House Democrats Contemplate Abolishing 401(k) Tax Breaks

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CountryBoy said:
What is this? Am I reading this right. Another tax hike by abolishing matching fees on our contributions. The libs/socialists just can't wait to tax us. If I'm reading this wrong please let me know, but I sure don't like the sound of it. The Nanny state is already eye balling our money.


http://www.workforce.com/section/00/article/25/83/58.php

CB
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That ain't gonna happen. Just more "Scare Tactics" put out to move voters.
Anyone who believes that needs to purchase my shares in a bridge. :blink:
Sometimes, I really can't believe how gullible people can be.
 
The HalfBreed said:
That ain't gonna happen. Just more "Scare Tactics" put out to move voters.
Anyone who believes that needs to purchase my shares in a bridge. :blink:
Sometimes, I really can't believe how gullible people can be.
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You need to check out the Wall Street Journal and their article on this and CNBC was also discussing this as being on the table with some of their guest economists. I can't believe how ill informed some folks are. ;) And they say ignorance is bliss. I hope it doesn't happen, but being gullible ain't one of my traits, it's more of being prepared for the worse and not being so blissful.

CB
 
This is a link from our friends at FedSmith.com, with more scare tactics. ;)

http://www.dcexaminer.com/opinion/S..._the_Feds_Replace_it_With_the_GRA_112008.html

This idea keeps bubbling to the surface, but this is the first time they used the wording

"Teresa Ghilarducci of the New School for Social Research has proposed a plan to let workers trade their current 401(k) plans in for a Guaranteed Retirement Account (GRA). "

I wonder if "to let" could be considered voluntary?

CB
 
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Re: Abolishing 401(k) Tax Breaks

FedSmith, CNBC, The Wall Street Journal, are not Congress. These are trial balloons to guage the response. The time to pay attention is if - and when - Congress begins talking. They have the same retirement plan we do, so I'm sure we'll come out alright. :)
 
Re: Abolishing 401(k) Tax Breaks

jimijr said:
FedSmith, CNBC, The Wall Street Journal, are not Congress. These are trial balloons to guage the response. The time to pay attention is if - and when - Congress begins talking. They have the same retirement plan we do, so I'm sure we'll come out alright. :)
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I hope you're right but did you even read the articles? The latest link's first 2 paragraphs discussing the 401K plan :

" When ideas emerge out of fear instead of facts, the consequences can be disastrous. Amid the tumultuous stock market and worries about the cost of federal bailouts, policymakers, politicians, and presidential candidates are focusing now on 401(k) plans.

At a recent hearing before the House Committee on Labor and Education, several experts testified about the effect of the financial crisis on these defined-contribution retirement plans, all but sounding the death knell for 401(k) plans."

It sure looks like to me that Congress is talking and also listening. And you really think that Congress isn't above exempting themselves from these ideas? :laugh: Here's your sign. If they thought for a moment they'd have to play by the same rules as us worker bee's, these trial balloons, wouldn't have made it off the ground. Now they might make it apply to just new hires or those folks that only have a few years of service. I can see that happening. But regardless, when someone starts discussing my retirement money, that gets my attention and I take it serious.

But don't be so naive, to think that our Congress is looking out for our best interests. These bailouts alone, will haunt our grandchildren, heck maybe even our great grandchildren for years.

CB
 
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James48843 said:
No traction on the issue- just some ideas floated, that's all.

Besides- what she advocates is giving people an option to trade 401K money for a fixed pension.

Here is a copy of her testimony to Congress:

http://www.house.gov/ed_workforce/testimony/2008-10-07-TeresaGhilarducci.pdf

It makes interesting reading. She blames 401(k)s for the stock market crash.
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I can live with having the option, I believe I even mentioned that earlier on. But with companies halting their matching funds, I think this is just the start of something where we come out on the short end of the stick. But then we do have divergent views especially, on governement intervention in ones personal life. :)

CB
 
Re: Abolishing 401(k) Tax Breaks

jimijr said:
FedSmith, CNBC, The Wall Street Journal, are not Congress. These are trial balloons to guage the response. The time to pay attention is if - and when - Congress begins talking. They have the same retirement plan we do, so I'm sure we'll come out alright. :)
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Congress get 1.7%/year FERS retirement while we get 1.0%
 
softball said:
I think it's a good idea. Why should tax payers subsidize your retirement? Govt employees get payed too much anyway. Private sector employees do a better job and get payed less. You should also pay taxes on your health insurance. You pay more taxes, I pay less.
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Oh forgive him Father..For he knows not what he says....
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Typical:cool: We don't get tax breaks on TSP we pay when we withdraw! When we retire we pay taxes on our health care premiums!
 
Taxes are a necessary evil.

Spending more than you can afford to pay back is foolish.

Taxation without representation seems to be what is happening in Washington.

Barry Obama did promise change. He did not say you would like it.

So count your blessings. We can vote the bums out.
 
mayday said:
Taxes are a necessary evil.

Spending more than you can afford to pay back is foolish.

Taxation without representation seems to be what is happening in Washington.

Barry Obama did promise change. He did not say you would like it.

So count your blessings. We can vote the bums out.
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Shades of things to come! :cool:
 
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