Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

401(k) Tax Changes May Be On Fast Track
The Street ^ | 09/23/2011 | The Street

Posted on 09/28/2011 6:16:03 PM PDT by Rusty0604

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

(Excerpt) Read more at thestreet.com ...


TOPICS: Breaking News; Business/Economy; Crime/Corruption; Front Page News; Government; Politics/Elections
KEYWORDS: 0; 0bama; 0bastard; 112th; 401k; bho44; biggovernment; communism; confiscation; democrats; govtabuse; liberalfascism; lping; marxism; medicare; obama; obamanomics; rapeofliberty; rapeoftaxpayers; redistribution; retirement; socialsecurity; taxes; theft
Navigation: use the links below to view more comments.
first previous 1-20 ... 41-6061-8081-100101-120 next last
To: bkopto
Forget 401Ks. I don’t contribute to mine anymore. I don’t want the US Govt as my partner in retirement. They will change the rules on the 401Ks, if not outright confiscation of them altogether, later - mark my words. The counterparty risk of the 401K is way too high, IMHO. I’ll pay the taxes now, thank you very much.

Personally, I think the risk of the government confiscating retirement funds directly is rather low. They can steal it without being so blatant about it.

If they need the money, they aren't going to just target retirement accounts..

81 posted on 09/29/2011 4:49:31 AM PDT by EVO X
[ Post Reply | Private Reply | To 56 | View Replies]

To: nascarnation
Max earnings total employee rate total employer rate total self-employed rate Employee & Employer Self-employed
$0.00 $0.00
1966 $6,600.00 4.20% 4.20% 6.15% $554.40 $405.90
1967 $6,600.00 4.40% 4.40% 6.40% $580.80 $422.40
1968 $7,900.00 4.40% 4.40% 6.40% $695.20 $505.60
1969 $7,900.00 4.80% 4.80% 6.90% $758.40 $545.10
1970 $7,900.00 4.80% 4.80% 6.90% $758.40 $545.10
1971 $7,900.00 5.20% 5.20% 7.50% $821.60 $592.50
1972 $9,000.00 5.20% 5.20% 7.50% $936.00 $675.00
1973 $10,800.00 5.85% 5.85% 8.00% $1,263.60 $864.00
1974 $13,200.00 5.85% 5.85% 7.90% $1,544.40 $1,042.80
1975 $14,100.00 5.85% 5.85% 7.90% $1,649.70 $1,113.90
1976 $15,300.00 5.85% 5.85% 7.90% $1,790.10 $1,208.70
1977 $16,500.00 5.85% 5.85% 7.90% $1,930.50 $1,303.50
1978 $17,700.00 6.05% 6.05% 8.10% $2,141.70 $1,433.70
1979 $22,900.00 6.13% 6.13% 8.10% $2,807.54 $1,854.90
1980 $25,900.00 6.65% 6.65% 8.10% $3,444.70 $2,097.90
1981 $29,700.00 6.70% 6.70% 9.30% $3,979.80 $2,762.10
1982 $32,400.00 6.70% 6.70% 9.35% $4,341.60 $3,029.40
1983 $35,700.00 7.00% 7.00% 9.35% $4,998.00 $3,337.95
1984 $37,800.00 7.05% 7.05% 14.00% $5,329.80 $5,292.00
1985 $39,600.00 7.15% 7.15% 14.10% $5,662.80 $5,583.60
1986 $42,000.00 7.15% 7.15% 14.30% $6,006.00 $6,006.00
1987 $43,800.00 7.51% 7.51% 15.02% $6,578.76 $6,578.76
1988 $45,000.00 7.51% 7.51% 15.02% $6,759.00 $6,759.00
1989 $48,000.00 7.65% 7.65% 15.30% $7,344.00 $7,344.00
1990 $51,300.00 7.65% 7.65% 15.30% $7,848.90 $7,848.90
1991 $53,400.00 7.65% 7.65% 15.30% $8,170.20 $8,170.20
1992 $55,500.00 7.65% 7.65% 15.30% $8,491.50 $8,491.50
1993 $57,600.00 7.65% 7.65% 15.30% $8,812.80 $8,812.80
1994 $60,600.00 7.65% 7.65% 15.30% $9,271.80 $9,271.80
1995 $61,200.00 7.65% 7.65% 15.30% $9,363.60 $9,363.60
1996 $62,700.00 7.65% 7.65% 15.30% $9,593.10 $9,593.10
1997 $65,400.00 7.65% 7.65% 15.30% $10,006.20 $10,006.20
1998 $68,400.00 7.65% 7.65% 15.30% $10,465.20 $10,465.20
1999 $72,600.00 7.65% 7.65% 15.30% $11,107.80 $11,107.80
2000 $76,200.00 7.65% 7.65% 15.30% $11,658.60 $11,658.60
2001 $80,400.00 7.65% 7.65% 15.30% $12,301.20 $12,301.20
2002 $84,900.00 7.65% 7.65% 15.30% $12,989.70 $12,989.70
2003 $87,000.00 7.65% 7.65% 15.30% $13,311.00 $13,311.00
2004 $87,900.00 7.65% 7.65% 15.30% $13,448.70 $13,448.70
2005 $90,000.00 7.65% 7.65% 15.30% $13,770.00 $13,770.00
2006 $94,200.00 7.65% 7.65% 15.30% $14,412.60 $14,412.60
2007 $97,500.00 7.65% 7.65% 15.30% $14,917.50 $14,917.50
2008 $102,000.00 7.65% 7.65% 15.30% $15,606.00 $15,606.00
2009 $106,800.00 7.65% 7.65% 15.30% $16,340.40 $16,340.40
2010 $106,800.00 7.65% 7.65% 15.30% $16,340.40 $16,340.40
2011 $106,800.00 5.65% 7.65% 13.30% $14,204.40 $14,204.40
Total $335,108.40 $323,735.41

