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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
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To: Rusty0604

Hey! Those pensions (at least federal pensions) aren’t so fat.


61 posted on 09/28/2011 9:51:30 PM PDT by Poundstone (A recent Federal retiree and proud of it!)
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To: Abathar; Abcdefg; Abram; Abundy; albertp; Alexander Rubin; Allosaurs_r_us; amchugh; ...
"The purpose of the retirement income system is to promote an adequate retirement, not to promote tax sheltering through 401(k)s," testified William Gale, a co-director of the Urban-Brookings Tax Policy Center at the Brookings Institution.

Soon, the Feds will be deciding what is an "adequate retirement" for each and every American - sounds like "from each according to his ability, to each according to his need" to me!

FUBO!!!

Libertarian ping! Click here to get added or here to be removed or post a message here!

62 posted on 09/28/2011 9:55:40 PM PDT by rabscuttle385 (Live Free or Die)
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To: Rusty0604
In the coming weeks, Americans could face sweeping changes to the tax deferral status and funding strategies of their retirement plans.

Funny you should say that - my employer is coincidentally making administrative changes to our 401(k) plan right now. I wonder what prompted it?

63 posted on 09/28/2011 9:55:50 PM PDT by Alex Murphy (http://www.freerepublic.com/focus/religion/2703506/posts?page=518#518)
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To: 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”

Aye; I stopped my contributions when I noticed a similar amount was being added to the credit card balance I was trying to get under control. Saving for a “possible” future against a bill that would show up within 30 days was just stupid...


64 posted on 09/28/2011 9:56:41 PM PDT by kearnyirish2
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To: Rusty0604

If you’re Christian, White and middle-class...you’ll have nothing left when they’re done. You’ll be living in the ghetto with everyone else. It’s only fair....


65 posted on 09/28/2011 10:00:04 PM PDT by blam
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To: Rusty0604

If you’re Christian, White and middle-class...you’ll have nothing left when they’re done. You’ll be living in the ghetto with everyone else. It’s only fair....


66 posted on 09/28/2011 10:00:17 PM PDT by blam
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To: Rusty0604

If you’re Christian, White and middle-class...you’ll have nothing left when they’re done. You’ll be living in the ghetto with everyone else. It’s only fair....


67 posted on 09/28/2011 10:00:25 PM PDT by blam
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To: Alex Murphy

I have no doubt in my mind that 401K balances will be used to reduce the payments to the “ants”, to subsidize the payments to the “grasshoppers”. It has already happened when the “ants’ “ children apply for student loans/financial aid; the ants might as well hide it as best they can.

When enough “ants” started acting like grasshoppers (having children out of wedlock, going on Jerry Springer, refusing to lift a finger and such), the King of the Grasshoppers (Our First Black President, BJ Clinton) passed welfare reform in 1996; they couldn’t have ants acting like grasshoppers. The grasshoppers stopped breeding, and were replaced by Mexican fire ants; now nobody cares who speaks “grasshopper” anymore...


68 posted on 09/28/2011 10:03:38 PM PDT by kearnyirish2
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To: rabscuttle385

I expect the feds will eventually raid 401K accounts in order to “save” Socialist Security. At first they will find a clever way to make people do it willingly. Eventually, they will probably levy a huge tax against them that will supposedly go into the SS trust fund. If I were older, I would NOT keep a large amount of funds in a 401K for this very reason. It’s just sitting there for their taking. I’d feel better keeping it in one of my safes at home.


69 posted on 09/28/2011 10:04:20 PM PDT by KoRn (Department of Homeland Security, Certified - "Right Wing Extremist")
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To: blam

“If you’re Christian, White and middle-class...you’ll have nothing left when they’re done. You’ll be living in the ghetto with everyone else. It’s only fair...”

You’re right; unfortunately for the Dems, the wives/daughters/sons of those workers have gotten sick of macaroni 7 days a week, and are ready for change. The world knows what happens when technologically advanced people are reduced to peonage; I doubt they want a re-play.


70 posted on 09/28/2011 10:07:34 PM PDT by kearnyirish2
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To: Rusty0604

They’re going to take our 401ks and give it to the Unions.

And they’ll lecture us about the goodness of their plan as they steal from us.

It’ll never happen? Yeah - they said that about Healthcare too....


71 posted on 09/28/2011 10:24:35 PM PDT by Tzimisce (Never forget that the American Revolution began when the British tried to disarm the colonists.)
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To: Tzimisce
THEY?

I thought WE were the government?

Does anyone care anymore what you think...you're just another.....

72 posted on 09/28/2011 10:32:40 PM PDT by blam
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To: Perdogg
Before people jump on Boehner, this is coming from the Senate. This would not make it constitutional.

No, of course not - the House makes this sort of call. At least at the moment. This is precisely why Peter Orszag called for Less Democracy in his recent New Republic article. Under his plan committees populated by small numbers of "experts" such as this one would make their recommendations to the President who would then present them to the combined Senate and House, who could only vote on the whole package and only defeat it through a joint resolution. Voila! Instantly that Republican-controlled House that used to make financial decisions is relegated to a back seat in the affair.

It should come as no surprise that Mr. Orszag is a former 0bama administration official. Dang that pesky ol' Constitution, we have to get the country moving again! Mussolini had a similar program, and with similar justifications.

Mr. Gale of Brookings - it often does seem to be Brookings, doesn't it? - offers us pure and distilled class warfare to justify dipping his fingers into other people's money. To him anything more than some mystic amount he considers an "adequate" retirement is merely a vehicle for rich people to avoid taxation. He'll tax your income before you tuck it under the mattress and when you take it out again he'll have a piece of it then, too. Die with it still under there and he'll still want his cut from your heirs. Try to give it to them and he'll tax it. Spend it on something to give to them and he'll tax it both times. All of this in the jolly game of "revenue enhancement".

One measure of just how far we've come down this corrupt and disgusting road is that a Tea Party member is so commonly castigated as "extremist" for the temerity of suggesting that the government doesn't really have a right to all the money it sees. Mr. Gale apparently thinks that it does, or at least all of the money that it can get away with expropriating under the rationale of an emergency it created. The answer is no.

73 posted on 09/28/2011 10:51:51 PM PDT by Billthedrill
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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!

Take the money and buy a Roth IRA your tax rates will never be lower than now.

74 posted on 09/28/2011 11:00:36 PM PDT by Mike Darancette (Psalm 109:8)
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To: Alberta's Child

It was already in place in the early 90’s and has adjusted a few times over the last 2 decades. The last INCREASE to the 15,500 was in 2008, IIRC, but the catch up provision was in place since I have been in the professional working world.


75 posted on 09/29/2011 2:53:24 AM PDT by L,TOWM (Once you see that it is all Kabuki Theater, you are free to quit wasting your time on politics.)
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To: Alberta's Child
I believe those "catch-up" provisions didn't even exist until a few years ago (2008, maybe?).

2001

76 posted on 09/29/2011 3:28:21 AM PDT by EVO X
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To: Mouton
I see, sheltering income is not related to funding an adequate retirement. That is as insane a statement as any other such as the rich pay lower tax rates than do those who are moderate earners.

Their idea of "funding an adequate retirement" is that you give all the money to the government and trust them to take care of you in your old age.

77 posted on 09/29/2011 3:33:23 AM PDT by tacticalogic
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To: Alex Murphy
Funny you should say that - my employer is coincidentally making administrative changes to our 401(k) plan right now. I wonder what prompted it?

Bureaucrats justifying their positions..

78 posted on 09/29/2011 3:47:45 AM PDT by EVO X
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To: Alex Murphy

This usually happens for one of two reasons:

A) People have been complaining about high fee, overly managed funds and have encouraged HR to change to a less restricting administrator.

B) HR hadn’t been in a holiday in a long time, put your 401k program out to bid, got wined and dined by numerous administrators, and picked the one that gave them a prospectus overview in Cancun, funded by charging poor sods like you 1.4% fees on their loaded mutual funds.

It’s VERY important in this situation to determine whether reason A or B is the culprit and change your investment strategy accordingly....


79 posted on 09/29/2011 4:16:37 AM PDT by Eepsy
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To: tacticalogic

Yeah, that is tantamount to their notion all the money is theirs to begin with.


80 posted on 09/29/2011 4:39:42 AM PDT by Mouton (Voting is an opiate of the electorate. Nothing changes no matter who wins..)
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