Posted on 09/28/2011 6:16:03 PM PDT by Rusty0604
In the coming weeks, Americans could face sweeping changes to the tax deferral status and funding strategies of their retirement plans.
(Excerpt) Read more at thestreet.com ...
“Too many people expect that you can have a second childhood and stop working. That will not be an option for many in the future.”
Yep. My PLAN was to retire by 50; I’m 51 & counting, now. Granted, I have a decent stockpile of assets, but it’s still not enough to last me the rest of my natural life, barring any huge health problems and constant confiscation of said assets from that beotch, Mother Government.
It really is depressing. I’m usually QUITE the Pollyanna but these days, I’m really, REALLY discouraged about my future and the future of my country. Every DAY I find another reason to loathe those POSs in Washington and every day I’m closer to moving off the grid, living in a shack in the woods and writing my Magnum Opus.
Wish I were kidding...
Yeah, the only thing left would be for Bobo to retreat to his dacha on Martha's Vineyard every summer. Oh, wait...
Will the House of Representatives vote “yes” on this crap? I doubt it.
This is how Democrat confiscation of private savings goes.
Barney Frank was the one in the house pushing this before the Shellacking.
Since when has that bothered the current administration or their congressional puppets or four members of the current supreme court?
and if those were private funds the worker could leave the money to their kids or other.
Oh da horror.... at least to crazy leftists
Stinking Marxist POS !
FUBO !
Amen! Those ads that the AARP are running now make me furious. There is no money in SS. It’s gone. What was paid in was stolen, and the people collecting SS benefits are receiving money stolen from current workers. It is and always has been a giant scam!
*ping*
$750k for the wage slave, and $690k for the self-employed. That in itself would fund a pretty decent retirement.
Pontiac, thanks for one of the most value added post I have seen in a long time, I learned a lot....
Oh we can’t do that it’s against the law don’t cha know. It’s called
Baseline budgeting is a method of developing a budget which uses existing spending levels as the basis for establishing future funding requirements. The concept assumes that the organization is generally headed in the right direction and only minor changes in spending levels will be required. The baseline is normally enhanced by adding adjustment factors based on issues such as inflation, new programs, and anticipated changes to existing programs.
The genesis of baseline budget projections can be found in the Congressional Budget Act of 1974. That act required the Office of Management and Budget (OMB) to prepare projections of federal spending for the upcoming fiscal year based on a continuation of the existing level of governmental services. It also required the newly established Congressional Budget Office to prepare five-year projections of budget authority, outlays, revenues, and the surplus or deficit. OMB published its initial current-services budget projections in November 1974, and CBO's five-year projections first appeared in January 1976. Today's baseline budget projections are very much like those prepared more than two decades ago, although they now span 10 years instead of five.
Read the rest if you can stomach it.
Here it comes...
The Feds pissed & moaned for years about how Americans “Don’t save enough money compared to other major nations”.
That was the basis of the 401’s-—Keogh’s-—Roth IRA’s in the first place.
Now they want to punish you for setting that money aside.
Just overwhelming.
That would screw retirees, hard.
Taxed to the max during all their income-earning years, they retire on much smaller incomes, just in time to walk face-first into a VAT/NRST tax calculated to support the entire weight of the Government, on top of their state sales taxes, which is imposed on every dollar they spend for their subsistence.
That's a retirement tax designed by sadists.
Bump to read later
Taxed to the max during all their income-earning years, they retire on much smaller incomes, just in time to walk face-first into a VAT/NRST tax calculated to support the entire weight of the Government, on top of their state sales taxes, which is imposed on every dollar they spend for their subsistence.
No VAT, that's surely ridiculous.
Yours is a static analysis, I think. You left out the part where we distributed the assets to social security contributors, who are the rightful creditors of SS, which is the senior creditor supporting the federal ponzi scheme. Also you left out the part where we reduced the size of FedGov.
And what is the alternative you propose? Retirees will get screwed eventually.
The US government SS program actually impoverishes our retirement, it is a total rip off.
the govt rewards laziness and sloth and drug and alcohol dependence, and immorality, and promiscuity.....
the only thing that we have control of is to give your money away freely to your adult children, hopefully they're deserving....or to nieces or nephews or others that you know that you would rather have the money than the govt....
because any money you have will be "accounted for"...every penny substracted from medicare, tricare,ss etc....
they'll take it all....give it away before they do...give to who YOU want to not.....
go back to the days of hand sewn timber,cider presses,gardens,quilting bees, and moonshine....
I'm ready....
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