Skip to comments.401(k) Plan Revamp Eyed By Senate Finance Committee
Posted on 09/14/2011 7:44:56 AM PDT by Red Badger
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I’d stay away from the booze and gambling - the government takes a hefty cut from those activities.
Means testing for SS is likely in the future....so if you scrimped and saved, you’ll probably get scr****.
never gonna happen....
“Grab your money before its gone. Better to take the tax hit than lose it altogether.”
It’s a $450 billion tax on 401Ks over 10 years.
“Help solve the long-term fiscal problem facing the country by raising $450 billion over the next decade in a manner that is consistent with the principles of broad-based tax reform and distributes the fiscal burden in a progressive manner.”
1. The long-term fiscal ‘problem’ facing the country is excessive entitlement spending aka vote buying.
2. Since when is a tax increase “broad-based tax reform”?
2. Without high income earners contributing to 401(k)s, the managers of 401(k)s like Fidelity, Vanguard, Schwab, etc. will have to charge the lower wage earners higher fees, further driving lower wage earners into poverty (this is what the Marxist Muslim in the WH wants).
3. Lower income earners without access to a company sponsored 401(k) DO have access to retirement accounts. They are called IRAs and anyone with any kind of savings can open one and receive the tax advantages of a 401(k), but without the employer contribution which would simply be a wage increase if 401(k)s were not available.
Rest assured that whatever comes out of this committee will not be to the advantage of the American people, but will only increase revenues for the almighty FedGov. They want you to love big Brother.
How many of those employers don't have 401(k)s because of the nightmarish reporting requirements already in place to make sure that the highly paid employees don't take unfair advantage of the program. Anything the Democratic Senate will just make 401(k) programs vastly more difficult and fewer employers will deal with it.
My company just about gave up on its retirement program for this reason until we found a company specializing in doing the forms for a few hundred dollars separate from the investment company itself.
Be afraid, very afraid.
Yes they do - very successfully by devaluing the currency on a daily basis.
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