Ping
Since Cain’s 9-9-9 plan does not preserve the deduction for 401Ks then this may be an issue regardless of who wins in 2012/
check out this bunch of white wine marxists and their union-backed links
they aim to do the exact opposite of their organization name - tax retirement accounts in the name of “equity”. This is the unions looking for loose change in the sofa cushions to pad their own benefit programs. Insatiable.
Even THREATEN to tax my 401(k) and I will abandon the program, take the tax hit, and find another private avenue of accumulating wealth for retirement.
And I won’t be alone. By the time the democrats get there, there will be George Bailey’s $1 in the lock box and nothing more.
I don’t cotton much to bait and switch.
That, and probably just about anything else that isn’t nailed down.
You bet your @$$ they are.
There going to take away the last refuge for middle income earners. For those that are living off their investments, this is like changing the rules after putting your ante in the pot. Time to pull it all out, renounce the citizenship and live abroad.
Took the money, paid the tax.
Anyone with eyes and ears knew this was coming.
Isn’t the response to the headline question “do bears s**t in the woods”? Obama’s Peronista government is already looking to Argentina for inspiration.
Of course
I have been particularly concerned with this after I realized that Obama has merged all the big investment companies with the big banks, like Wachovia with Wells Fargo and Merrill Lynch with B of A.
I don’t like having all our money in one institution and I don’t like the government intrusion into those banks.
They would have done it by now, had the November 2010 elections not wiped them out.
Yup.....you can bet that the democratcs are looking to steal this money. That’s what they do. It’s just a matter of time until they control congress again. A guy I work with just hit 59 & one half & moved all of his money out of these funds. He purchsed several rental properties. He figures he has a better chance, long term, of keeping this money in his own hands than staying with 401ks.
Has there EVER been an avenue of wealth extraction from the American people that the democrats DIDN’T approve of?
If anything can POSSIBLY be taxed, your friendly neighborhood liberals will sure as hell think of it!
Parasites all.... From OUR wallets to THEIR favorite constituents/contributors, often times at gunpoint!
One huge problem with that approach is that many companies have abandoned defined benefit pension plans in favor of 401(K) plans, with limited company participation—matching up to 6%, for instance. If that happens, many more people will end up without any retirement except for the failed Social Security System.
America WAS a place where you strived to better your life, for your FAMILY, for your own self-respect, and the FREEDOM to choose your path.
For Liberals, whatever someone else has EARNED, they want it GIVEN to them.
Taxing success is their idea of Utopia.
This is just nonsense. Ask anyone who has an IRA what happens when you make a withdrawal. The answer: The withdrawal adds to your taxable income and is taxed at your maximum tax rate. The Government is doing better than just fine with the system they have.
To be fair, all defined contribution systems
would have to assess a current worth,
disperse that worth, and close all operations,
for the dispersed worth to be taxed exactly the same way.
This should include all municipal systems,
federal systems, and labor unions.
Additionally, to be fair,
all social security benefits
would be assessed, taxed, and dispersed,
and Social Security Closed as a system,
returning, post taxation, all worth to the individual.
I can just hear the Primal Screams
Not if they want to claim to be in faovr of the middle class.