Mr. T Posted October 27, 2008 Report Share Posted October 27, 2008 Thankfully, since being reported on GOPUSA and other sources, Americans are finally starting to hear about Barack Obama's socialist agenda. His income tax policy of taking money from one group and giving it to another group who doesn't pay income tax is simply a welfare program. With Democrats in charge of the U.S. House, Senate, and the White House, that's exactly the kind of big-government program we would get. And it doesn't stop there. Democrats are now looking at a plan to go after Americans' 401k accounts. These accounts serve as the retirement nest-egg for millions of Americans. They are used because money can be saved in these accounts tax-free. Oh, that is unless that new Democrat plan of "spread the wealth" becomes law. Then, we could all see our 401k tax breaks go out the window... According to a report in U.S. News, Democrats are considering a plan that essentially end 401k plans in favor of a government-run saving plan. As the other notes: I hate to use the "S" word, but the American government would never do something as, well, socialist as seize private pension funds, right? This is exactly what cash-strapped Argentina just did in the name of protecting workers' retirement accounts. Now, even Uncle Sam isn't that stupid, but some Democrats might try something almost as loopy: kill 401(k) plans. House Democrats, looking for a way to have government take over more aspects of our lives, recently heard testimony on a plan promoted by Teresa Ghilarducci, a professor at the New School of Social Research in New York, "on her idea to eliminate the preferential tax treatment of the popular retirement plans." In place of 401(k) plans, she would have workers transfer their dough into government-created "guaranteed retirement accounts" for every worker. The government would deposit $600 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return. The topic is also covered in an article in Workforce Management. The Democrats' plan would target "the $80 billion in annual tax breaks that 401(k) investors receive." In essence, the 401k would lose the benefits that make it popular including the "employer-matching" feature upon which so many average Americans rely. “From where I sit that’s just crazy,” said John Belluardo, president of Stewardship Financial Services Inc. in Tarrytown, New York. “A lot of people contribute to their 401(k)s because of the match of the employer,” he said. Belluardo’s firm does not manage assets directly. Higher-income employers provide matching funds to employee plans so that they can qualify for tax benefits for their own defined-contribution plans, he said. “If the tax deferral goes away, the employers have no reason to do the matches, which primarily help people in the lower income brackets,” Belluardo said. http://www.gopusa.com/theloft/?p=814 Link to comment Share on other sites More sharing options...
Mr. T Posted October 28, 2008 Author Report Share Posted October 28, 2008 you better save your earning now! come Nov 5th foreign investors will be pulling out of America all together. also you should stock up on as much food as you can if Obama wins. Link to comment Share on other sites More sharing options...
Legacy Fan Posted October 28, 2008 Report Share Posted October 28, 2008 Heads would roll. And they should. Link to comment Share on other sites More sharing options...
Westside Steve Posted October 28, 2008 Report Share Posted October 28, 2008 why arent heads rolling over the bankster bailout Because imperfect as the plan was it was deemed necessary to prevent an even bigger financial disaster. Everyone held their noses and voted for it. The "goden prachute" issue is bad PR but really meaningless to the crisis. The stock market ebbs and flows and the housing market will bottom out (if it has not yet) and rise again. I suspect later rather than sooner under Obama. WSS Link to comment Share on other sites More sharing options...
Mr. T Posted October 28, 2008 Author Report Share Posted October 28, 2008 Where can I Get my Golden Parachute? I looked at the Obamanater Tax reduction and I only get $1,000. extra. And Ill bet they cut back on what I can deduct too Bush gave us $1,200. in the stimulus. Link to comment Share on other sites More sharing options...
Pumpkin Eater Posted October 28, 2008 Report Share Posted October 28, 2008 McCain wants to take money from the middle class and redistribute it to the richest 5% of America. How is that not welfare for the rich? Link to comment Share on other sites More sharing options...
Westside Steve Posted October 28, 2008 Report Share Posted October 28, 2008 McCain wants to take money from the middle class and redistribute it to the richest 5% of America. How is that not welfare for the rich? Becaus that money belongs to the rich. Under the present tax system 38 or so percent pay nothing for the services provided by the federal government. Under Obama's it would ne closer to 48% That's nearly half of America not contributing at all. WSS Link to comment Share on other sites More sharing options...
Pumpkin Eater Posted October 28, 2008 Report Share Posted October 28, 2008 McCain wants to take money from the middle class and redistribute it to the richest 5% of America. How is that not welfare for the rich? Becaus that money belongs to the rich. Under the present tax system 38 or so percent pay nothing for the services provided by the federal government. Under Obama's it would ne closer to 48% That's nearly half of America not contributing at all. WSS Why does it belong to the rich? I question your numbers about 38% paying nothing at all. Show me some evidence. Link to comment Share on other sites More sharing options...
osusev Posted October 28, 2008 Report Share Posted October 28, 2008 I wonder how the older populations living on social security would be doing right now if we had privatized Social security to the open market............. Sounds like a good idea from the republicans right? Since we are speaking about retirement plans. What did happen to that pesky social security surplus under Bush Jr and the republican congress?? Link to comment Share on other sites More sharing options...
osusev Posted October 28, 2008 Report Share Posted October 28, 2008 hmmmm the republicans have doubled our debt and borrowing from China to pay for our two occupations in the middle east..... Sounds like fiscal responsibility right because how are we to pay for that? You mean we might have to lose some tax breaks somewhere to stregthen our dollar value by paying down our debt somehow and start to reverse our budget running in the red? How dare those democrats take away something from us that gives us a break and make earning a little harder. I suppose Fiscal responsibility is only popular to the republicans as long as it does not mean actually paying back money from their own pockets... Link to comment Share on other sites More sharing options...
Mr. T Posted October 29, 2008 Author Report Share Posted October 29, 2008 hmmmm the republicans have doubled our debt and borrowing from China to pay for our two occupations in the middle east...... Those same Democrats run both sides of the house. Dont They. they could of stopped it if they chose to. But there isn't a spending bill yet that the democrats have not passed. its unamonous. Link to comment Share on other sites More sharing options...
Mr. T Posted October 29, 2008 Author Report Share Posted October 29, 2008 hmmmm the republicans have doubled our debt and borrowing from China to pay for our two occupations in the middle east...... Those same Democrats run both sides of the house. Dont They. they could of stopped it if they chose to. But there isn't a spending bill yet that the democrats have not passed. Its unamonous The Democrats Love to Spend. But just wait until they get a hold of everyones 401K's the word I heard is there going to lump it in with there existing S.S. and then there will be a large capital gains tax to pay on that when it moves over. and that year alone could put some over the $250,000. mark. Link to comment Share on other sites More sharing options...
osusev Posted October 29, 2008 Report Share Posted October 29, 2008 Hey Mr T the SLIM majority in both the house and the senate that the dems have held for the last 2 years need WHAT? That would be the PRESIDENTS signature.... Bush Jr. is SOOOO known for reaching across the aisle.. Link to comment Share on other sites More sharing options...
Mr. T Posted October 29, 2008 Author Report Share Posted October 29, 2008 That just means that the Democrats passed the spending bill and Bush signed it into law!! Great Point, you made my Point. Bush is really a Democrat! Link to comment Share on other sites More sharing options...
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