« The elements of Barack Obama's Career Path Toward an American Presidency built on Marxism | Main | For Obama voters 'Reality Is Irrelevant' »
October 28, 2008
Democrats considering taxing your 401K
Topics: Political News and commentariesClearly, as evidenced by their intention to tax our 401K plans, the entire Democratic Party has joined with Obama in plans to institute Marxism in America and is making plans to redistribute our hard-earned money to those who are either unwilling or unable, for whatever reason, to work for it themselves. The spirit of freedom and the desire to work hard at getting ahead in pursuit of our share of the American dream will be eliminated, and America will look, feel, and be just like Europe, or worse:
[...] Congressional Democrats might enact legislation taxing 401(k) plans if they obtain a supermajority in Congress after the next election. They have shown an interest in revamping the current system and in eliminating the current tax exclusion from contributions. During the past two weeks, U.S. Rep. George Miller, D-Calif., chairman of the House Education and Labor Committee and U.S. Rep. Jim McDermott, D-Wash., chairman of the House Ways and Means Committee's Subcommittee on Income Security and Family Support have entertained proposals that would tax 401(k) plans. Both held hearings laying the groundwork for future legislation that could eliminate most of the $80 billion in annual tax breaks that investors receive by placing their money in the $3 trillion 401(k) system. The plan, which may serve as a model for this change, is by Prof. Teresa Ghilarducci, professor of economic-policy analysis at the New School for Social Research in New York. It is similar in ways to some European systems. "Actually there are two plans, said Prof. Ghilarducci, "a short-term one and a long-term one. As part of the bailout, I would include a provision for individuals to be able to swap their 401(k)s at its August 2008 value for special issue government bonds paying 3 percent plus inflation." When asked about the terms of the bonds, which she calls "Guaranteed Retirement Accounts" Prof. Ghilarducci remarked that no one ever asked that question. After thinking about it, she said the terms would be the social security eligibility date of the owner.In a must hear related audio, Ghilarducci is interviewed on plan to socialize 401(k) plans (instant Mark Levin classic) and "destroys" her obvious whacko liberal-speak while exposing her clearly communist ideology.
[...] She is proposing that the tax subsidy is eliminated completely. In its place everyone gets a $600 federal income tax credit. This would benefit those who make less. But in the case of the aforementioned example, while people making $40,000 a year would see a net gain; people earning $60,000 per year would experience a net loss. A tax increase by Democrats on those making $60,000 per year would not be in line with the their presidential nominee U.S. Sen. Barack Obama's pledge to only increase taxes on those making $250,000 per year.
Posted by Richard at October 28, 2008 7:18 AM
From the latest rhetoric I think the target is even bolder - government acquisition of 401Ks to pool with Social Security; they're saying it's too risky for folks to have these out on their own ...
Posted by: Steven W. at October 28, 2008 10:33 AM
http://www.arenaofideas.org/?p=1271
http://www.dakotavoice.com/2008/10/house-democrats-abolish-401k-tax-breaks.html
I saw Greta a few nights ago and Rush Limbaugh brought up the fact that the Dems wanted to buy-out personal 401K investments, at their worth in August 2008. They would be willing to give 3% interest annually. Now, I see a few websites, after research, that suggest it is not only true, but that, that will compensate for Barack Obama's tax cut on the 95% of Americans, which is a welfare check. It is a control factor. CONTROL. That is the government he will provide. I think this needs to be revealed BEFORE the election. God Help Us.. Now they want to take what Americans have saved and gain control, demand a minimum of 5% deduction from the paycheck, control it and use it to replenish the Social Security System, or rather in lieu of it. What has happened to all the monies paid to SS? Now they are saying, basically, because they have screwed up, we paid the money, they gambled our money through the years, and now they want to take more. WE PAID INTO SOCIAL SECURITY.
Voters need to know what the Dems already have a plan for because they feel Barack Obama has already won and the House and Congress are controlled by Dems as well. They can do what they want. I am ashamed to say that I voted for Dems in the past. Not this time.
Darla
Posted by: Darla HArvey at October 29, 2008 4:49 AM
Articles Related to Political News and commentaries:
- Democrats considering taxing your 401K - Oct 28, 2008
