They do that, and it’s Civil War II. I’m serious.
Several things are going on with this proposal.
First, the change would be a direct betrayal of the implied promise to millions of people who have been saving for retirement. The “tax break,” remember, is a reward or incentive for doing what the government wanted: saving for your own retirement. To change the rules for current savers would be a double-cross, a betrayal, a swindle, and a form of banditry. In private life, this would land you in jail for fraud.
The reason for allowing people a tax break on retirement investments was to allow before-tax growth of the savings. THEN the government taxes you at the end, when you take out the money as an elderly retiree. Note that if you are a poor retiree, you are in a lower bracket and don’t pay as much taxes as someone in a higher bracket. Note also that the government presumably profits in the end, because they participate in the successful result of your saving. They are taxing you, but at least they are doing it in a way which causes less harm that usual.
But now note that under the new plans, they will tax you first, before your savings have even grown. This gives you less seed for growth, and also gets the government less share in the results, because the ultimate harvest of your savings will be less.
Why would they do this? For the same reason that any drunken wastrel would rather spend today, and forget about tomorrow. Our increasingly profligate government has abandoned the prospective view: that is, they close their eyes to the future.
It is characteristic of the best in human nature to think beyond the narrow present: to learn from the Past, and to look toward the Future. Thrift is merely one tangible way of expressing this view; and looking toward an afterlife is a more sublime aspect of the same time-transcendant view of human existence.
The infant has neither. He cries for his wants, and then sleeps, only to awaken and cry again. One cannot expect a nation to survive, whose people have been conditioned to keep their development arrested at the infantile stage.
Dependence does not rule: it gets ruled.
We knew years ago the 401K was a sham, and only a matter of time until controlling, bloated corrupt government would gang rape those accounts too.
sfl
President Cristina Fernández de Kirchner
Would the GOP House actually let the scumbags get away with stealing private retirement accounts?
I just can’t see it.
BHO is pure socialist evil!!!!!! He has to go!!!!!!
We and the future of the U.S. face a disaster of epic proportions if spending is not curbed massively and quickly. Many will suffer but not nearly as many as will suffer on the present course. I have no illusions that anything right will be done though.
Most of the 401K generation will join the largest group of indigent geriatrics ever seen. Their children will feel sorry for them but not be able to do much about it. These children will be staggering under the burden of massive taxes just paying interest on the national debt and for the maintenance of more than half the population living on the labors of the other half.
Before all this really goes into full swing though we will suffer either Civil War or will be defeated by some other power. Our military might if not for offensive purposes then for defense alone will be decimated by budget cuts.
The problems of the elderly are always serious but seldom interesting. I wish I could be alive to see this clown you pictured grey, wither and suffer massively to his own end.
Look - government workers need OUR money so they can get FULL medical benefits after working for five years. And pensions the rest of us can only dream of...
AND parties!
Parties in Vegas - party, party, party ... someone’s got to pay for that. Who but us?
John Q Public - all of us chumps - need to GIVE MORE.
What about Secret Service whoring? That’s not free - who do you think’s gonna foot the hotel bills for those guys? You got it. Taxpayers. US. So what the hell, quit ya bitchin’ - - citizens should work til they drop AND have their savings taken.
And shut up with the whining.
Liberal elites gotta have theirs, and ours, and our children’s and....