks
“What is the age limit re borrowing from an 401k?
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