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Campfire Regular
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OP
Campfire Regular
Joined: Feb 2001
Posts: 1,918 |
Have any of you heard about this? I heard Rush Limbaugh talking about this tonight on Fox News, so I did a little research and found numerous sites about this. Here is one on them. http://www.gopusa.com/theloft/?p=814Seems the Dems are looking into a plan that would buy out your transfer your 401ks with government created guaranteed retirement accounts (GRAs) for every worker. The government would then deposit $600 every year into the GRAs. Each worker would have to save 5% of pay into the accounts, to which the gov would pay 3% return. This would take away any tax free benefits for you and the companies that now give 401k matching. I would think doing away with 401ks would kill the stock market even further, thus causing severe hardships on many companies that many people rely on for their lively hoods. How stupid can they be? This is some scary sh!!t
3825 24336
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Campfire Kahuna
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Campfire Kahuna
Joined: Nov 2003
Posts: 67,781 Likes: 6 |
no, they don't want to do away with them, but snuggled up in those existing plans, is a couple of trillion UNTAXED dollars.......belonging to rich white folks, ya know?
Sam......
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Joined: Jul 2008
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Campfire Tracker
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Campfire Tracker
Joined: Jul 2008
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I've heard they are VERY serious about doing away with the pre-tax contributions: i.e., your contributions would be made after tax. They claim they could generate something like $80 billion per year in tax revenue that's currently a "loophole" by doing this.
Don't know if the GRA idea would fly but I can see them closing the "tax loophole" if they have a majority. The only way I would accept this is if you could cash them out later tax-free. Otherwise, it's double taxation.
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Joined: Jan 2004
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Campfire Tracker
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Campfire Tracker
Joined: Jan 2004
Posts: 6,790 |
I would think doing away with 401ks would kill the stock market even further, thus causing severe hardships on many companies that many people rely on for their lively hoods. How stupid can they be?
It's not about stupidity, it's about control. Find me a liberal who doesn't want to mind your business.
Jeff
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Campfire Kahuna
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Campfire Kahuna
Joined: Nov 2003
Posts: 67,781 Likes: 6 |
or, let me in, MINE your business as well as MIND it. All a small business is to a dhimmicrat is a source of additional tax revenue.
Sam......
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Joined: Jan 2004
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Campfire Tracker
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Campfire Tracker
Joined: Jan 2004
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Otherwise, it's double taxation. And the sales tax, license fees, property tax, etc. that you will satisfy with those dollars isn't?
Jeff
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Joined: Jan 2004
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Campfire Tracker
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Campfire Tracker
Joined: Jan 2004
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Well, there is that. 
Jeff
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Joined: Jun 2005
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Campfire Greenhorn
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Campfire Greenhorn
Joined: Jun 2005
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401K + Democrat + Reid + Pelosi = no money for you..But, not to worry and go ahead and feel good about yourself, for it will be used to "REdistribute....ho ho ho....SOL
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Campfire Oracle
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Campfire Oracle
Joined: Oct 2005
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They're too late.
Ben Bernanke and the Wall Street boys have already taken them.
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Joined: May 2003
Posts: 31,285 Likes: 9
Campfire 'Bwana
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Campfire 'Bwana
Joined: May 2003
Posts: 31,285 Likes: 9 |
Just when will some of use finally realize that in the Democratic People's Republic of the USA, there will be only two entities, the Government and the enslaved public?
Cleverly disguised as a responsible adult.
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Joined: Oct 2005
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Campfire Oracle
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Campfire Oracle
Joined: Oct 2005
Posts: 79,321 Likes: 2 |
Just when will some of use finally realize that in the Democratic People's Republic of the USA, there will be only two entities, the Government and the enslaved public? Not as long as partisanship remains.
