Posted on 10/22/2008 6:05:30 PM PDT by Chgogal
Powerful House Democrats are eyeing proposals to overhaul the nation’s $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.....
“The savings rate isn’t going up for the investment of $80 billion,” he [Democratic Congressman George Miller] said. “We have to start to think about ... whether or not we want to continue to invest that $80 billion for a policy that’s not generating what we now say it should.”
“From where I sit that’s just crazy,” said John Belluardo, president of Stewardship Financial Services Inc. in Tarrytown, New York. “A lot of people contribute to their 401(k)s because of the match of the employer,” he said. Belluardo’s firm does not manage assets directly.
Higher-income employers provide matching funds to employee plans so that they can qualify for tax benefits for their own defined-contribution plans, he said.
“If the tax deferral goes away, the employers have no reason to do the matches, which primarily help people in the lower income brackets,” Belluardo said.
“This is a battle between liberalism and conservatism,” said Christopher Van Slyke, a partner in the La Jolla, California, advisory firm Trovena, which manages $400 million. “People are afraid because their accounts are seeing some volatility, so Democrats will seize on the opportunity to attack a program where investors control their own destiny,” he said.....
(Excerpt) Read more at workforce.com ...
How are these idiots even in the running let alone winning.
this will absolutely kill any insentive to save for retirement.
with the absolute total cutting of pensions even the US Post Office for the last 20 years have cut direct pensions & gone with employee deposit & at best a company contributes.
To tax this deduction is crazy - it will kill insentive to save for retirement.
i mean damn haven’t retire people been killed enough w/ the SM crash?
later
They haven’t nearly done enough damage yet. just wait I’m sure they have much more they are planning.
Roth IRAs will be next. If you had enough extra cash to save for retirement, that’s not “fair”.
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Please ping me to note-worthy Pro-Life or Catholic threads, or other threads of interest.
Obama Says A Baby Is A Punishment
Obama: “If they make a mistake, I don’t want them punished with a baby.”
Try a search next time...
http://www.freerepublic.com/focus/search?m=all;o=time;q=quick;s=401%28k%29
that’s what people are voting for when they vote for obama. they don’t know what they are getting even if they read up on Obama’s policies
Excellent question! The answer? We have a complicit MSM.
Another ad for McCain.
If the Democrat congress puts bills like this up for a vote next year, it opens up the window to a major correction the year following. Unless, of course, Democrats haven’t done something to make it impossible for Republicans to regain seats.
It’s true. Democrats really do want to obliterate the US economy and make every single man, woman, and child completely at the mercy of the government.
The Democrats are calling the tax breaks “subsidies.” What idiots.
Can you feel it? Can you feel the rage building in the silent majority in this country? I hope and pray this rage EXPLODES on election day in the form of a HUGE MCCAIN VICTORY!
Will Obama veto this...I doubt it.
Great move, Donks — after people’s 401k’s have already been devastated in this market, you’re going to raid them and reduce their ability to recover.
What a bunch of morons.
The democrats will turn this country into a third world dictatorship faster than the speed of light
Um... because they take money from those who earn it and give it to the throngs who don't? We're headed headlong into the crapper, and they are taking advantage of it, Karl Marx style. I'd aver Groucho Marx style, but it's just too damned serious. Idiots.
I was certainly feeling it this afternoon when I first read of this! This simply cannot stand - they are low-life theives and should be treated as such.
Perhaps, since I just went from being a 401k contributor, to a 401K withdrawer, I feel less threatened <grin>.
However, a reduction in continued contributions to 401K's would cause more downward pressure on our U.S. stock markets.
It's still threatening, only relatively less so for existing 401K balances. The imminent increase in taxes, inflation and fascist federal government is seemingly inescapable, and threatens us all.
These last few months, the Dollar and U.S. Treasuries have been "the last bubble", gaining strongly against almost all other tradable asset classes, world wide.
This bubble too will end, perhaps soon, perhaps rapidly.
I could use a photo shopped graphic right about now, of the burning Hinderberg, with a big half burnt $ sign on the side of the derigible.
