Posted on 02/21/2014 1:32:19 PM PST by stevie_d_64
President Barack Obama plans to ask Congress in early March, as part of his fiscal 2015 budget, to reduce some of the tax advantages for employer-sponsored retirement plans for higher-income earners, according to published reports.
Plus, the president wants to limit the value of all tax deductions, defined contribution exclusions and IRA deductions to 28% of income — and include an overall cap on all retirement accounts, including pensions, that could bring in $1 billion a year in new tax revenue, according to a Pensions & Investments report. Read Companies bracing for 1-2 retirement punch .
According to the report, the proposals are designed to direct more of the tax preference for retirement savings toward getting more low- and middle-income people into the habit of saving.
(Excerpt) Read more at marketwatch.com ...
F you, Barky.
Jug ears is crazy for taxes. Don’t bother him with demagoguery.
All of Barry’s rich friends have their wealth offshore away from taxes.
It’s not going to end well for D.C. Politicians. The peasants will eat the elitists.
the old people don’t need to keep their money.... because he has cut medical care for old people drastically anyway.....they will all die from lack of care (and if not, then he has his death panels to enforce this for him)
“So by leaving the tax benefits exactly the way they are for low and middle income people, and punishing higher income earners, you will get more of the low and middle income earners into the habit of saving. Got it. I think.”
Liberal logic strikes again.
Asshole
He's an out and out communist. Income equality, tax the rich til they're the same as everyone else.
Communism.
It’s the story of the three little pigs, in reverse.
Using Karl Marx’s ideas to help the middle class is like using Adolph Hitler’s ideas to help the Jews.
But middle classers keep voting for it....
Seems to me that those retirement savings programs came into existance as a hedge against the chance that social security would fail. The recent introduction of myRA suggests a confirmation that it will fail.
People who invested in IRAs didn’t do do because they had money to burn. They sacrificed a portion of their disposable income in the past for a little more financial freedom and security in their retirement years.
Fixed it...
Most people don't defer the big money until after the house is paid off and the kids are out of college. That is why they have the catch up provisions after 50. My guess is that these proposals are just envy politics..
What type of logic says if you tax more by reducing the amount of the deductible on the higher income employees (normally officers of the company), that will be an incentive for the lower earner into saving more?
"Gee, my boss is getting screwed by the government, I think I will add 2 % to my 401 K contribution"
More like I'm next...to get the screw
And a third potential problem, said Schweiss, is that the more restrictions on tax benefits we impose on retirement plans, the less attractive it will become for a business owner to sponsor a plan. “And who loses then?” he asked “The worker, not the business owner.”
Oh' Wait the "evil" business owner offers the plan....
Well, guess what: he wants to take advantage of the 401 K rules and defer his taxes as well, take away the incentive to do so and he may not want to deal with all the administrative costs in having a 401 k and just give his employees a different plan like "Here's your bi-weekly $25.00 saving bond"
You're kidding yourself...this isn't even a straw....
This is aimed at those "evil" rich people...mostly white and male....
I'm sure in many peoples mind after years of class warfare rhetoric and demonizing the producers in this country, they think:
"They deserve it"
Simple. There will be no more business owners.
Because “It’s the right thing to do”.
Yup... in our new coming fascist state, state ownership is the only fair and equitable way to achieve social justice and...
Because “It’s the right thing to do”.
Those greedy rich fat cats just need to pay their fair share!!!!
What is their fair share, you ask? Why, its more, more, more, more!!!!!
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