Obama, Dems Seek to End 401(k) Plans

[ms]

Obama, Dems Seek to End 401(k) Plans
By Mark Impomeni
Oct 24th 2008 9:00AM
Filed Under:eDemocrats, Barack Obama, 2008 President


Sen. Barack Obama's Democratic allies in Congress are looking into a radical new plan that would fundamentally change the way Americans save for retirement. House Democrats recently heard testimony on the idea and, under a potential Obama administration, would likely move to put it in place. Democrats want to seize the money that workers currently invest in their 401(k) plans and replace the popular retirement savings accounts with a one-size-fits-all government sponsored retirement account. Under the scheme, Americans would be forced to transfer all of their hard earned retirement savings from their 401(k) to the government.

The government would contribute $600 a year to fund each account and would pay a rate of return of around three percent in interest. The government would also mandate that each worker contribute 5% of their yearly salary to the accounts. Under current law, workers with 401(k) plans contribute to their retirement accounts and earn interest tax free. The Democrats' plan would end those tax breaks, amounting to as much as a 15% tax hike on each American worker.

Rep. Jim McDermott (D-WA) said recently that Democrats had better ideas for the $80 billion that Americans contribute to their 401(k) plans each year. "We have to start thinking about whether or not we want to continue to invest that $80 billion for a policy that's not doing what we say it should." Sen. Obama would likely sign on to the plan as president.

Obama, McDermott, and Congressional Democrats miss the point that under current law, Americans have control over their retirement savings, where and how it is invested, and when and how much they contribute. The idea to nationalize retirement savings is another example of Democrats' socialist proclivities. They want control of Americans' retirement to reside in Washington DC, not on Main St., all in the name of "retirement security."

[Brett]

Huh!  Let me get this straight.  The Dem's want to confiscate our 401ks, force us to give them 5% of our earnings which they will guarantee a whopping 3% return on. Then they will tax it at 15% when we go to cash in at retirement.

Gee, that's a swell plan all right.   

And this will all be overseen by the same folks that oversaw Fanny and Freddy not to mention the US Post Office, Social Security, and Medicare.   

There will be an uprising mark my words. 

   

[whelen36]

isn't that what it's all about , redistribution of wealth. yep they want your money , next it will be your guns , and then your property , as we all no , those who don't or can't afford homes should be able to get some from those of us who can afford a home ( and i only have one home and it is only about 1000 square feet , so don't think i've got a big home and tons of cash , i live almost week to week but know a raw deal when i hear , read , and see it. )

[Swampman]

I took all the money out of mine 2 years ago.  I quit putting money in, when the company I work for started matching with company stock.  No thanks!

[torpedoman]

They did a great job with the social security taxes the collected let's give them another chance. LOL

[Heather]

This is just plain wrong.  If the American people sit by and let them take their hard earned money what else will they let them have.  I hope there is an uprising over this.  If there isn't then the American people will be sending the message, do whatever you see best KingBoma!

Heather

[rockbilly]

I am not a fan of Obama or his running mate, but Nancy Pelosi is next in line should anything happen to them.............If this doesn't make you pray for Obama you are really sick!!!!!!!



Windfall Tax on Retirement Income

Adding a tax to your retirement is simply another way of saying to the American people, you're so darn stupid that we're going to keep doing this until we drain every cent from you. That's what the Speaker of the House is saying. Read below...............

Nancy Pelosi wants a Windfall Tax on Retirement Income.  In other words tax what you have made by investing toward your retirement. This woman is a nut case! You aren't going to believe this.

Madam Speaker, Nancy Pelosi, wants to put a Windfall Tax on all stock market profits (including Retirement fund, 401K and Mutual Funds! Alas , it is true - all to help the 12 Million Illegal Immigrants and other unemployed Minorities!

The woman is out of control, obviously, and somewhat frightening. She, 'We need to work toward the goal of equalizing income, (didn't Marx say something similar to this), in our country and at the same time limit the amount the rich can invest.'  I invest and I am not rich, are you?

When asked how these new tax dollars would be spent, she replied:

'We need to raise the standard of living of our poor, unemployed and minorities. For example, we have an estimated 12 million illegal immigrants in our country who need our help along with millions of unemployed minorities. Stock market windfall profits taxes could go a long way to guarantee these people the standard of living they would like to have as 'Americans'.'  Think and Read that quote again and again, and let it sink in as to what she is proposing.  'Lowering your retirement, and give it to others who have not worked as you have for it'.