House Democrats Contemplate Abolishing 401(k) Tax Breaks!!!

Workforce Management ^ | Oct 16, 2008

[Panzerfaust]

I’m becoming partial to “MaoBama” myself

[I_Like_Spam]

This sounds like the Democrats’ plan to bail out social security , a 5% extra levy on everyone’s wages should be enough to pay the social security benefits for the baby boomer generation.

Calling it “savings” is just a new tilt on it to give the scam resiliency once people have a considerable amount “invested” in it.

[MrFred]

http://digg.com/business_finance/House_Democrats_Contemplate_Abolishing_401_k_Tax_Breaks_2

digg it if you havent already.

[yazoo]

I sure hope they try it, and Pelosi is just stupid enough to let them bring to a floor vote. There’d be so many Congressmen running for cover it would look like a bad 1950’s Godzilla movie.

[RetiredArmy]

Try searching. This was first posted the first of last week. In several different ways, so probably up two or three times.

[Mad_as_heck]

This measure will in one swoop destroy our banking system for generations. Once the government nationalizes peoples bank accounts no one will be dumb enough to leave money in the bank again.

Americans are already scouting out locations in the back yard to bury the tin can full of cash.

[CitizenM]

Obama in the WH = Democrat Administration + Democrat majority in Congress = Disaster for Americans’ retirement plans!

No Balance of Power in Government will result in the Democrats running run ram-rod over our money, economy, capitalism, and freedoms.

The engine is in motion...steam is up...The wheels are turning.

With Obama in the Engineer's seat, the government will be like

a steam locomotive with a cow-catcher on front tearing into Americans' fields of dreams and savings!

[DoughtyOne]

No doubt about it.

[The Great RJ]

workers...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.

This is just another payroll tax like Social Security with IOUs from the government backing any measly benefit that you might receive if the government says so. If you die all this money of course will just be the governments and not pass to your heirs.

[Mike Darancette]

If the contribution is not tax deductible might as well have a Roth IRA.

[Inwoodian]

New School has always been a lefty bastion. President is Bob Kerry.

[GregoryFul]

From what I've heard, that is one of the proposals - to seize all 401K's assets (your and my private property - with the carrot that they would value them at some August level), and fold them into the SS fund, and pay you the glorious return of 3% annually, with inflation (as defined by them) adjustment. (I wonder what would happen if you died?) And then dole out the funds as they see fit after you retired, after withholding taxes of course.

Want a revolution - go there you stinking commies.

[Czar]

Great kickoff for CWII.

[Theodore R.]

Apparently a lot of 401(k) holders are supporters of Oprah’s Obama. It will be nice to see those Obamamaniacs “sacrifice” for the “public good”.

[Theodore R.]

It would have been impossible to convince the American people of this danger even if McPain had tried to do so.

[pollyg107]

She has also called for government confiscation of the balances of all existing retirement accounts. It would only be fair, you know, to redistribute the wealth. Ms. Ghilarducci is an idiot, but the Dems and Libs just love her ideas.

[visualops]

It would seem they want to make it more attractive to be poor. Big shock there.