Cathy_H
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House Democrats - - Abolish 401K tax breaks - Create new tax
Sen. Barack [SIZE=12pt]Obama's Democratic allies in Congress are looking into a radical new plan that would fundamentally change the way Americans save for retirement.[/SIZE] House Democrats recently heard testimony on the idea and, under a potential Obama administration, would likely move to put it in place. [SIZE=12pt]Democrats want to seize the money that workers currently invest in their 401(k) plans and replace the popular retirement savings accounts with a one-size-fits-all government sponsored retirement account. [/SIZE][SIZE=12pt]Under the scheme, Americans would be forced to transfer all of their hard earned retirement savings from their 401(k) to the government.[/SIZE]The government would contribute $600 a year to fund each account and would pay a rate of return of around three percent in interest. The government would also mandate that each worker contribute 5% of their yearly salary to the accounts. Under current law, workers with 401(k) plans contribute to their retirement accounts and earn interest tax free. [SIZE=12pt]The Democrats' plan would end those tax breaks, amounting to as much as a 15% tax hike on each American worker[/SIZE].
Rep. Jim McDermott (D-WA) said recently that Democrats had better ideas for the $80 billion that Americans contribute to their 401(k) plans each year. "We have to start thinking about whether or not we want to continue to invest that $80 billion for a policy that's not doing what we say it should." Sen. Obama would likely sign on to the plan as president.Obama, McDermott, and Congressional Democrats miss the point that [SIZE=12pt]under current law, Americans have control over their retirement savings, where and how it is invested, and when and how much they contribute. The idea to nationalize retirement savings is another example of Democrats' socialist proclivities. They want control of Americans' retirement to reside in Washington DC, not on Main St., all in the name of "retirement security." [/SIZE]
http://news.aol.com/political-machine/2008...nd-401-k-plans/
House Democrats: Abolish 401k Tax Breaks, Create New Tax
What do Democrats do when they see a system or program that isn't working? They throw more money at it, or recreate the same system under another name, or both.
Social Security (or rather, Socialist Security) has been revealed as the glorified government-mandated ponzi scheme that it is, and the Democrats answer is to create another version of it.
Workforce Management says [SIZE=12pt]House Democrats are looking at another plan to tighten the goverment's grip on your life, your retirement, and take a bigger chunk of your paycheck.A plan by Teresa Ghilarducci, professor of economic-policy analysis at the New School for Social Research in New York, contains elements that are being considered. [/SIZE]She testified last week before Miller’s Education and Labor Committee on her proposal.
At that hearing, the director of the Congressional Budget Office, Peter Orszag, testified that some $2 trillion in retirement savings has been lost over the past 15 months.
Under Ghilarducci’s plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but 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.
[SIZE=12pt]The current system of providing tax breaks on 401(k) contributions and earnings would be eliminated[/SIZE].
“I want to stop the federal subsidy of 401(k)s,” Ghilarducci said in an interview. “401(k)s can continue to exist, but they won’t have the benefit of the subsidy of the tax break.”
[SIZE=12pt]So the Dems want to take away the tax breaks for 401ks...and tax you yet another 5%[/SIZE]???And this idiotic program would be nothing more than a Social Security spinoff. It's just more of the same government-mandated socialist ineptitude.
The definition of "reform" in the Democrat playbook is ludicrous. Keep doing things that don't work. Come up with new ways to do the same things that don't work. Tax more. It'll all be fine.
We need to end that--now.
http://www.dakotavoice.com/2008/10/house-d...tax-breaks.html
The Social Security system is failing - Why do they think we trust them to responsibly handle our 401 K plans!!! Folks you need to email every person you know that has a 401K plan now!!!!!!!!!!!! Obama will sign anything the democrats put in front of him......
There will be a democrat controlled government & you will not have a say once you put "That One" in the oval office!
You are putting the fox in the hen house -
Wake up America!
Sen. Barack [SIZE=12pt]Obama's Democratic allies in Congress are looking into a radical new plan that would fundamentally change the way Americans save for retirement.[/SIZE] House Democrats recently heard testimony on the idea and, under a potential Obama administration, would likely move to put it in place. [SIZE=12pt]Democrats want to seize the money that workers currently invest in their 401(k) plans and replace the popular retirement savings accounts with a one-size-fits-all government sponsored retirement account. [/SIZE][SIZE=12pt]Under the scheme, Americans would be forced to transfer all of their hard earned retirement savings from their 401(k) to the government.[/SIZE]The government would contribute $600 a year to fund each account and would pay a rate of return of around three percent in interest. The government would also mandate that each worker contribute 5% of their yearly salary to the accounts. Under current law, workers with 401(k) plans contribute to their retirement accounts and earn interest tax free. [SIZE=12pt]The Democrats' plan would end those tax breaks, amounting to as much as a 15% tax hike on each American worker[/SIZE].
Rep. Jim McDermott (D-WA) said recently that Democrats had better ideas for the $80 billion that Americans contribute to their 401(k) plans each year. "We have to start thinking about whether or not we want to continue to invest that $80 billion for a policy that's not doing what we say it should." Sen. Obama would likely sign on to the plan as president.Obama, McDermott, and Congressional Democrats miss the point that [SIZE=12pt]under current law, Americans have control over their retirement savings, where and how it is invested, and when and how much they contribute. The idea to nationalize retirement savings is another example of Democrats' socialist proclivities. They want control of Americans' retirement to reside in Washington DC, not on Main St., all in the name of "retirement security." [/SIZE]
http://news.aol.com/political-machine/2008...nd-401-k-plans/
House Democrats: Abolish 401k Tax Breaks, Create New Tax
What do Democrats do when they see a system or program that isn't working? They throw more money at it, or recreate the same system under another name, or both.
Social Security (or rather, Socialist Security) has been revealed as the glorified government-mandated ponzi scheme that it is, and the Democrats answer is to create another version of it.
Workforce Management says [SIZE=12pt]House Democrats are looking at another plan to tighten the goverment's grip on your life, your retirement, and take a bigger chunk of your paycheck.A plan by Teresa Ghilarducci, professor of economic-policy analysis at the New School for Social Research in New York, contains elements that are being considered. [/SIZE]She testified last week before Miller’s Education and Labor Committee on her proposal.
At that hearing, the director of the Congressional Budget Office, Peter Orszag, testified that some $2 trillion in retirement savings has been lost over the past 15 months.
Under Ghilarducci’s plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but 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.
[SIZE=12pt]The current system of providing tax breaks on 401(k) contributions and earnings would be eliminated[/SIZE].
“I want to stop the federal subsidy of 401(k)s,” Ghilarducci said in an interview. “401(k)s can continue to exist, but they won’t have the benefit of the subsidy of the tax break.”
[SIZE=12pt]So the Dems want to take away the tax breaks for 401ks...and tax you yet another 5%[/SIZE]???And this idiotic program would be nothing more than a Social Security spinoff. It's just more of the same government-mandated socialist ineptitude.
The definition of "reform" in the Democrat playbook is ludicrous. Keep doing things that don't work. Come up with new ways to do the same things that don't work. Tax more. It'll all be fine.
We need to end that--now.
http://www.dakotavoice.com/2008/10/house-d...tax-breaks.html
The Social Security system is failing - Why do they think we trust them to responsibly handle our 401 K plans!!! Folks you need to email every person you know that has a 401K plan now!!!!!!!!!!!! Obama will sign anything the democrats put in front of him......
You are putting the fox in the hen house -
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