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Miller has been thinking about it, and this is what he and his fellow democrats have come up with:
Eliminate the 401k tax breaks
Buy up 401ks at pre-crash values and pay a straight 3% interest on contributions
Make those contributions of 5% of net salary mandatory
Administer 401ks as part of the Social Security system
Pay-out 401k funds along with Social Security payments
Well, there you have it. I really did not know that the dems were already thinking about this now, but it makes perfect sense.
Folding our 401Ks and retirement plans into social security or performing a "retro-active tax" will be done out of "fairness". Other, less fortunate individuals, were unable to generate retirement being too lazy, stupid, or poor planners. Therefore, out of "fairness" we will probably lose our retirements to the feds, only to be redistributed. Not doing so would be "selfish".
Another possibility is cost averaging SS with 401(k) withholdings. If you've saved for your retirement, you get a smaller social security check. Remember, whatever's "good for the country".
Another possibility is cost averaging SS with 401(k) withholdings. If you've saved for your retirement, you get a smaller social security check. Remember, whatever's "good for the country".
Another possibility is capital punishment for everyone over 70, with nationalization of their assets.
Precisely as realistic as any of the suggestions that you've made here.
Another possibility is cost averaging SS with 401(k) withholdings. If you've saved for your retirement, you get a smaller social security check. Remember, whatever's "good for the country".
This administration wants to discourage all personal responsibility and have everyone of us dependent on the government for our every need.
Last edited by AuDiBelle; 03-25-2010 at 10:41 AM..
I wonder how much extra tax money was/will be/is hoped for because of the new Roth conversion rules
A possibility would be that 401's be required to convert but with the 10% penalty dropped so that the due taxes can be paid
Another possibility is capital punishment for everyone over 70, with nationalization of their assets.
Precisely as realistic as any of the suggestions that you've made here.
Really?
I would not be so sure. It makes perfet sense if one thinks as a socialist. Just where do you suppose the money for all these entitlements will come from? There is a finite amount of resources and apparently an infinite appetite for those resources.
What other source do you suppose will be pursued?
Obviously, spending will continue and necessarily escalate after this plan, coupled with the burdens of medicare and social security. So there is no hope of spending cuts. If no spending cuts, then revenues through taxation, confiscation, or increased borrowing must occur. I am afraid the appeal of our bonds will certainly not be better in the future than it is now, and the zeal of other nations for our debt has diminished. So increased borrowing is out.
Obama's buddies, the SEIU, wants everyone's 401k to subsidize their underfunded pensions:
"The proposed retirement system would be operated under the following parameters: - Pooled assets, controlled by professional investment managers" Moneynews - Unions Want to Take Over Your 401(k)
It won't be your money anymore. Whatever you have managed to save for your retirement is turned over to the asset pool to fund everyone's retirement.
Physical gold, bought with cash. No fuss, no muss and you can avoid all of the bureaucracies and money grabbers.
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