Congressional Democrats Want to Take Away Your 401K
October 25, 2008 · Published By Admin
401K plans are at risk even under the current Congress with a much more risky Congress possibly being elected on November 4, 2008 and pushing forward this radical agenda without opposition.
They’re coming for your 401(k). Congressional Democrats want to end their tax deductibility, take it away, and control it.
» WSJ: Eyeing Your Pension — Are 401(k)s Safe from Congressional Democrats?
Eyeing Your Pension
Are 401(k)s safe from congressional Democrats?
If you have a 401(k) or equivalent retirement plan, you’ve probably been watching nervously the past few weeks as your nest egg has shrunken owing to the current turmoil in the markets.
Well, it could be worse. But don’t take heart, for what we mean is it could get worse. The market turmoil has some politicians on Capitol Hill eyeing the end of the 401(k) as we know it. Workforce Management reports on a hearing of the House Education and Labor Committee earlier this month:
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. .
Read more here: Best of the Web Today – WSJ.com
Congressional Democrats Want to Take Away Your 401K
If you think they can’t or won’t do it, remember what they did to tax policy back around 1987 and how long it took the economy to recover from that foolish escapde.
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
What are you talking about. The republicans brought this mess to the United States populace by borrowing and spending in a fashion that makes the democrats look like Ebeneezer Scrooge. Remember when Georgie Porgy took office with had a balanced budget and a $5trillion debt limit. Now after 8 years of republican president and 6 or 8 years of republican controlled congress we have deficit spending in the budget and a debt level of $11.3 trillion.. You republicans are a bunch of blame slaming, irresponsible jerks.