Some time back both Hillary and Obama were pushing a “One Time Tax” on retirement accounts. The plan was to take 10% of the value of your retirement account to “Reduce the Deficit”. Of course they screwed themselves on this with their “Don’t ask don’t tell mortgages” since my account is down like 50%.
Those S O effing B’s!!!
I’ll take all of mine out now and take the 20% hit if they try that. Or will they tamper with Roth, too. And they wonder why people have money in offshore account.
Seeing red big time!
Michelle O said last night that they don't just want to win, they want to "change democracy"
Replacing the existing tax system with the FairTax is a good place to start. See Hometown America Must Save the Nation for a good place to start.
I get it. If you don't tax or reduce taxes, it's subsidizing??
This bailout scheme has released full fledged socialism.
Why do people need a 401k when they have Socialist Security? It provideds the goverment everything it needs for Democrats. It forces at gunpoint, workers to pay huge sums of their hard-earned money plus an equal amount is taken from their employers throughout life. Should the worker die before retirement age, Democrats win. Should the worker not die and receives the minimal payouts, the worker lives in poverty and the Democrat wins.
Double Bind: Savers on the Hook for Squanderers
http://finance.yahoo.com/expert/article/moneyhappy/113568
“If lots of people don’t save and end up upon retirement being poorer than they would like to be, there will certainly be pressure to impose taxes on working people to more richly fund the retirements of individuals who have not saved,” he says. “You’ll see political pressure for wealth transfer — and if you have saved responsibly, you’ll be paying for people who have not.”
Wilcox argues that savers who are dutifully contributing to their 401(k) plans face a real risk, because they won’t pay taxes on the money until they retire. “It’s easy for me to imagine 10 years from now a political candidate saying, ‘We have all these people with $3 million in their 401(k) plans and we need to impose taxes on those people and shore up Social Security for people who didn’t have access to these 401(k)s,’” he says. “It’s a big fat target for politicians.” (And another disincentive to saving.)
You know what?
Let’s take Congress members’ damned “retirement” to pay back our accounts....
They only have to serve for PART of their time, and they still get retirement paid by the government.
Screw that. Make them live like the rest of us, and let’s start by demanding that ALL former Congress members give up immediately ANY retirement pay they are getting and current members must start paying into whatever retirement plans that we come up with.
Asses
Miller has always been a fool. This is an insane idea.
When we decide to invest in a 401(k) retirement plan, we make a contract with the government. We base that and other long term decisions on the terms of that contract.
Now the Dims are talking about changing that contract after the fact.
Not good. Not wise. Insane.
If you push the rich they will simply move their money outside the country. Years ago I was advised to leave some money outside the US and not bring it back to the US where it would be taxed to death and beyond. It was good advice.
I know I'm just a stupid peasant...but wasn't Social Security supposed to be a guaranteed retirement account???
Wanna cause a total run on the financial system and not just bank? Tell the people their 401(k) may be looted. They will stop putting anything into it and take the cash into hand. Many people are seeing loses in their accounts and would prefer simple cash in a safe or rolled into a bank CD.
Of course they are going to try to change 401k policies. “Change” is political jargon for “raid and take”. They smell money and we all know there is nothing as dangerous as a politician with dollar signs in his eyes.
Unfrigg’n believable!!!
1. The “Government” invested in my 401K
2. By not extorting additional money from me
3. After completely screwing me out of my SS
4. They are going to issue “government bonds”
I guess these are coming out of that SS “lockbox”...
Soc Sec is under water. Freddie/Fannie have tanked. Medicare is inefficient. Do we really want the gov't to be involved in people private retirement savings?
We had a harsh reality that if you make an AGI over 150k you are a target not 250k. U start losing deductions and you move to the 35% bracket. Watch out they will get your 401k if you make over 150k and throw it in the SS trough.
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Chief among them was eliminating $80 billion in tax savings for higher-income people enrolled in 401(k) retirement savings plans. Folks, the government is not only changing the rules in the middle of the game, thereby introducing all sorts of systemic risk into the system and scaring off capital, but it's executing power grab after power grab. Congress to taxpayers and citizens: bend over and grab your ankles! |
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thanks for posting!
ping..
What is more fearsome than a population who has nothing left to lose?
