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melbalalala
Little Lady
Member since 5/07 5014 total posts
Name:
Melissa
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Ack! House Democrats contemplate abolishing 401(k) tax benefits.
Will Americans have control over ANYTHING for themselves anymore?
Link to Article
In a nutshell, Democrats (of which I used to be proud to be) are recommending abolishing the tax breaks on 401(k)s. This will abolish the incentive for employers to match contribution.
In it's place they recommend "all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation. "
Ohhh 3 percent. Makes sense for those of us that like to have our $$ in agressive investments when we are young, right?
Yes, people are losing value in their retirement accounts because of the stock market, but they knew that was always a possibility. If they were near retirement, they should have invested in less risky investments.
The solution is not some kind of government-operated pension system.
Yikes!
Thoughts?
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Posted 10/22/08 11:56 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
oh lord.
that is NG!
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| Posted 10/22/08 11:59 AM |
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MarisaK
HELLO Manolo !!
Member since 5/06 14562 total posts
Name:
Marisa
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
This is scary -
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| Posted 10/22/08 11:59 AM |
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bluegreen08
LIF Adolescent
Member since 10/07 574 total posts
Name:
a
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
i hope that doesnt pass
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| Posted 10/22/08 12:00 PM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
 
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| Posted 10/22/08 12:00 PM |
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Linda1003
love my 2 boys
Member since 8/08 10923 total posts
Name:
Linda
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
Can't stand it anymore!!! Government needs to BACK OFF MY MONEY!!!!!!!!!!!!!!!
This is a major reason I cannot vote Democrat!!!! LET ME MAKE MY OWN DECISIONS ABOUT MY MONEY!!!
Message edited 10/22/2008 12:09:45 PM.
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| Posted 10/22/08 12:04 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
I think putting the Social Security Administration in charge of more of my money is a great idea. They have done a fantastic job to date!
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| Posted 10/22/08 12:13 PM |
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mrsej
The cutest!
Member since 1/07 2495 total posts
Name:
Mommy
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
I just got a migraine - just confirmed that I need to change my party designation from Democrat to I don't know what...I actually threw a folder across the room after i read this.
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| Posted 10/22/08 12:17 PM |
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metagefken
LIF Adolescent
Member since 5/08 679 total posts
Name:
J
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
this is not good at all and wrong on so many levels. the social security administration is in a bind. this is a clever way for them to get their hands on money they desperately need now that the baby boomers are coming into retirement age in large numbers. maybe if the government had handled the SSA the way they should have it wouldnt be in this fix. what a mess!
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| Posted 10/22/08 12:21 PM |
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DandN
Twins are here!
Member since 3/06 3597 total posts
Name:
Deirdre
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
Oh lord - I really hope that doesnt even go to a vote.
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| Posted 10/22/08 12:21 PM |
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Linda1003
love my 2 boys
Member since 8/08 10923 total posts
Name:
Linda
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
Posted by mrsej
I just got a migraine - just confirmed that I need to change my party designation from Democrat to I don't know what...I actually threw a folder across the room after i read this.
ITA!!! When is this madness going to stop!!!!!
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| Posted 10/22/08 12:21 PM |
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Linda1003
love my 2 boys
Member since 8/08 10923 total posts
Name:
Linda
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
You know.. I just have to vent.. It really bothers me that a thread about Palin's wardrobe gets sooo many viewsand replies...and this has 11 replies!!!!
People need to discuss these issues..not how much is spent on a wardrobe!!!
Message edited 10/22/2008 12:33:06 PM.
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| Posted 10/22/08 12:25 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
I don't see this as EVER passing.
if politicians thought they had a lot of phone calls with the BAILOUT...forget it.
there are too many moderate democrats and repubs in Congress....they won't go for it.
$600 towards THOUSANDS of dollars in taxes is nothing.
unless you invest that $600 in some kind of high interest cd or something...
since you can still have the 401k, you'd just pay taxes on the contributions and the earnings...
someone smarter than I would have to figure this out and spit it back to me in small bites 
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| Posted 10/22/08 12:29 PM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
Posted by Linda1003
Can't stand it anymore!!! Government needs to BACK OFF MY MONEY!!!!!!!!!!!!!!!
This is a major reason I cannot vote Democrat!!!! LET ME MAKE MY OWN DECISIONS ABOUT MY MONEY!!!
 Lets raise the capital gains and estate taxes as well.
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| Posted 10/22/08 12:29 PM |
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mrsej
The cutest!
