Posted on 10/09/2008 6:13:51 AM PDT by rellimpank
A wide range of sweeping changes to the 401(k) system were proposed Tuesday at a hearing on how the market crisis has devastated retirement savings plans.
Chief among them was eliminating $80 billion in tax savings for higher-income people enrolled in 401(k) retirement savings plans.
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-Calif., said.
(Excerpt) Read more at investmentnews.com ...
I knew those damn things weren’t safe. I pulled mine out to pay some taxes, and every bit of profit I had made on it went to IRS and then the rest went to pay capital gains taxes my accountant had not calculated. Left me with nearly nothing in IRA’s so now I just keep everything in money market.
congress kin shore get a lot dun wit a lame duck who now has as much power as this cat on my lap...’member slick Willy in 2000?
I mean 401k. Not IRA. See what paying taxes does to your mind. You get so made you become inarticulate.
The revolution starts January 20, 2009.
Right now, there’s a high income test for 401Ks: that is, if your company doesn’t have many lower wage/salary people in the 401K, then the higher income people cannot contribute the full amount. This is to encourage companies to set up matching. Now, if we don’t let high income people (aka. the management) put money into 401Ks, that’ll kill the entire concept. If this goes through, no more 401Ks.
Jeez Louise! I already have part of my retirement tied up in government bonds. It's called the Social Security Trust (sic) Fund and the gubermint has no way to make good on those bonds. None. The tax rate in a few decades will be impossible. Our grandchildren will have to exterminate us for their own safety.
If Congress was required to follow the same accounting rules as industry, they'd be in forced bankruptcy right now. And now some nimrod "economist" wants me to put the WHOLE THING in the government's hands??? Excrement NO! The 401K / IRA is the ONLY thing we have left to diversify our nest egg.
Where does stupid end and evil begin?
Try this:
When the government calls not collecting $80 billion spending $80 billion.
In real speak they are saying that the $80 billion was really theirs but that they have “spent” it by letting you keep it!!
We have crossed the line into socialism probably never to return in our lifetime.
Maybe socialism is too mild a word.
“We’ve invested $80 billion into subsidizing this activity,”
translation: retirement planing is going to go outside of 401k’s.
congress is stuck on stupid.
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%.
Stopped putting money in one years ago, and bought RE instead.
(Aw, dang...)
Looks like it. Are you ready?
Mine too.
Ah yes, they'll 'let' us trade all that cash for a pile of FedGov paper.
That's when I start buying ordnance. In bulk.
Better get busy.
Hey, let's take a look at the Faculty and Staff of the New School for Social Research, shall we?
Abzug, Rikki.............229-5400 x1414 Asst. Professor, Nonprofit Mgmt. Prog.,
Don't you wonder if she's any relation to that old Commie Bella Abzug? I'll bet you a buck she is.
Let's take a look at their "About" page and see what it says:
"The interdisciplinary education offered by The New School for Social Research today explores and promotes global peace and justice as more than theoretical ideals.
Wow. "Global peace and justice". That just about screams "LEFT WING" now doesn't it.
You know Sam, I thought that I had enough ammo, but now I see I was wrong.
L L
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!
Every other kook organization has done it and it works for them.
The squeaky wheel. They know no one will do this as we are all to busy WORKING, to keep up with their CRIMES.
Michelle O said last night that they don't just want to win, they want to "change democracy"
This is why it’s a bad idea to privatize Social Security, IMO. A huge entitlement program is bad enough, but at least there are some protections for us, because it is a program. But with our private money sitting in accounts, being handled by investment and financial firms who are making campaign contributions, and with the ability for them to be mishandled AND taxed, I fear that sort of thing even more.
I think that whatever happens, though, I will be grandfathered in, since I’m within 10 years of retirement. I hope.
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