House Democrats Contemplate Abolishing 401(k) Tax Breaks

Workforce ^ | 10/22/2008

[Ancesthntr]

My response: Rope. Horse. Tree.

I believe that the proper expression is:

"Rope. Tree. Politician. Some assembly required."

[Kozak]

Don’t forget they want to blow the caps off of FICA so that they you pay (double if self employed) to the last dollar earned.

[ROLF of the HILL COUNTRY]

But, But, But, The messiah said he wouldn’t raise taxes on the middle-class!!!!

[RDasher]

[Since] all union members have this benefit, how is it they are supporting the very people who are going to take their money away? This makes no sense at all, why on earth would a union or union member support this party?

The Democrats of course will have an exemption for union members, and elite friends such as the Socialists of America, and the Communist Party of the USA.

It appears that Obama so matches the positions of the CPUSA, that they are not even running a candidate of there own this year.

[Ancesthntr]

I figured out that rule 308 is a ballot measure cast from a location of enhanced altitude.

Sometimes that's true. Sometimes it is cast from very unexpected places, but the message is delivered very swiftly (faster, even, than FedEx).

[wzlboy]

Only the Democrats could dream up the idea of letting you keep your own money is a subsidy by the government. All your money belong to us!!!

BINGO! That says it all.

[Ancesthntr]

But, But, But, The messiah said he wouldn’t raise taxes on the middle-class!!!!

Tsk, tsk, tsk, you must have been playing hooky on the day that taxes were discussed in school. This is NOT a tax, ROLF, it is a "contribution" - and if you ever refer to it as anything else, First Comrade Obama will make sure that you (and anyone else who clearly doesn't understand what's going on) receive that education that you missed as a child.

[GVnana]

Well America, here’s your future. A nice reverse mortgage so the government will end up owning your house, and you get a social security check. If you’re lucky.

[King_Corey]

I couldn’t let the horses I love bear the weight of such a duty. An old stool would be just fine.

[rabscuttle385]

Under Ghilarducci’s plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation.

So basically they're increasing the Social Security tax?

[Arizona Carolyn]

I’ve been wondering for weeks why the media is pretty much ignoring this....

[CodeToad]

Who didn’t see this coming??? Congress is looking to pay for that multi-trillion dollar bailout.

I wonder if Obama, a sitting US senator, will support this idea.

[Dahoser]

Tsk, tsk, tsk, you must have been playing hooky on the day that taxes were discussed in school. This is NOT a tax, ROLF, it is a "contribution" - and if you ever refer to it as anything else, First Comrade Obama will make sure that you (and anyone else who clearly doesn't understand what's going on) receive that education that you missed as a child.

Actually, there was a time during that 90s that Daniel Patrick Moynihan and others led the charge in pointing out the C in FICA means contribution and people shouldn't think of it as a tax. I don't have any references to that other than memory, but I see I'm not the only one who recalls it.

[bert]

......So basically they’re increasing the Social Security tax?....

In a basement closet using smoke and prisms directed toward a hall of mirrors

[CodeToad]

“It’s called SOCIAL SECURITY and a little over 12% of our earnings are taken to go towards that (6% ours, 6% employers’ budget for us).
“

Isn’t it, 15%? 7.5% from you and 7.5% from you with your employers’s name on the check? (All 15% comes from YOU!)

[Arizona Carolyn]

What I think part of this is about, and no one is saying, is this mandatory 5% additional into SS is their round-about way of shoring up SS and putting more money into the fund for them to play with.... when WE invest that money it grows and WE benefit from that growth at retirement, when the government takes it and puts it into SS they spend it.. this is just a method of kicking the can down the road and taking more non-deductible money from the taxpayers without coming out and saying they are increasing mandatory SS deductions...

They are also not telling people they are going to change the cap and there is one article that said they plan to up SS to as much as 32%... when people are self-employed this will be a killer, not to mention what this will do to small business owners when they hire.

[rabscuttle385]

It’s 7.65 percent instead of 7.50 percent, broken down into 6.20 percent for Social Security and 1.45 percent for Medicare.

[Holicheese]

If all money must go to special Gov. bonds, what will that do to the mutual funds markets?
Do you think a 700 pt drop is big? Just wait!

[informavoracious]

"guaranteed"

cough....choke....gag....retch...

[rightinthemiddle]

I’m assuming you’re opposed to taxing 401Ks.

People putting money in a 401K can’t be compared to “shopping til you drop.”

I can see the Socialists raising the retirement age “for the good of the people.”