82 posted on 09/29/2011 4:53:05 AM PDT by whd23 (Every time a link is de-blogged an angel gets its wings.)
[ Post Reply | Private Reply | To 28 | View Replies]

To: Rusty0604
The current view is that something is tax deductible, it is actually subsidized by the government.

I actually expect that the 401K law will be revoked or all the money seized eventually.

83 posted on 09/29/2011 5:26:06 AM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: bkopto

If my company didn’t have matching funds, I would drop the 401 K.

Over course, I will never be able retire. To many people expect that you can have a second childhood and stop working. That will not be an option for many in the future.


84 posted on 09/29/2011 5:34:09 AM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
[ Post Reply | Private Reply | To 56 | View Replies]

To: Rusty0604

Why should their be any restrictions? Get your hands out of our pockets now Obama!


85 posted on 09/29/2011 5:39:46 AM PDT by Lilly Rose
[ Post Reply | Private Reply | To 1 | View Replies]

To: Pontiac
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.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Let's call them what they are: Marxists or communists.

Would a Marxist want the middle classes interest in or attached financially in any way to capitalism? No! Of course not!

If the middle classes have their retirement invested in the private market then they will vote for legislators who will protect that eeeeevil and capitalistic free market.

86 posted on 09/29/2011 5:52:09 AM PDT by wintertime (I am a Constitutional Restorationist!!! Yes!)
[ Post Reply | Private Reply | To 14 | View Replies]

To: Rusty0604

It seems the leftists are inviting a shooting war....in which they would have no chance of prevailing. It happened in 1775....


87 posted on 09/29/2011 5:58:50 AM PDT by astounded (Barack Obama is a clear and present danger to the USA)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Rusty0604

*


88 posted on 09/29/2011 6:44:03 AM PDT by PMAS
[ Post Reply | Private Reply | To 1 | View Replies]

To: preamble

I wonder how long before they rescind exeptions to the ROTH and start taxing that ,too.

IMHO, it’s just a matter of time.


89 posted on 09/29/2011 6:47:11 AM PDT by WOBBLY BOB (See ya later, debt inflator ! Gone in 4 (2012))
[ Post Reply | Private Reply | To 24 | View Replies]

To: Toddsterpatriot

“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”


Give me back my 12.4%, and everything I/my-employer have put in for the past 50 years, PLUS interest, and then you can keep your Social Security.


90 posted on 09/29/2011 7:05:36 AM PDT by CGalen
[ Post Reply | Private Reply | To 4 | View Replies]

To: Rusty0604

Of course. We have to ensure that people MUST rely on the GOVERNMENT for their retirement. Otherwise they may be evil promoters of freedom.


91 posted on 09/29/2011 7:43:12 AM PDT by CSM (Keeper of the "Dave Ramsey Fan" ping list. FReepmail me if you want your beeber stuned.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: whd23

Thanks for posting. I see you included medicare in that.


92 posted on 09/29/2011 7:59:28 AM PDT by Rusty0604
[ Post Reply | Private Reply | To 82 | View Replies]

To: WOBBLY BOB

FTA

“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.”

Dumb cluck’s. There is no loss. One. It’s not your money. Two. Taxes are merely deferred and it is likely that tax rate will be higher when withdrawn.


