[Mouton]

Check this piece of logic (or sh..)from the lefty Brookings:

“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.”

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.

This is not going to end well...either the left wins and they take away everything anyone has worked for and thereby puts everyone in the gulog or REV 11 starts. Neither is a win for the country.

[Mouton]

One more point, an 18% credit on earned income for retirement. Hum, on the surface, wow, a credit. The down side is one needs how much income to generate enough tax due to qualify for a decent contribution. Most people in the 125K range right now pay an effective tax rate around 18%, or 22500...so 18% of that is tada a whopping 4K.

Zero and the dems can take that 18% and stuff it where the sun don’t shine.

[no-s]

This is not going to end well...either the left wins and they take away everything anyone has worked for and thereby puts everyone in the gulog or REV 11 starts. Neither is a win for the country.

well, maybe they've done the math and figure it will turn out well for them, heheh.

[tacticalogic]

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.

[aMorePerfectUnion]

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

[ridesthemiles]

The Feds pissed & moaned for years about how Americans “Don’t save enough money compared to other major nations”.

That was the basis of the 401’s-—Keogh’s-—Roth IRA’s in the first place.

Now they want to punish you for setting that money aside.

Just overwhelming.