I hope many of you don't have 401K's or company match 401K. This would hurt me personally and scares me.
http://www.workforce.com/section/00/...e/25/83/58.php
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I hope many of you don't have 401K's or company match 401K. This would hurt me personally and scares me.
http://www.workforce.com/section/00/...e/25/83/58.php
Some quotes from the article:
...are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.
...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 current system of providing tax breaks on 401(k) contributions and earnings would be eliminated.
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.
Don't worry, when they figure out this scheme is expensive "suggested" euthanasia will become all the rage.
If this horrible plan ever gets any legs, I will have to start looking for another place to live. We already have the sh*t show that is Social Security, why add to that with some other useless government program where they will just piss away our money. I swear I am going to lose it. I am tired of government thinking they know how to spend my money better than I do. Terrible laws like this are what revolutions are made of.
O Canada!Originally Posted by dhussdawg
Our home and native land!
True patriot love in all thy sons command.
With glowing hearts we see thee rise,
The True North strong and free!
From far and wide, O Canada,
We stand on guard for thee.
God keep our land glorious and free!
O Canada, we stand on guard for thee.
O Canada, we stand on guard for thee.
Isn't it insane that they can throw this garbage out there before the election and people are so blinded they don't think this is a bad thing!!!! I would actually be surprised if this did happen any time soon due to the fallout that it would create. They would have to revamp the entire federal employee retirement system as well in the process. The Thrift Savings Plan (401k) is basically the retirement plan now as it is for most places. I just don't think they can get this garbage passed. The fact that they want to though is scary. We are about to put idiots in control of our county.
Yarfunkle.. are you a current student at Tech? If not, when did you graduate and what was your major?
Nah...he's just another liberal idiot in search of his village!
I'm an asshole! What's your excuse?
Current student, 4th year, CIS.
An 'I' away from a real degree...
(Just a CS major messing with you)
What pisses me off is that Dems claim to be fighting for the middle class. Obama can laugh about Joe the Plumber not making 250K, but I bet the average Joe the Plumber has a 401K. If not, the average Joe the accountant or Joe the engineer sure as hell does.
We just better brace ourselves. Socialism (at some level) is coming.
Thanks for the link.
A Beatles' song is playing over and over in my mind.
You say you want a Revolution...
I've about had it with this idiots.
The death tax would be 50%. This should get people's attention, but what most don't realize is that it is not far from 50% now.
Never understood why a retiree would want to continue "saving" the untaxed money while spending down what they've already paid taxes on just to leave more for Uncle Sam.
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