[Mr. K]

gosh who could have seen that coming...!

[Kozak]

So, I and millions of others will no longer place a portion of our income in IRA.s or 401K’s, and will rush to withdraw what we have there as quickly as possible. That should work out GREAT for the market...... / sarc

[Kozak]

So, I and millions of others will no longer place a portion of our income in IRA.s or 401K’s, and will rush to withdraw what we have there as quickly as possible. That should work out GREAT for the market...... / sarc

[Past Your Eyes]

I’m glad I’m an old fart but I fear for my grandchildren. Maybe I can figure out a way to leave them something without the damn Democrats getting their filthy paws on it.

[MetaThought]

Actually 401Ks are probably fuelling the stock market bubble. Maybe it’s not such a bad thing to pop it after all. :P

[UnRuley1]

The 401k was NEVER a Tax-free investment It is a Tax deferred investment. The genius of this is that you pay tax on the money when you retire and you have very little tax deductions (no mortgage interest) so your tax rate goes UP! Nice deal for the IRS, bad deal for the taxpayer.
It is much better to pay tax today and have tax free income later. The Roth IRA does this, at least for now.

[Kozak]

They should do this right after they slash all government pensions ( except for military). / sarc

[Clintonfatigued]

If this happens, a lot of people may pull their money out of their retirement plans. How will that effect the economy and tax receipts?

[YankeeReb]

Eventually they'll be no such thing as retirement. It'll be work till you drop then you get to face the death panels.

In all seriousness for someone in an office type situation working to 70 may be an option, but for those of us who work in construction, retail , food service etc working into a ripe old age may not be an option.

[Lurker]

The day they try to pull this is the day Lurker becomes a very, very dangerous man to certain people.

[palmer]

Before people rush to say that people will withdraw their 401k’s and tank the market, 401k withdrawals are taxed already and withdrawing now would be pointless. Eliminating the 401k deduction would be negative for certain market segments but might be positive for others. For example royalty trusts would become a royal pain outside of an IRA or 401k and lead to complicated and increased taxes. But people might still be inclined to invest in yield or growth stocks if there is still a somewhat favorable tax treatment.

[dinodino]

Damn thieves in Washington up to no good again.

[ken5050]

This is a Dem idea..and DOA. It will never pass the House

[traditional1]

Start taxing welfare benefits, EBT’s, food stamps-as-income, etc., etc., instead of trying to buy all those tribal parasite votes with “Whitey’s Money”.

[PGR88]

The Government's REAL thoughts were

OK worker bees - we'll let you work hard and collect some honey into your hives. Once we need it, we will take it.

[TurboZamboni]

Golden Rule- those who make the rules, get your gold.

I’d not be surprised if the Roth suddenly becomes taxable ,too.

[microgood]

The Post also interviewed Urban-Brookings Tax Policy Center co-director William Gale, whose idea of replacing all tax deductions on 401(k)s and IRAs with an 18% credit sent straight into everyone's retirement account is also being considered within Congress.

This statement makes absolutely no sense to me. Does this mean the government gives me a check for 18% of my income?

[aMorePerfectUnion]

For IRAs it’s probably time to buy out your LOUSY, non-contributing partner by converting to a Roth...

[webheart]

They are not really interested in taxing the funds. We should be relieved if all they wanted was to tax them, and we would gladly pay those taxes. They want the funds themselves. They will take all private retirement accounts, and roll them into Social Security, and then dole them back out at an alarmingly low rate. This is necessary, because it isn’t fair that people who make sacrifices and save their money should have more money then people who don’t save. 51% of the voters agree with them, and besides, it will help save Social Security for everyone. Aren’t you happy for that?

[Whenifhow]

The first thread is from Sunday

Feds eye retirement-fund tax to cut $16 trillion-plus deficit (Obama’s war on savers)

http://www.freerepublic.com/focus/f-news/2875052/posts

Fox: Government considering adding taxes 401Ks

http://www.freerepublic.com/focus/f-news/2875401/posts

Congress Coming After Your Retirement Savings Next?

http://video.foxbusiness.com/v/1579478247001/congress-coming-after-your-retirement-savings-next

Is Your Retirement Savings Safe From Uncle Sam?

http://video.foxbusiness.com/v/1579478250001/is-your-retirement-savings-safe-from-uncle-sam