Is your 401K safe from the Democrats?

Discussion in 'Politics' started by Doc91678, Nov 29, 2012.

  1. Doc91678
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    Doc91678 BANNED

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    Is your 401K safe from the Democrats?​


    By Kingfish
    November 29, 2012

    Suddenly within 24 hours three articles appeared in the NYT, Atlantic Monthly, and Time discussing a Danish "study" about the tax breaks for the 401K plan. Naturally they all discussed whether the government should abolish the tax break for them. What was it they said about never wasting a crisis?


    The NYT published the story "Study Questions Tax Breaks’ Effect on Retirement Savings" on November 25:

    "Every year, the government spends more than $100 billion on tax breaks to encourage Americans to save more for retirement. But a new study suggests such provisions may have little effect on the amount Americans save.

    The finding has particular relevance as Congress looks for ways to raise revenue by reducing tax breaks as part of the year-end budget negotiations..." Article

    That was the opening jab. The Atlantic Monthly followed up with the haymaker with the headline "The 401(k) Is a $240 Billion Waste" and the sub-headline "Why subsidize retirement saving if the subsidies don't work?". The Atlantic argued:

    See:
    Jackson Jambalaya: Coming after your 401K?
     
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  2. Dreamy
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    Dreamy Silver Member

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    Definitely something that I have been watching and reading about here and there. And fuming when I read some of the stuff.

    Why the Government Wants to Hijack Your 401(k) – Money Morning - Only the News You Can Profit From

    These rumors come around every few years but I still worry. I don’t see the government seizing retirement funds but I would not be surprised to see them make changing the quantities and scope of the plans. Maybe decrease 401k contribution amounts. When the government is hurting because of mismanagement none of us are safe from their greed.
     
    Last edited: Nov 29, 2012
  3. rdean
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    rdean rddean

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    Remember, Republicans wanted to "invest" it in the stock market just before the "big crash". Could you imagine the devastation? Even worse than their OTHER fiascoes.
     
  4. Rozman
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    Rozman Gold Member Supporting Member

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    I have been posting here for over a year now that I feel so strongly that
    the Left, the Democrats will have no choice but to grab our 401 k plans.
    This is a huge source of revenue.

    The longer they wait the more money you and I will have grown our "fortune"....
    And who the fuck do we think we are stashing money that the government wants to spend now.
    How dare we deny government what they crave most....cold hard cash....

    I am sure they will be going after our 401k plans pretty friggin soon..
    Go ahead Libs keep voting these pricks in office.



    http://www.csmonitor.com/Business/The-Adam-Smith-Institute-Blog/2011/0102/European-nations-begin-seizing-private-pensions
     
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    Last edited: Nov 29, 2012
  5. Jroc
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    Jroc יעקב כהן Supporting Member

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    It's only fair why should some have more than others:eusa_shifty:
     
  6. Mac1958
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    Mac1958 Platinum Member

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    .

    My gut reaction is that there's no freakin' way the Democrats would try this.

    On the other hand...

    .
     
  7. Skull Pilot
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    There are no tax breaks for a 401k. In fact you pay more in taxes on income from a 401k than you would from a private investment account.

    Sure you can defer taxes while you are working but believe you me the government gets all that back within the first few years of your retirement because the gains in a 401k are taxed as regular income and not as capital gains. And the government tells you how much you have to take out every year or else get raped with penalties.

    It ain't a good deal.

    My advice to anyone offered a 401k is to contribute just enough to max out your employer's match then put any additional savings in an after tax private portfolio.
     
    Last edited: Nov 30, 2012
  8. Two Thumbs
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    The dems are already making plans.

    sorry, I just can't recall her name or position, but she's a doctor of economics and she wants to tax the fuck out of them and lay claim to much of the money.

    When asked, by Marc Levin, if it's Constitutional, she finally confessed it wasn't

    and she didn't care

    she also confessed that SS is a ponzi scheme if the Fed didn't use treasury bills.



    Has anyone heard of any spending cuts?
    no, not from the left

    Will they make the 47% pay a penny more in taxes?
    no, they won't get re-elected and will lose control.

    So guess what?, your 401k is fucked.


    I give it 2 years, tops.
     
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  9. Jroc
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    Liberal elitist want your retirement money



    .

    Teresa Ghilarducci: The 401(k) Retirement System Has Failed - Planning to Retire (usnews.com)
     
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  10. Freewill
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    Freewill Gold Member

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    Hmmm I thought Obama fixed all that.

    Any way 401K is really a vehicle for the traders to rip off the middle class money. Think about all the money going into 401Ks, yet the stock market is relatively flat. Since money going in over money going out drives the stock market with the influx of money I would think that the Stock Market should always be going up. Yet it isn't, they are skimming our money in my opinion.
     

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