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Campfire Tracker
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Campfire Tracker
Joined: Mar 2006
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Face it they want to tax you when you earn tax you if you save and tax you when you die, if they could figure a tax on air they would
Declaration of Independance, in ENGLISH
U.S. Constitution, in ENGLISH
U.S. Bill of Rights, in ENGLISH
If you cannot or don't want to learn ENGLISH, go back to the third world cesspool you came from
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Campfire Oracle
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Campfire Oracle
Joined: Oct 2005
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Partisanship causes people to believe that no matter how bad things get,.. relief is only as far away as voting out Tweedle Dum and voting in Tweedle Dee.
It also makes people force themselves to believe that all the bad stuff which the government imposes on the people is only instigated by *one* of the dominant political parties.
Consequently,..any political leader can do whatever he wants and only be held responsible for it by roughly half the populace.
By the time most people become aware of the game, they're old and don't stay around long enough to make a change in the process,...and a whole new generation of voters gets the game played on them for several cycles until they too wise up,...but by then they're on their way out of the picture too.
Behind the facade,...both of the dominant political parties are representing the same, elite cast of characters.
You're not one of them.
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Joined: Dec 2002
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Campfire Ranger
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Campfire Ranger
Joined: Dec 2002
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Both parties have been salivating at the untapped tax revenue from retirement programs for years. Only difference is that the demoncraps have been more vocal............................
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Campfire Ranger
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Campfire Ranger
Joined: Dec 2002
Posts: 17,278 |
I've heard they are VERY serious about doing away with the pre-tax contributions: i.e., your contributions would be made after tax. That'd be a serious mistake. 401Ks are heavily government-restricted and government-controlled, and they represent vast amounts of money that the government can direct with the stroke of a pen, because all the penalties for early withdrawal prevent people from taking their money out. The only reason people put their money in a place like that is the pre-tax "loophole." Take that away, and 401Ks instantly become so unattractive that nobody in his right mind would continue to contribute. Instead they would put their money in places that were much less accessible to government. If the Democrats want to keep control of your money, they would be exceedingly unwise to "close the pre-tax loophole."
"But whether the Constitution really be one thing, or another, this much is certain--that it has either authorized such a government as we have had, or has been powerless to prevent it. In either case, it is unfit to exist." --Lysander Spooner, 1867
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Joined: Oct 2004
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Campfire Ranger
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Campfire Ranger
Joined: Oct 2004
Posts: 24,670 Likes: 1 |
Partisanship causes people to believe that no matter how bad things get,.. relief is only as far away as voting out Tweedle Dum and voting in Tweedle Dee.
It also makes people force themselves to believe that all the bad stuff which the government imposes on the people is only instigated by *one* of the dominant political parties.
Consequently,..any political leader can do whatever he wants and only be held responsible for it by roughly half the populace.
By the time most people become aware of the game, they're old and don't stay around long enough to make a change in the process,...and a whole new generation of voters gets the game played on them for several cycles until they too wise up,...but by then they're on their way out of the picture too.
Behind the facade,...both of the dominant political parties are representing the same, elite cast of characters.
You're not one of them. You nailed it right on the head. We, the middle class, HAVE NO REPRESENTATION.
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Joined: Oct 2004
Posts: 24,670 Likes: 1
Campfire Ranger
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Campfire Ranger
Joined: Oct 2004
Posts: 24,670 Likes: 1 |
The 401k law is a bit of a mess; but I'd be awfully suspect about turning everything over to the gubmint. Look what they did with Social Security; they looted it. Now if we turn over our retirement, they'll loot it as well.
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Joined: Oct 2004
Posts: 60
Campfire Greenhorn
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Campfire Greenhorn
Joined: Oct 2004
Posts: 60 |
KevinGibson said:
"Look what they did with Social Security; they looted it. Now if we turn over our retirement, they'll loot it as well."
He's right on the money. The dimmocrats will use fear tactics of these financial times to convince you that their idea is better, just to get control. They're doing it with health care also, they want control of that too. We have the best healthcare in the world, as long as the government isn't involved.
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