93 posted on 09/29/2011 8:09:09 AM PDT by listenhillary (Look your representatives in the eye and ask if they intend to pay off the debt. They will look away)
[ Post Reply | Private Reply | To 89 | View Replies]

To: Rusty0604
Yes, I did. I suppose I should have broken the two parts out and figured the dollar contributions and totals for both OASDI and HI.

A project for another day, I guess :)

94 posted on 09/29/2011 8:11:49 AM PDT by whd23 (Every time a link is de-blogged an angel gets its wings.)
[ Post Reply | Private Reply | To 92 | View Replies]

To: AnotherUnixGeek

This will make the markets tank. If tax deffered investment is capped, even for the evil rich people, there will be less private capital availible and hence reduced economic growth (less private sector jobs). The markets are already under long term pressure from the retirement of the baby boomers, who will be net sellers of equities and other investments.
We should instead make it easier to invest for everyone, not harder. This is just more big government socialism that could trigger a depression.


95 posted on 09/29/2011 8:46:45 AM PDT by grumpygresh (Democrats delenda est)
[ Post Reply | Private Reply | To 50 | View Replies]

To: taildragger
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.

It one of the evils of government that they have despoiled the word “service”.

Regulatory agencies such as the Nuclear Regulatory Agency now charge those they regulate for their “Services”.

A number of years ago when the Congress was trying to cut the deficit they decided the many of the regulators had to “pay their own way”. They would have to finance their own budgets by charging for their “services”. So now the NRC and some other regulators at least partially fund their budgets by billing those they regulate or imposing fines.

While on the surface this does not seem like a bad idea because it reduces the need for taxes overall it does give the regulator perverse incentives.

Regulators will take longer to review license applications to increase fees. Regulators will more frequently impose fines for minor infractions. Regulators will increase the number and complexities of regulations to boost the chances of finable offenses.

But yep the government is out their providing invaluable “SERVICES” (remember the Internal Revenue Service is there to help)

96 posted on 09/29/2011 8:53:03 AM PDT by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit.)
[ Post Reply | Private Reply | To 19 | View Replies]

To: Mouton

If Zero wins, we can expect capital controls to keep any wealth from fleeing country and the nationalization of retirement accounts - probably through the requirement to hold some portion in US Treasury securities.

Anyone who does not act now to establish an offshore bank account, purchase gold and store it outside the country, etc. will no longer have the option.

Anyone with a retirement account will be forced to have the Federal Gov’t as their investment advisor - for their safety, of course.

Am I the only one here taking action?

ampu


97 posted on 09/29/2011 9:39:39 AM PDT by aMorePerfectUnion (You know, 99.99999965% of the lawyers give all of them a bad name)
[ Post Reply | Private Reply | To 54 | View Replies]

To: Pontiac; Rusty0604
So those Green-eye shade Trotskyites in DC think it would be more prudent to tax us first before we contribute to our 401 (k)’s and then again when we withdraw from them. Nothing like a little double-taxation to grow the Gubmint coffers. Oh, and their side of the pact is they will “allow” us to have our accounts continue to grow tax-deferred. How nice. If they would just stop the run-away spending it would do a lot to reduce the pressure for revenue which they so desperately need....
98 posted on 09/29/2011 9:53:54 AM PDT by GrumpyOldWASP (Old-fashioned thrift is a darn good practice!)
[ Post Reply | Private Reply | To 96 | View Replies]

To: IMissPresidentReagan; CourtneyLeigh; Just Kimberly; Knuckrider; MBohman; republicanbob1; jcwky; ...
A Kentucky Ping.

...for those interested. :D

....from the WH / Senate, Its an "end round" the HoR
Repeal the 17th Admt. and bring the Senators home and (rigidly) held accountable the 10th Admt.


99 posted on 09/29/2011 9:59:35 AM PDT by skinkinthegrass (I can take tomorrow, spend it all today. Who can take your income, tax it all away. Obama Man can. :)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Bainbridge
Kind of harsh -- he treated Reid with appropriate disdain during the 109th.

Look, there are better, and there are much worse. When the next President's most important task is picking the next 4 Supremes, that's when you want the best parlimentarian.

Plus Kentucky elected Paul the Younger -- unlike so many states that can't bring themselves to send anything but Democrats to the Senate. Yours, perhaps?

100 posted on 09/29/2011 10:19:15 AM PDT by StAnDeliver (/)
[ Post Reply | Private Reply | To 22 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-20 ... 41-6061-8081-100101-120 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson