Congress is Considering Stealing From Our 401ks

[JimBowie1958]

Congress is considering making our contributions from after tax income and various other things all the way up to simply confiscating them and guaranteeing us our Social Security. But havent they ALREADY guaranteed us our SS?

It may be time to get a whole lot of rope and barricade the DC area and only let people out if they can prove that they are not elected Congresscritters.

Grab Your Pitchforks, America! Look What Congress May Do to All of Our 401(K)s...

They’re considering taxing 401(K) contributions, basically eliminating the benefit of using them.

At a meeting with members of the Senate Banking Committee earlier this month, Gary Cohn, the director of the White House National Economic Council, discussed ideas that would remove pre-tax benefits from retirement accounts including 401(k)s and shift them to after-tax benefits, according to people familiar with the discussions. It wasn’t clear how seriously the administration is evaluating any specific proposal, these people said.

Meanwhile, while they’re considering cutting the benefits from our plans, they enjoy one of the best plans in the country.


Alongside several million U.S. government workers, members of Congress participate in the Federal Employees Retirement System, which wraps their current savings and future pensions in a cushion of comfort that most American workers can only dream of.

Only about 13% of employees nationwide are covered by both a 401(k) and a traditional pension that assures stable, lifelong income, according to the Center for Retirement Research at Boston College; all 535 members of Congress are.​

 

[MeBelle]

This has been floated for years.

 

[blastoff]

A long time ago, five or more years now I'd guess, el Rushbo warned his listeners they'd be coming after our 401k money sometime down the road. I feel another of his "I told you so" follow-ups is forthcoming.

 

[percysunshine]

.
Ha! They will never get to it if I blow it all on booze, hookers, and drugs in Vegas.

The IRS will want a penalty, but I will have already spent it. Good luck to them.

 

[JimBowie1958]

This has been floated for years.

Well now Republicans are discussing it too.

 

[JimBowie1958]

.
Ha! They will never get to it if I blow it all on booze, hookers, and drugs in Vegas.

The IRS will want a penalty, but I will have already spent it. Good luck to them.

They will take out 20% on withdrawal, so no, you wont have already spent it.

 

[JimBowie1958]

A long time ago, five or more years now I'd guess, el Rushbo warned his listeners they'd be coming after our 401k money sometime down the road. I feel another of his "I told you so" follow-ups is forthcoming.

Why does that fat fucker have to be correct so often?

Damn his fat ass.

 

[percysunshine]

.
Ha! They will never get to it if I blow it all on booze, hookers, and drugs in Vegas.

The IRS will want a penalty, but I will have already spent it. Good luck to them.

They will take out 20% on withdrawal, so no, you wont have already spent it.

So I have to invite the bank teller to go to Vegas with me? Ok....

 

[Iceweasel]

Hmmm, I have ROTH IRA and at 62 I supposedly can withdraw without any penalty. If they get serious many put it all in a ROTH?

 

[rightwinger]

Trump wants to cut corporate taxes down to 15%

The money has to come from somewhere....let the retirees pay for it

 

[MeBelle]

This has been floated for years.

Well now Republicans are discussing it too.

Talking about it and doing it re two different things.

 

[2aguy]

Congress is considering making our contributions from after tax income and various other things all the way up to simply confiscating them and guaranteeing us our Social Security. But havent they ALREADY guaranteed us our SS?

It may be time to get a whole lot of rope and barricade the DC area and only let people out if they can prove that they are not elected Congresscritters.

Grab Your Pitchforks, America! Look What Congress May Do to All of Our 401(K)s...

They’re considering taxing 401(K) contributions, basically eliminating the benefit of using them.

At a meeting with members of the Senate Banking Committee earlier this month, Gary Cohn, the director of the White House National Economic Council, discussed ideas that would remove pre-tax benefits from retirement accounts including 401(k)s and shift them to after-tax benefits, according to people familiar with the discussions. It wasn’t clear how seriously the administration is evaluating any specific proposal, these people said.

Meanwhile, while they’re considering cutting the benefits from our plans, they enjoy one of the best plans in the country.


Alongside several million U.S. government workers, members of Congress participate in the Federal Employees Retirement System, which wraps their current savings and future pensions in a cushion of comfort that most American workers can only dream of.

Only about 13% of employees nationwide are covered by both a 401(k) and a traditional pension that assures stable, lifelong income, according to the Center for Retirement Research at Boston College; all 535 members of Congress are.​

The democrats have been pushing this for decades now.....

 

[WorldWatcher]

Hmmm, I have ROTH IRA and at 62 I supposedly can withdraw without any penalty. If they get serious many put it all in a ROTH?

The proposal is to make future contributions to 401Ks (& 403Bs) into Roth like retirement accounts. Pay the tax up front and then the interest and earnings are tax free.


>>>>

 

[JimBowie1958]

Hmmm, I have ROTH IRA and at 62 I supposedly can withdraw without any penalty. If they get serious many put it all in a ROTH?

But 401ks are different since they are from pre-tax income you have to pay a tax on it and they automatically withhold 20% for taxes.

 

[2aguy]

The democrats want to take control of all retirement accounts.....they want to replace them with mandatory "Guaranteed Retirement Accounts" controlled by the government.....if they can get the political power, that is exactly what they will do....

 

[Care4all]

Congress is considering making our contributions from after tax income and various other things all the way up to simply confiscating them and guaranteeing us our Social Security. But havent they ALREADY guaranteed us our SS?

It may be time to get a whole lot of rope and barricade the DC area and only let people out if they can prove that they are not elected Congresscritters.

Grab Your Pitchforks, America! Look What Congress May Do to All of Our 401(K)s...

They’re considering taxing 401(K) contributions, basically eliminating the benefit of using them.

At a meeting with members of the Senate Banking Committee earlier this month, Gary Cohn, the director of the White House National Economic Council, discussed ideas that would remove pre-tax benefits from retirement accounts including 401(k)s and shift them to after-tax benefits, according to people familiar with the discussions. It wasn’t clear how seriously the administration is evaluating any specific proposal, these people said.

Meanwhile, while they’re considering cutting the benefits from our plans, they enjoy one of the best plans in the country.


Alongside several million U.S. government workers, members of Congress participate in the Federal Employees Retirement System, which wraps their current savings and future pensions in a cushion of comfort that most American workers can only dream of.

Only about 13% of employees nationwide are covered by both a 401(k) and a traditional pension that assures stable, lifelong income, according to the Center for Retirement Research at Boston College; all 535 members of Congress are.​

The democrats have been pushing this for decades now.....

No they haven't, it's Repubs who have pushed this, along with cutting our mortgage interest write off....all on your Republican shoulders.... take from the poor, give to the rich by cutting their taxes.

 

[JimBowie1958]

No they haven't, it's Repubs who have pushed this, along with cutting our mortgage interest write off....all on your Republican shoulders.... take from the poor, give to the rich by cutting their taxes.

http://nypost.com/2015/02/28/white-house-looking-to-creep-into-401ks/

Virginia Speaker William Howell says Congress is considering confiscating 401(k)s and IRAs

 

[Davocrat]

This has been floated for years.

Well now Republicans are discussing it too.

Talking about it and doing it re two different things.

Yeah right.

 

[JusticeHammer]

I remember George W. Bush wanted to tax pre contributions to 401k's to, then 9-11 kinda preoccupied him.

 

[my2¢]

The way I read it I get impression that existing pre-tax 401k money is safe, but all new money must be contributed on an after-tax basis. My guess is that the administration is looking for all the dough they can get their hands on now to fund the tax cuts they want to get through congress. Glad I retired a week after Trump came into office and stopped worrying about such matters.