401(k) Tax Changes May Be On Fast Track

The Street ^ | 09/23/2011 | The Street

[Rusty0604]

In the coming weeks, Americans could face sweeping changes to the tax deferral status and funding strategies of their retirement plans.

[Rusty0604]

I didn't see this posted yet

[Republican Wildcat]

Trying to help lower-wage workers save for retirement by reducing the 401(k) and IRA contribution limits is like trying to cure a headache with a guillotine. - Hatch

That's a good way of putting it...

[Perdogg]

Before people jump on Boehner, this is coming from the Senate. This would not make it constitutional.

[Toddsterpatriot]

Great idea!
They wasted the money in the Social Security “Trust Fund” and now they want to make it harder for us to save for our own retirements.
Give me back the 12.4% you've been taking from my paycheck, you no talent assclowns.

[Rusty0604]

Well we need to pay more taxes to support the government employee’s fat pensions.

[al baby]

Tax my losses FUBO

[achilles2000]

No “trust fund” money was wasted because there was never a genuine trust fund, nor was it ever contemplated that there would be a true trust fund. SS was a vote buying scam from the beginning, and it has worked well.

[yup2394871293]

Democrats love the idea of a raid on private pensions.

[ClearCase_guy]

Hey, Obama -- just go ahead and seize all of our IRA and 401(k) savings, and give those trillions of dollars to Europe so that they can bailout Greece and Spain.

You know you want to.

[ZippyTheGreat]

My company will probably give up and bail out on our 401(k) if this happens. Yet another reason to hate this dysfunctional government!

[RKBA Democrat]

Yup. Looking to squeeze the last little dribbles of wealth out of the middle class.

[Rusty0604]

There was talk about nationalizing private accounts and letting the SSA administer them. That caused an uproar so now it looks like their taking smaller steps toward it.

[Hoodat]

Give me back the 12.4% you've been taking from my paycheck, you no talent assclowns.

If that 12.4% was invested in an actual retirement fund, every worker in this country would retire as a millionaire. And a nation full of millionaires won't need government. Social Security is their best tool for continuing the cycle of poverty for future generations.

[Pontiac]

Gale cited the Tax Policy Center's estimate that the immediate, direct revenue loss associated with contributions to IRAs and 401(k) plans will exceed $1 trillion over the next decade. Converting current deductions to a tax credit worth 18% of a taxpayer's retirement saving contributions would raise more than $450 billion in revenues over the next decade relative to current law, he says.

There you go. There is what this is really about. The Lefties are all up in arms that IRAs and 401Ks are reducing TAX REVENUE.

OH NO THE PEOPLE ARE SQUIRLING AWAY MONEY AT THE EXPENSE OF TAX REVENUE!!!

WE MUST PUT A STOP TO THIS IMMEDIATELY

[Toddsterpatriot]

If that 12.4% was invested in an actual retirement fund, every worker in this country would retire as a millionaire.

No kidding. I ran a spread sheet once that showed just how awful the return in Social Security is in comparison to the market.

[Lancey Howard]

[yup2394871293]

Republicans should be screaming about this.

[ponygirl]

ping

[taildragger]

That is what sucks about these socialist twits like Gale, IMHO Govt Revenue is an Oxymoron, their I said it.

IMHO in order to have "Revenue" you have to produce a good or service that is sold of which you are compensated justly for in the Private Sector.

Their is probably some Accounting Professor here in FR that wants to take me to task so come in the water is fine...

IMHO their is no such thing as Government Revenue it is a transfer payment or a tax, stop trying to sugar coat the meadow muffin...

[God luvs America]

here’s the best thing- the rats want to means test medicare, reduce social security payments for the “rich” and now reduce the amount they can save for retirement...in essence they want to create another class of citizens to welfare status...