Member since 1/07 2495 total posts
Name:
Mommy
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
Posted by Ophelia
I don't see this as EVER passing.
if politicians thought they had a lot of phone calls with the BAILOUT...forget it.
there are too many moderate democrats and repubs in Congress....they won't go for it.
$600 towards THOUSANDS of dollars in taxes is nothing.
unless you invest that $600 in some kind of high interest cd or something...
since you can still have the 401k, you'd just pay taxes on the contributions and the earnings...
someone smarter than I would have to figure this out and spit it back to me in small bites
I hope you are right, but even the fact that this is a consideration, an actual consideration, is mind boggling.
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| Posted 10/22/08 12:30 PM |
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Diane
Hope is Contagious....catch it
Member since 5/05 30683 total posts
Name:
D
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
I am registered Democrat, but this is one reason why Obama DOES NOT have my vote.....nor did he ever
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| Posted 10/22/08 12:30 PM |
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Linda1003
love my 2 boys
Member since 8/08 10923 total posts
Name:
Linda
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
Posted by mommy2Alex
Posted by Linda1003
Can't stand it anymore!!! Government needs to BACK OFF MY MONEY!!!!!!!!!!!!!!!
This is a major reason I cannot vote Democrat!!!! LET ME MAKE MY OWN DECISIONS ABOUT MY MONEY!!!
Lets raise the capital gains and estate taxes as well.
AND PLEASE TAX THE CRA* OUT OF MY TINY LITTLE DIVIDENDS THAT I GET WITH MY INVESTMENTS.. THAT WILL HELP ME OUT ALOT!!!
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| Posted 10/22/08 12:31 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
Posted by Diane
I am registered Democrat, but this is one reason why Obama DOES NOT have my vote.....nor did he ever
but this is NOT Obama's plan.
I don't care that you aren't voting for him, but don't confuse the two. that would be unfair.
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| Posted 10/22/08 12:33 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
Posted by mrsej
Posted by Ophelia
I don't see this as EVER passing.
if politicians thought they had a lot of phone calls with the BAILOUT...forget it.
there are too many moderate democrats and repubs in Congress....they won't go for it.
$600 towards THOUSANDS of dollars in taxes is nothing.
unless you invest that $600 in some kind of high interest cd or something...
since you can still have the 401k, you'd just pay taxes on the contributions and the earnings...
someone smarter than I would have to figure this out and spit it back to me in small bites
I hope you are right, but even the fact that this is a consideration, an actual consideration, is mind boggling.
I agree. I mean I understand considering every proposal to help save SS...but I hope this isn't the only/best one they got  
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| Posted 10/22/08 12:34 PM |
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Linda1003
love my 2 boys
Member since 8/08 10923 total posts
Name:
Linda
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
Posted by Ophelia
Posted by Diane
I am registered Democrat, but this is one reason why Obama DOES NOT have my vote.....nor did he ever
but this is NOT Obama's plan.
I don't care that you aren't voting for him, but don't confuse the two. that would be unfair.
Sounds right up his alley though.. being one of the most liberal dems out there.
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| Posted 10/22/08 12:34 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
It Will Never Happen.
NEVER
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| Posted 10/22/08 12:35 PM |
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Diane
Hope is Contagious....catch it
Member since 5/05 30683 total posts
Name:
D
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
Posted by Linda1003
Posted by Ophelia
Posted by Diane
I am registered Democrat, but this is one reason why Obama DOES NOT have my vote.....nor did he ever
but this is NOT Obama's plan.
I don't care that you aren't voting for him, but don't confuse the two. that would be unfair.
Sounds right up his alley though.. being one of the most liberal dems out there.
ITA
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| Posted 10/22/08 12:35 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
Posted by Diane
Posted by Linda1003
Posted by Ophelia
Posted by Diane
I am registered Democrat, but this is one reason why Obama DOES NOT have my vote.....nor did he ever
but this is NOT Obama's plan.
I don't care that you aren't voting for him, but don't confuse the two. that would be unfair.
Sounds right up his alley though.. being one of the most liberal dems out there.
ITA
still unfair. and sad.
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| Posted 10/22/08 12:39 PM |
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bigspender
Back to school
Member since 4/07 1385 total posts
Name:
Irene
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
Posted by Blu-ize
It Will Never Happen.
NEVER
Agree.
This is also why we need less government.
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| Posted 10/22/08 12:41 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Ack! House Democrats contemplate abolishing 401(k) tax benefits.
this is a non-issue. It's not going to happen.
In a gazillion years.
This has been concocted years ago and it gets brought up every decade or so.
No matter who is in office..it doesn't matter.
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| Posted 10/22/08 12:46 PM |
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