Who's your daddy? The Fed expands its role in your personal life

[Vel]

Who's your daddy? The Fed expands its role in your personal life - 09 Jul 2009

Some call it consumer protection. Some say it's necessary because government regulation has broken down and failed us, even though some who are expressing that opinion were heavily involved in the breakdown. Others see it as an ever-growing insult by the federal government, telling us that we are not smart enough to make good decisions, therefore we must leave it up to them. What's the target this time? The Fed is upset because you are not saving enough of your paycheck for a rainy day, and they intend to do something about that by taking your money before you get a chance to spend it. Very few details have been released, but here is the basic plan as reported by The Wall Street Journal.

If currently proposed legislation creating the new Consumer Finance Protection Agency (CFPA) is made into law, the federal government will create a savings account for you, and instead of sending you your tax refund, your overpayment of taxes will automatically be deposited into this account. Any pay raises you earn on your job will not show up in your paycheck, but will also be siphoned off into the new savings account. Out of sight, out of mind, might be the philosophy. You will have the ability to opt out of the new forced savings plan. But supporters of this program say by opting out, you are making a conscious choice not to save... and the federal government is counting on you to not make that decision.

It will be optional, you idiot. That said, it was just fine when every pub since Reagan has been proposing savings accounts for Social Security, health care, etc., eh? Hypocrites all.

Maggie.. I'm an employer. Will I be able to opt out of having to collect the savings and distribute them to where ever they're supposed to go. Will I get paid for being your fucking banker?

 

[Soaring]

You guys have to remember that Social Security started back during the great depression under FDR. Back then nobody had any money to retire on, and spent most of their time in the soup lines and begging. At the time, just like the unions that started then, it was a good idea, but today it has played out its' hand. Yes, if it was a personal savings account that you could not touch until age whatever, then it may still be viable, but not anymore since the GD government keeps sticking its' hands in it for other programs.

 

[nateriver]

Where is this money coming from again?
If you are lucky to still have a job, I don't think it will include raises.
If you are lucky to be one of the few paying ALL the taxes, I don't think there will be any refunds to give.

 

[Soaring]

Where is this money coming from again?
If you are lucky to still have a job, I don't think it will include raises.
If you are lucky to be one of the few paying ALL the taxes, I don't think there will be any refunds to give.

I just got a $600 tax refund a few weeks ago. Was that from the Bush era?

 

[chanel]

Where is this money coming from again?
If you are lucky to still have a job, I don't think it will include raises.
If you are lucky to be one of the few paying ALL the taxes, I don't think there will be any refunds to give.

I just got a $600 tax refund a few weeks ago. Was that from the Bush era?

Nope. It came from the future. Prob. President Sum Ting Wong.

 

[editec]

I see a lot of comments on blogs about this proposed legislation, but I cannot find the proposed legislation itself.

Has legislation to create a Consumer Finance Protection Agency been introduced in Congress, yet?

 

[MaggieMae]

Who's your daddy? The Fed expands its role in your personal life - 09 Jul 2009

Some call it consumer protection. Some say it's necessary because government regulation has broken down and failed us, even though some who are expressing that opinion were heavily involved in the breakdown. Others see it as an ever-growing insult by the federal government, telling us that we are not smart enough to make good decisions, therefore we must leave it up to them. What's the target this time? The Fed is upset because you are not saving enough of your paycheck for a rainy day, and they intend to do something about that by taking your money before you get a chance to spend it. Very few details have been released, but here is the basic plan as reported by The Wall Street Journal.

If currently proposed legislation creating the new Consumer Finance Protection Agency (CFPA) is made into law, the federal government will create a savings account for you, and instead of sending you your tax refund, your overpayment of taxes will automatically be deposited into this account. Any pay raises you earn on your job will not show up in your paycheck, but will also be siphoned off into the new savings account. Out of sight, out of mind, might be the philosophy. You will have the ability to opt out of the new forced savings plan. But supporters of this program say by opting out, you are making a conscious choice not to save... and the federal government is counting on you to not make that decision.

It will be optional, you idiot. That said, it was just fine when every pub since Reagan has been proposing savings accounts for Social Security, health care, etc., eh? Hypocrites all.

Maggie.. I'm an employer. Will I be able to opt out of having to collect the savings and distribute them to where ever they're supposed to go. Will I get paid for being your fucking banker?

How heavy a load is it to fucking MAIL the W-4's in??? It's from that info that IRS, SS and Medicare numbers are calculated.

 

[Vel]

It will be optional, you idiot. That said, it was just fine when every pub since Reagan has been proposing savings accounts for Social Security, health care, etc., eh? Hypocrites all.

Maggie.. I'm an employer. Will I be able to opt out of having to collect the savings and distribute them to where ever they're supposed to go. Will I get paid for being your fucking banker?

How heavy a load is it to fucking MAIL the W-4's in??? It's from that info that IRS, SS and Medicare numbers are calculated.

Well it's obvious that you've never been an employer. You don't mail a W-4 in to anyone. A W-4 is the form an employee fills out to determine how many personal deductions they claim. And yes, collecting the taxes for SS, Medicare and federal withholding are a load. Keeping track of taxes associated with employees is the only reason I hire a CPA monthly. Even though businesses are able to deduct the cost of the CPA from their federal taxes, that deduction is only worth about 10 dollars for every hundred dollars actually spent. Add to that the nuisance of having to remember to make the deposits by the 15th every month and file the quarterlies on time under theat of penalty. I don't need any more paperwork to take me away from actually running my business. And I'm sick of the idea that because I've offered someone a way to earn a living that I've got to take responsibility for their personal business. I hired a guy four months ago and just received notice from the state that I'm now responsible for collecting his child support. I've about had enough.

 

[MaggieMae]

Maggie.. I'm an employer. Will I be able to opt out of having to collect the savings and distribute them to where ever they're supposed to go. Will I get paid for being your fucking banker?

How heavy a load is it to fucking MAIL the W-4's in??? It's from that info that IRS, SS and Medicare numbers are calculated.

Well it's obvious that you've never been an employer. You don't mail a W-4 in to anyone. A W-4 is the form an employee fills out to determine how many personal deductions they claim. And yes, collecting the taxes for SS, Medicare and federal withholding are a load. Keeping track of taxes associated with employees is the only reason I hire a CPA monthly. Even though businesses are able to deduct the cost of the CPA from their federal taxes, that deduction is only worth about 10 dollars for every hundred dollars actually spent. Add to that the nuisance of having to remember to make the deposits by the 15th every month and file the quarterlies on time under theat of penalty. I don't need any more paperwork to take me away from actually running my business. And I'm sick of the idea that because I've offered someone a way to earn a living that I've got to take responsibility for their personal business. I hired a guy four months ago and just received notice from the state that I'm now responsible for collecting his child support. I've about had enough.

I didn't know how mandatory withholding was done, so I apologize for jumping the gun with an assumption. That said, however, with the exception of the latter, you didn't know all that BEFORE you started your business? I am familiar with government forms, and for the most part, they're done pretty much by rote so it would seem that a basic bookkeeper could do that job just as easily as a high-paid CPA.

 

[chanel]

Vel - we have a small business as well and the payroll got too much for me. We use a service now. Worth every penny. We also offer a 401K and the payroll service sends the withholding directly to our plan administrator They also send out the child support payments but of course the guys with multiple kids in multiple states get pissed at us when they don't have shit left at the end of the month.

Save yourself some headaches for a few hundred bucks.

I do not agree with forced savings but I do believe too few people know how to live within their means. Esp the ones with too many kids and too many baby mommas.