Congress is Considering Stealing From Our 401ks

[WinterBorn]

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.​

Why not? They already stole our Social Security. The politicians are always talking about how SSI is bankrupt. The reason? Congress "borrowed" the money we put in there. I can find no record of any payments being made to try and repay it. Funny how that works, huh?

 

[JimBowie1958]

Why not? They already stole our Social Security. The politicians are always talking about how SSI is bankrupt. The reason? Congress "borrowed" the money we put in there. I can find no record of any payments being made to try and repay it. Funny how that works, huh?

IT's complicated, but a special issue series of Treasury bonds are issued to the SSA in return for the funds that Congress annually rifles from the SSA.

But when they have to start buying back those bonds they do speak of SSA being insolvent.