The federal government is considering raiding our 401-k plans. Shocker (not).
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Quote:[COLOR="Blue"]Feds eye retirement-fund tax to cut $16 trillion-plus deficit
Uncle Sam, in a desperate attempt to fix its $16 trillion-plus deficit, is leering over Americansâ retirement nest egg as its new bailout fund.
Capitol Hill politicians are assessing tax changes that could let the Internal Revenue Service lay claim to a portion of the $18 trillion sitting in 401(k) accounts and other tax breaks used by middle-class workers, including cutting the mortgage tax deduction.
A commission looking for ways to close the deficit, and, noting the extent of 401(k) tax breaks, recommends an examination of the system as one way to prevent government bankruptcy.
Besides 401(k)s, other possibilities include the mortgage-interest deduction on second homes, as well as benefits from employer-provided health insurance, which are untaxed now.
Under current 401(k) rules, total employee/employer contributions canât exceed $50,000. In the proposed rule change, employer/employee contributions would be limited to 20 percent of the employeeâs compensation, with a maximum of $20,000, the so-called 20/20 proposal.[/COLOR]
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I don't have a 401K. You better get to putting money away somewhere else.
if i was a betting man the crazy's in the house are behind this
TheRealVille Wrote:I don't have a 401K. You better get to putting money away somewhere else.
So? The government does a lot that I disagree with that does not affect me. Do you agree that the government should be going after more tax dollars by considering legislation that would discourage investing in retirement funds? What is being considered is nothing but another tax hike.
vector Wrote:if i was a betting man the crazy's in the house are behind this
The article does not say which, if either party, is pushing this issue. Do you need to know which party is behind this idea to oppose it or support it?
like i said if i was a betting man it would be the crazy's in
the house i hope they do try this then will see how fast they will
fall and by the way the crazy's want to cut the top rate down to 25%
vector Wrote:like i said if i was a betting man it would be the crazy's in
the house i hope they do try this then will see how fast they will
fall and by the way the crazy's want to cut the top rate down to 25%
So, if you are wrong and it is the Democrats who are pushing this because they refuse to cut spending and need to increase taxes, you are still opposed to it?
The article does not say, but for most Republicans, supporting a tax hike like the one proposed by raiding people's 401-k plans would be political suicide. Neal Boortz, a libertarian talk radio host has been predicting that Congress would come after 401-k accounts for several years because politicians lack the will to cut the size of government programs.
Again, the government taken from people that it has no right to do so! Cut spending start at the military and medicare and medicaide 25% from each! Then get rid of the stupid tax code, put a sales tax on every item including food.
On the state level get rid of the income tax and follow Tennessee's lead they are growing leaps and bounds.
Hoot Gibson Wrote:The federal government is considering raiding our 401-k plans. Shocker (not).
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Here is the worst of it. If a government is in financial distress, like ours, money valuation becomes questionable. There won't be anywhere people can put their money to protect it from the errosive effects of inflation and other forces, such as governmental raiding. Investing, or hiding it, or buying gold, will make no difference. The inroads of the Obama administration to further extort our substance, whether it be our savings accounts or through higher taxes, are already set up and the practice of seizing our money has been made to seem moral by the concepts of social justice. The movements like 'Occupy Wall Street' have shown the lengths progressives are willing to go to succeed. So, folks with money are by no means safe. If our monetary foundation collapses under the weight of the demands of socialism, (entitlements), nobody will have anything left. And, what is left will be worthless, or nearly worthless.
If socialism
could have worked, the Berlin Wall would still be standing. People who think this is a matter between the two political parties are naive in the extreme. It has been made to look like a political fight between the haves and the have nots, or dems and republicans, but it is actually the act of Americans giving up their sovereign national rights in the "new world order" and their personal freedoms guaranteed by the Constitution. The "fundamental transformation" of the United States is about a complete redefinition of what America really is. By the time this nightmare has run it's course, just saying "I told you so" will be meaningless.
TheRealThing Wrote:Here is the worst of it. If a government is in financial distress, like ours, money valuation becomes questionable. There won't be anywhere people can put their money to protect it from the errosive effects of inflation and other forces, such as governmental raiding. Investing, or hiding it, or buying gold, will make no difference. The inroads of the Obama administration to further extort our substance, whether it be our savings accounts or through higher taxes, are already set up and the practice of seizing our money has been made to seem moral by the concepts of social justice. The movements like 'Occupy Wall Street' have shown the lengths progressives are willing to go to succeed. So, folks with money are by no means safe. If our monetary foundation collapses under the weight of the demands of socialism, (entitlements), nobody will have anything left. And, what is left will be worthless, or nearly worthless.
If socialism could have worked, the Berlin Wall would still be standing. People who think this is a matter between the two political parties are naive in the extreme. It has been made to look like a political fight between the haves and the have nots, or dems and republicans, but it is actually the act of Americans giving up their sovereign national rights in the "new world order" and their personal freedoms guaranteed by the Constitution. The "fundamental transformation" of the United States is about a complete redefinition of what America really is. By the time this nightmare has run it's course, just saying "I told you so" will be meaningless.
Gold standard makes the most sense: It is determined by minerals not by the "faith" of one country It is accepted as one true currency and that is the reason a while back gold went for $400 to $1800, now it is back down. Quick....which party took us off the gold standard?
Agreed that is why voting for Ron Paul is the only one that makes sense. However, entitlements will only continue with the repbulicrat.
tvtimeout Wrote:Gold standard makes the most sense: It is determined by minerals not by the "faith" of one country It is accepted as one true currency and that is the reason a while back gold went for $400 to $1800, now it is back down. Quick....which party took us off the gold standard?
Agreed that is why voting for Ron Paul is the only one that makes sense. However, entitlements will only continue with the repbulicrat.
Once again you post while your brain is in neutral. Gold is a METAL. Here you go, Gold is a chemical element with the symbol Au (from Latin: aurum " gold") and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile
metal. PS, is a rep bull icrat something new for you, or was that a freudian slip?
I stand corrected Gold is a metal