Posted on 04/22/2012 4:44:53 AM PDT by jimbo123
Uncle Sam, in a desperate attempt to fix its $16 trillion-plus deficit, is leering over Americans’ retirement nest egg as its new bailout fund.
Capitol Hill politicians are assessing tax changes that could let the Internal Revenue Service lay claim to a portion of the $18 trillion sitting in 401(k) accounts and other tax breaks used by middle-class workers, including cutting the mortgage tax deduction.
(Excerpt) Read more at nypost.com ...
I live in a small town, population about 1600. They assess a tax on cell phones of 11¢ per phone, there are 5 phones on my plan, therefore the tax is 55¢ per month. What really gripes my a$$ is one of the phones is my elderly mother’s, she doesn’t even live in this state or area code.
Why do they do this? Because they can.
I live in a small town, population about 1600. They assess a tax on cell phones of 11¢ per phone, there are 5 phones on my plan, therefore the tax is 55¢ per month. What really gripes my a$$ is one of the phones is my elderly mother’s, she doesn’t even live in this state or area code.
Why do they do this? Because they can.
The ‘American people’ are not a monolithic entity. Many Americans deserve some blame. Many don't. There are a ton of people who've worked hard and played by the rules. If given a choice whether or not to pay into social security, many wouldn't have, and would have made their own investments. After having part of their paychecks go to social security for any years, they expect - understandably - some payback.
The bottom line is that for most people, getting up in the morning, getting your children off to school, and going to work, takes most of their energy. They don't necessarily see the film flam men and women behind the curtain. Their biggest sin in this regard is trusting the integrity of elected officials. They didn't control the process that has put us in the position that we are in.
That said, I think that if the middle class in the US is truly threatened with extinction, it will not go quietly into the night. You will instead see even conservatives calling for the heads of the ‘wealthy’, and the top will go down with the middle. Yes, this is what the radical left wants (except the part where they lose their ‘stuff’). We can't let this scenario happen. We can grow our way out of much of this, but we need to stop committing national suicide in the name of ‘progressivism’.
They know that Phony-Care confiscation won’t be enough, so the Federal Bloc is preparing with Mandate-Mitt, for the Big Take, in some form.
(And stay alert if a full attempted body take-over, with mandated screenings)
That won’t help.
You are just far too erudite for me.
I have 10 fund choices and allowed 2 moves in a month and made money last year (just over 5% gain)
You have to pay attention and make your own defensive moves, and time your own risks of coming out of safe harbor
I don’t know anyone on our plan forum who does that and who lost money last year.
Now, 2008 yikes
How are the standing laws being re-interpreted by the Marxists? Please give me examples of the impact. Mega TYs. : )
If you go to the Employee Benefits Security Administration website and look at their news releases you will see they have been very aggressive in dramatically expanding the definition of “fiduciary” for purposes of the Employee Retirement Income Security Act thereby expanding regulatory authority and control over virtually any one in the employee benefits game. The first time since ERISA became effective in 1975.
They have also dramatically expanded the disclosure requirements and to whom they must apply.
These are just a few of the examples. The other examples are the draconian new regs they have issued under ObamaCare, as EBSA has authority over employer provided healthcare plans.
As the author of six books in the field of employee benefits (all annuals) I have to update these books a great deal more each year under the Obama administration than I ever have in the past.
The point I was try to make in the original post was basically the 401K is the best of the worst options currently available. It would be nice to rely on a pension, but private and public pensions are blowing up all over the place. With a 401K you have some control on how assets are invested. If you decide to change companies, you can roll it over and take complete control.
Personally, I'd like to see a flat tax of somewhere around 10% at the federal level. If you had that, there wouldn't be any need for specialized retirement programs.
P.S. I was probably more rude than erudite on my 2nd post to you..
Do you have evidence they are for it? I’m sincerely interested in finding out if these two really backa 401K raid and mortgage interest deduction scrap.
Your job now is never ending which is a bad sign for this country. You have my admiration.
What happens when Obamacare is declared unconstitutional?
Retirees who rolled over their 401Ks a decade ago, will they fall under the new interpretations now?
We can agree on that.
The traditional level of the cost of government to GDP is between 15 and 18% I believe, not he 21% (perhaps 23%) or more that I seem to recall at the present time. The lower level has proven to be sustainable but still too much for my taste. If my raw overhead is more than about 5% I get unhappy. Of course there is considerable capital expense provided in public works some of which are clearly essential and not well suited to privatization such as interstate highways and such.
The tax code provides far too much power to too many who can’t be trusted with it nor do they need it. Too costly, too complex, too unstable. Business and people abhor uncertainty.
Transportability is one of the unintended benefits of the 401. I doubt, when the 401 was conceived, many foresaw the number of job changes most will have. On that level it has been a blessing for many but it has also abetted the severance of what little mutual loyalty was left between employer and employee.
Why not both?
Come on, help me out here. What's a better-sounding phrase for "death panel"?
We need to be positive about this.
It isn't just Obama, though. What about his politburo, his "kitchen cabinet" of committed, convicted Communists? They still have the reins of his unconstitutional "czars", and his lines to the cabinet officers are still unbroken. Hillary, Panetta, etc., can't refuse a presidential order except by resignation.
And then there are the .... other assets.
Where did you hear this, or is it just your inference?
If it's true, it's the worst news I've heard all year ...... and a direct act of contempt for the Tea Party Caucus.
The employment necessary to produce any given amount of product is drastically reduced!
If Obamacare is declared unconstitutional, you will see much rejoicing in the streets and much anger at Obama, Pelosi and Reid. Their adventure in socialism has cost the health care industry untold billions of dollars in costs and fees in order to prepare for the implementation of Obamacare. Some of it went into effect almost immediately, but there has been a slow and steady march of requirements that the industry has been prepping and implementing. It will all be for naught and that frustration will be palpable.
The DOL is, right now, working towards explanding their authority towards roll-over IRAs. Again, this is a stretch, as the “I” stands for Individual and ERISA has NO jurisdiction of Individual Retirement Accounts (yet).
I sit on the Great Lakes IRS Employee Plans Council. We meet in Chicago three times a year (last week was the Spring meeting) and all of the regionsl conduct a national conference in February. Feel free to sit in on a meeting if you are still in Chicago.
In the 1700's, over 90% of the population was engaged in growing food. Then things like motorized tractors made farming so much more efficient that one farmer could produce more food than 20 of his ancestors could. So what happened was that people figured out OTHER things that could be produced that customers would be willing to buy.
When making a given product becomes more efficient through automation, it means that people are freed up to make other products -- except when you change the environment to where ALL manufacturing has to go to China, because of domestic regulations from EPA, OSHA, EEOC, etc.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.