Skip to comments.Feds eye retirement-fund tax to cut $16 trillion-plus deficit (Obama's war on savers)
Posted on 04/22/2012 4:44:53 AM PDT by jimbo123
Uncle Sam, in a desperate attempt to fix its $16 trillion-plus deficit, is leering over Americans retirement nest egg as its new bailout fund.
Capitol Hill politicians are assessing tax changes that could let the Internal Revenue Service lay claim to a portion of the $18 trillion sitting in 401(k) accounts and other tax breaks used by middle-class workers, including cutting the mortgage tax deduction.
(Excerpt) Read more at nypost.com ...
It’s ideas like this that cause people to buy guns.
If the feds make a grab for 401(k)’s, all bets are off.
I think they know this; I think they’re counting on it.
Trolling does not become you. :)
LOL! Like I said earlier, you're not very good at debating.
So tell us, Sara
It’s claimed to Americans that we have tons of oil to make it so we don’t have to import it anymore if we only would drill it. Is that true?
Not shifting the subject to refinery numbers to fog the room, the answer is no - the oil will go on the global market to whoever contracts with the oil company to pay the highest price for it. That might be the US or it could be another economy.
In addition, due to global trade agreements, our government could give drilling lease to China like Obammy has recently done with the oil pipe line from Canada. China and India are going to continue to grow in oil need to absorb what we produce here.
Americans have no guarenteed benefit from drilling except the mess of it unless we put controls in the leasing agreement and globalists would not tolerate that. America’s not permitted to look out for our own interest and need in globalsim.
You have proided NO evidence American have that guarentee of oil independence. It is a bs claim that the US can become energy independent if we drill our own oil.
LOL. Like I said trolls are not so good at adding anying valuable to a debate on adult subjects.
We and the future of the U.S. face a disaster of epic proportions if spending is not curbed massively and quickly. Many will suffer but not nearly as many as will suffer on the present course. I have no illusions that anything right will be done though.
Most of the 401K generation will join the largest group of indigent geriatrics ever seen. Their children will feel sorry for them but not be able to do much about it. These children will be staggering under the burden of massive taxes just paying interest on the national debt and for the maintenance of more than half the population living on the labors of the other half.
Before all this really goes into full swing though we will suffer either Civil War or will be defeated by some other power. Our military might if not for offensive purposes then for defense alone will be decimated by budget cuts.
The problems of the elderly are always serious but seldom interesting. I wish I could be alive to see this clown you pictured grey, wither and suffer massively to his own end.
Hint - the basic laws of Chicago school economics work far better than socialism, and have brought the world far more wealth, comfort and happiness. Including you.
I am not a troll.
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Oh, that's rich. You are waving pom-poms for Argentina's takeover of its oil industry - socialism epitomized.
You are complaining about how Argentina has to export its own oil while failing to acknowledge that Argentina's policies has led to a situation where it doesn't have enough refining capacity to refine its own oil, hence the need to export. And that Argentina's nationalization of its oil industry will only make that problem worse as private investors will be completely unwilling to invest in a country that has just taken over petroleum infrastructure.
And you wail about our country exporting oil. That is insane. We export far less volume in refined products than we import in crude. So basically we import crude, refine it, send our excess capacity back out, and keep the rest here to make up for our own shortfall. We export a miniscule amount of crude and only where logistics make it more practical to send it overseas than to US refineries.
So you have staked a position that ignores all levels of reality. Yet lecture another poster about failing to add anything adult to the conversation. Quite frankly, your uniformed rantings are little different that a stoned college freshman struggling to re-state his first week in Econ 101.
