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Kurr
1000+ Penny Miser Member
2906 Posts |
 Posted - 11/10/2008 : 08:52:14
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Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs
By Karen McMahan
November 04, 2008
RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.
Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.
The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
Rep. George Miller, D-Calif., chairman of the House Committee on Education and Labor, in prepared remarks for the hearing on “The Impact of the Financial Crisis on Workers’ Retirement Security,” blamed Wall Street for the financial crisis and said his committee will “strengthen and protect Americans’ 401(k)s, pensions, and other retirement plans” and the “Democratic Congress will continue to conduct this much-needed oversight on behalf of the American people.”
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The silver [is] mine, and the gold [is] mine, saith the LORD of hosts. Hag 2:8 [/b]
He created it. He controls it. He gave it to us for His use. Why did we turn from sound scriptural currency that PROTECTS us?
KJV Bible w/ Strong's Concordance: http://www.blueletterbible.org/
The book of The Hundreds: http://www.land.netonecom.net/tlp/ref/boh/bookOfTheHundreds_v4.1.pdf
The Two Republics: http://www.whitehorsemedia.com/docs/THE_TWO_REPUBLICS.pdf
Good reading: http://ecclesia.org/truth/government.html
A number of people are educated beyond, sometimes way beyond, their intelligence. - Tenbears
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 11/10/2008 : 09:21:40
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"Employers no longer would be able to write off their contributions" so the employers have a real cost (5% of wages in the proposal) but they can't deduct it? The employers would then be taxed again on money they already paid out on this tax. Really tough on service industries that are labor intensive.
"When broken out by family income, low-income U.S. households said the “government” was the most important retirement support, whereas high-income families ranked “government” last and “self” first (You must be logged in to see this link.)." I don't think the high income people feel that they are responsible for thier own retirement because they have high incomes - rather I suspect that high income people have higher incomes BECAUSE they feel more responsible for thier retirement (and the rest of thier lives too).
"In place of tax breaks workers now receive for contributions and thus a lower tax rate, workers would receive $600 annually from the government, inflation-adjusted. For low-income workers whose annual contributions are less than $600, the government would deposit whatever amount it would take to equal the minimum $600 for all participants." A national manditory welfare program worth just $2 every working day.
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“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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Nickelless
Administrator
USA
5580 Posts |
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JerrySpringer
Penny Hoarding Member
669 Posts |
Posted - 11/11/2008 : 14:36:45
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| Employers are not really altruistic with their 401ks. They do it because they need to attract workers. I see a shell game going on if the 401k options get torpedoed. It is not like employers have to draw from their profit any more than they have to fund 401ks. Your total compensation and industry salary tallies already have already been figured for 401k employer outlays. |
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Delawhere Jack
1000+ Penny Miser Member
USA
1680 Posts |
Posted - 11/11/2008 : 17:05:23
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Bottom line, they (Gov), would throw it into the general fund and p!ss it away just like they've done with EVERY CENT of Soc Sec funds they've ever collected.
There is no Soc Sec trust fund. Hasn't been since the late 60's, and now they wanna grab our private retirement accounts? I think NOT!
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"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty." Thomas Jefferson
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fb101
Administrator
USA
2856 Posts |
Posted - 11/11/2008 : 18:36:49
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Face it comrades, One party has the presidency, the house, and the senate. Whatever happens is unstoppable. I wouldn't be surprised if they pass a law banning elections, or do something to permanenlty cripple the other side. Sen scummer (intended)wants to force radio stations to carry liberal agenda (from a live interview, not rumor)
Welcome to the USSA. |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 11/11/2008 : 18:59:59
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Kinda makes me glad the company I work doesn't offer a 401k....
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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mickeyman
Penny Pincher Member
Canada
243 Posts |
Posted - 11/14/2008 : 18:47:40
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| This step may be a necessity to keep the game of the US Treasury auction going. If China and other countries are less interested in buying up Treasuries, then you have to find other buyers or else face an explosive increase in interest rates. The trick is, how long would this particular intervention work? |
Not all who wander are lost. |
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Dems Target Private Retirement Accounts
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