Would you support a penalty tax on employees who contribute less than 7% of income to 401k? (dollars, national debt)

[Freesponge]

As a mechanism to make it more attractive for employees to contribute savings towards their own retirement, while also helping those Americans later on have solvency , while also helping them today take courses of action which will help them reduce their own tax burden by deferring more income

And by not doing these things, a penalty tax will be an additional source of Govt revenue to pay the national debt. It probably would be hated but actually very constructive especially that it forces Americans to take retirement more seriously

What could be done is any American with a job offering a 401k benefit who contributes less than 7% of pretax income to the 401k, maybe make it 25% of the amount of the pretax money retained by thwarting those contributions must be paid to IRS annually using After-tax dollars …. So more like a 50% of savings pinch

[bus man]

The government already forces people to contribute to the bottomless pit known as Social Security, and then uses those "contributions" for other people. I'd be OK if they forced people to contribute to their own 401k's, which are owned and controlled by the beneficiary for the specific use as a retirement fund for that person.

[Freesponge]

Originally Posted by bus man

The government already forces people to contribute to the bottomless pit known as Social Security, and then uses those "contributions" for other people. I'd be OK if they forced people to contribute to their own 401k's, which are owned and controlled by the beneficiary for the specific use as a retirement fund for that person.

Yes that would be the plan.

[BlakeJones]

what is it with these wannabe communist ideas

[Freesponge]

Originally Posted by BlakeJones

what is it with these wannabe communist ideas

It’s not a communist plan because it’s Govt enforcing individuals to save the money that is yours to make sure it goes to you

[shadowne]

Originally Posted by BlakeJones

what is it with these wannabe communist ideas

OP appears to be bored. Every random thought becomes a new thread.

[Mathguy]

Most places with 401k's have a company match at 50-100%.

By not putting money in, they're already getting penalized to the tune of that lost match.

Since there is already a mandatory retirement contribution plan in place (Soc. Security), the entire idea just seems redundant.

While making contributions may be the wise long term play, forcing people to do it twice I just can't get behind.

[Three Wolves In Snow]

What is it with people always trying to tell other people what to do with their own hard earned money?

Just leave people alone. If they don't want to contribute to 401k, then let them have that choice.

Stop trying to dig into everyone's wallets and telling them what they have to do with their own damn money!

[vincenze]

The government can confiscate all your savings in 1 second.
It may need your money to save hungry infants, for example.

The US government, for example, has just confiscated all dollars of a big country, which was stupid to store them in US banks.

[Ponderosa]

Yes. All the extra money flowing into securities would allow us to increase the compensation of starving CEOs, pay for more corporate yachts and jets, underwrite space travel for the wealthy etc. Musk could use another 100 billion or so in share value to buy up social media outlets to be sure we get his truth, I'm sure.