The reason for that is they didn't invest enough, made poor choices, drew it down while trying to find another job, or got nailed by high fees. What is the alternative? In-trust your retirement with the state? The federal government is trillions in debt. Many states are broke as well. Should folks be forced into financial contracts like they are trying to do with Obamacare? The 401K is the best solution. If taxes were low enough, you wouldn't need specialized retirement accounts..
stop trying to second guess my tax situation and imply I am exaggerating or lying
Losing a $14000 interest deduction will raise our taxes about $6000, you are clueless about some folks’ marginal rates
the reason for congress dropping the mortgage interest deduction is to collect more taxes, not to offset the higher taxes by lowering the rates
Look - government workers need OUR money so they can get FULL medical benefits after working for five years. And pensions the rest of us can only dream of...
Parties in Vegas - party, party, party ... someone’s got to pay for that. Who but us?
John Q Public - all of us chumps - need to GIVE MORE.
What about Secret Service whoring? That’s not free - who do you think’s gonna foot the hotel bills for those guys? You got it. Taxpayers. US. So what the hell, quit ya bitchin’ - - citizens should work til they drop AND have their savings taken.
And shut up with the whining.
Liberal elites gotta have theirs, and ours, and our children’s and....
He needs a self-directed investment plan
No excuse for that kind of loss last year
Only someone passive would let a fund manager fritter away their savings in such poor investments - learned that after losing 1/3 of our investment fund values in 2008, Never again.
stop trying to second guess my tax situation and imply I am exaggerating or lying
I apologize. That was not my intent. You merely inferred that. I figured you had some rental property.
I was just saying it is a lot, and it is. It is Huge.
$14,000 in interest saves $6,000 in taxes? That’s interesting. Apparently I am clueless about some folks’ marginal rates. Are you the 1% ;-)
If I remember the plan correctly there are 15 or 16 funds you can divide your funds among. You were allowed ONE change in a 30 day period, not just in a month but in 30 days. It wasn’t the best situation and I can see how he could lose money... easily.
Quite frankly, you are a wacko. Have a nice day dirtboy - an apt name for you, if I say so myself. :)
You never answered the question, did you, because it did not fit an answer to your nutty, bully libertarian ideology? Just callin’ in your homies in to smash mouth, rantin’ and ravin’ like a sloganeer global free market rip- off libertarian. Pullin’ all your links together than have nothing to do with anything, trying to pretend your slogans are so much Smarter than anyone else. Aren’t you cute. Ron Paul understands, dirtboy.
And you say that proves nothing? I just proved how completely full of crap your claims are, and you're just too deliberately ignorant to care.
Oh, and me, a Paultard? Ask anyone who knows me, that is your DUMBEST claim yet. I am someone who lives in the world of what can be proven, not what can be pulled out of one's arse.
I believe in a balanced approach - markets, but regulation of such. I think there are more restrictions needed on commodities exchanges. I am hardly a die-hard libertarian, they have their good points and bad points and I pick what is good from them.
You, on the other hand, wallow in delusions about how oil is produced, refined and consumed in this country. You applaud a socialist takeover. In other words, you are liberal to the bone and too stupid to realize it. Toodles.
No, most of them did not invest enough.
1. They were ignorant of the need and had no idea what is required for retirement.
2. They were actually sold a bill of goods because the “deal” they got with the 401 in almost all cases was a reduction in cost for employers and a pay cut for employees. Most could never make up the difference by saving.
3. They don’t understand risk in investing and most everyone else doesn’t either.
4. You imply spending the 401 is a bad choice because of unemployment? Guess you’ve never been faced with that choice.
Not many states are broke, most are and can’t fund their long term obligations. Obamacare will just make that worse.
I do know that the 401 has been a boondogle for the financial community since they make money on all sides of trades, are dealing with unsophisticated investors, have destroyed bargaining power present with large retirement funds etc.
I really don’t get your drift from your comments. I’m not advocating any of the alternatives you suggest.
I was referring to mortgage interest, not taxes. I don't pay mortgage interest but like every other home owner, I pay taxes on my home.
My wife, me and the county tax assessor own this house. By the way, about 90% of my real estate taxes go to the public schools in this district plus the local community college.