New Lame Duck Threat to Bailout Union Pensions

Human Events ^ | 08 October 2010 | Connie Hair

[Lorianne]

Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more "fairly" distribute taxpayer-funded pensions to everyone.

Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous "Guaranteed Retirement Account" (GRA) authored by Theresa Guilarducci.

(You can find the blistering interview with Guilarducci by radio talk show host Mark Levin in 2007 at the link).

In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a "fair" pension to everyone using that confiscated money coupled with the mandated contributions.

This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending.

[corvus]

“In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a “fair” pension to everyone using that confiscated money coupled with the mandated contributions.”

Theft. Grand theft.

[sten]

why would you think that?

they already take 50-60% of people’s income. the amount in 401Ks is far less than that

[Tzimisce]

Work hard, obey the law, keep your nose clean and one day, you’ll be manhandled by the people who didn’t.

And I wouldn’t put anything past this Congress. :(

[EVO X]

http://www.dol.gov/ebsa/newsroom/ty100710.html Here is the link to testimony DOL gave to the senate committee on Thursday.

[wiggen]

Those penalties plus the taxes,would be a huge windfall for the govt.

[Red Badger]

BTTT!................

[Red Badger]

Kick their collective-IST butts!...................

[WAW]

This is exactly why even the whisper of this needs to be openly challenged and protested. They need to know they do this and they have declared war on the American citizenry.

This needs to be seen by all as a burning line in the sand. On one side, you are for Americans who work and save - on the other, against.

This is potentially one of the most polarizing issues in America...But imagine who would be on the other side. Imagine how few people if properly identified in this position would allow themselves to be identified with this position...

Demonstrations before congress with pitchforks and torches; tar and feathers needs to happen - before this measure is even considered. They need to know that this will not be acceptable.

[WAW]

Tyanny.

There is but one argument for tyrants. They need to know they are poking the American Eagle in the eye.

[MarkT]

Will never happen - clear violation of the 4th, 5th, 9th and 14th Amendments. Read a book, Unintended Consequences, there would be a mass exodus of U.S. Government Employees.

[SunkenCiv]

There have been a dozen and more topics about this attempted robbery, but the updates keep coming because the thieves behind this idea have not been removed from office. Thanks Lorianne.

Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more "fairly" distribute taxpayer-funded pensions to everyone. Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous "Guaranteed Retirement Account" (GRA) authored by Theresa Guilarducci... In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a "fair" pension to everyone using that confiscated money coupled with the mandated contributions. This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending.

additional (locked topic):

• New Lame Duck Threat to Bailout Union Pensions (stealing 401k's)

[mamelukesabre]

There wont be any arms taking up by anyone.

[Paleo Conservative]

How does this special election work? Salazar’s term would have ended in January. Will the new Senator finish the remainder of the term and then start his term or are there 2 elections with the same candidates, one for the special and one for the regular term? I know that sounds crazy, but what are the legalities.

It depends on state law. I'm not quite sure what the procedure is in CO.

[ConservativeWarrior]

It’s true the government will never seize our 401ks. But they’ll penalize us for having them.

The tax code will be changed such that persons having XX amount in a 401k will fall into tax category YY.

Or they will withold your Social Security benefits because you “already have government retirement funds.”

Whatever the tactic, you will be penalized for having 401k savings.

We stopped congtributing to our 401s when Zero took office. They’ll find a way to get it. It’s only a matter of time.

[Unrepentant VN Vet]

Bookmark

[WOBBLY BOB]

I wish you were right.

Most of the population are too busy watching ‘Dancing with the Stars’ and most of the poplulation don’t have a 401k nor do they save for retirement.

So they’re fine with the ‘other guy’ getting screwed as long as they aren’t involved. (and probably will benefit from the theft)

[painter]

The Dums have had their sights on the Billions + in the 401k System.

Billions?

Try Trillions!

[Marty62]

I lowballed it because I couldn’t remember if it was T or B.

[Marty62]

Will Miller be re-elected?

From Rushbo:

It’s a tax-free investment. Whatever amount you select up to the maximum, goes into your 401(k) and you’re not taxed on that as income until such time as you start dabbling in the 401(k), early with a penalty or when you retire, right? Okay. “Chief among [the new proposals is] eliminating $80 billion in tax savings for higher-income people enrolled in 401(k) retirement savings plans.” This plan is designed to help your government. Your government needs the $80 billion in tax revenue it is losing by making 401(k) investments tax-free. “This was suggested by the chairman of the House Committee on Education and Labor. ‘With respect to the 401(k), it appears to be a plan that is not really well-devised for the changes in the market,’ Rep. George Miller (D-CA) said. ‘We’ve invested $80 billion into subsidizing this activity,’ he said, referring to tax breaks allowed for 401(k) contributions and savings.”
http://www.rushlimbaugh.com/home/daily/site_100908/content/01125109.guest.html

[B4Ranch]

>>I doubt this scheme could make it through the Senate. The GOP would filibuster it.<<

Are you going to supply them with the necessary cajones and backbone that they are missing?