Remember, 100% of your paycheck belongs to the GOVERNMENT. If they decide to tax you at a rate below 100% then they are making an INVESTMENT. If the INVESTMENT isn’t sufficiently advancing liberal causes like Acorn, Marxism or NPR then Democrats reserve the right to end the INVESTMENT. You have NO RIGHT to complain because it’s the government’s money, not yours.
If this gets passed, I will seriously look to punch in the face either of my Senators or US Congressmen who vote for something like this. What a terrible idea.
At one time, life was THE biggest issue.
I feel now its more about the actual future of this Republic, at a tipping point.
buy as many guns as you can.
These Damn Rats are doing everything they can to bring about a violent revolution. They are pushing so much so fast that nothing good can come from it.
Get used to it people!
Communists hate capital and 401(k) plans allow INDIVIDUALS to accumulate CAPITAL. They want to keep that from happening by keeping you poor and in need of the state!
Even obama's supporters would give him grief on this issue. This would abosolutely kill ANY incentive to save. I hasten to add with all obama's new taxes, workers wouldn't have any money to save anyway. THIS MUST NOT STAND!
Cocky elitists, how distasteful.
The financial bubble got big enough to corrupt a critical mass of controlling interests in our society, government, and culture. Perhaps in some of our churches too ... though I must leave it to others to comment on that.
The necessary balance of competing interests was co-opted. This was the essential antidote to systemic corruption.
We're doomed !! (no sarcasm flag intended or implied)
I don’t know how much winning by losing I can take..
Get used to it! The revolution has begun. Its been in planning since the 1960’s. Capitalism and individual property/wealth are in serious danger here.
I can't understand why the Warren Buffets of the USA are supporting the demise of capitalism and opportunity for the people. Leads you to wonder about some sort of New World Order Conspiracy!
Bingo, then, you will have to come to the messiah for another bowl of gruel.
I'm GLAD you posted this! Thanks! If it was posted before, more need to see it. I hadn't.
I’ll tell you why they want to do this. They are scared s—tless the Republicans will fix Social Security using them, and create massive wealth for people who will retire in the future.
There goes your socialism right out the window. Privatize retirements and do away with SS. Massive loss of government power. Do away with Medicare by setting up self-insurance. There’s another chunk of power gone. The Democrats are terrified of small government, and Palin is just the babe that could do it.
We could lop off about half or more of government within twenty years if we put our minds to it.
No, these people are “highly educated” and have been planning this revolution since the 1960’s. We've just been blindsided, that's all.
I'm in fair shape in that regard. Could use more ammo though. Always!
***“The savings rate isn’t going up for the investment of $80 billion,” he [Democratic Congressman George Miller] said. “We have to start to think about ... whether or not we want to continue to invest that $80 billion for a policy that’s not generating what we now say it should.”***
And there is the money. Everything in this country is what Democrats say it should be. If they say the sky should be green, they will pass a law mandating scientists to make the sky green.
why anyone would vote democrap,
i cannot understand.
“...we want to continue to invest that $80 billion ...”
Oh, sh*t!
I stand corrected. As Mark Levin said the other night, Obama’s campaign is right out Saul Alinsky’s playbook, “Rules for Radicals”.
The morons are actually the dumb masses...say that real fast and it’s equally true...that are swallowing this stuff and thinking that they’re going to get something. They’re going to get “something”, all right, it’s just not what they think.
This is exactly what the Good Rev wright talked about on the church video. Taken away the 401Ks. Just great—the politico’s and the government workers keep their very generous pensions and we the People get SCREWED. This is the one issue the McCain-Palin ticket can win on.
Is there any tax the dimRATS don’t salivate over?...To get in a tizzie because they see $80 million in tax breaks in 401Ks is just idiotic...We can expect much more of this stupidity from the Dems if O wins...especially if he has a dimRAT congress...And they will undo most of the Middle Class tax breaks that we fought hard to get over the years...UGH i hate to even think about it...
comming from someone who pays zero attention to the posting guidelines.
I guess it’ll be OK with you when freepathons hit $100 grand a quarter, eh?
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