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2008-10-26 Home Front Economy

Democrats contemplate abolishing 401(k) tax breaks - Mandatory worker contributions considered

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Posted by Zhang Fei 2008-10-26 09:00|| || Front Page|| [11131 views ] Top

#1 Baghdad Jim McDermott and George Miller (D- Communist) should've waited til after the election to roll this pile of shit out. McCain and Palin could drive this one across the finish line if they play hardball , letting every 401K owner know about the Donk plans to steal their money

Posted by Frank G">Frank G 2008-10-26 09:35|| 2008-10-26 09:35|| Front Page Top

#2 Ditto Frank. "Spread the ~~wealth~~ YOUR 401K around."

All this talk from the left about "work projects and money for infrastructure, roads, bridges, etc." It's a cover story for urban, midnight basketball. The government has never been part of the solution, only a part of the problem.

Posted by Besoeker 2008-10-26 10:02|| 2008-10-26 10:02|| Front Page Top

#3 With the collapse of Detroit, the UAW and the grossly underfunded public employee pension programs will push to throw their numbers into a revised Social Security system that is nothing less than a full nationalization of all private pension funds. Since the Donk clients have little or nothing to bring into the scheme they have to raid everyone else's holdings.

Posted by Procopius2k 2008-10-26 10:17|| 2008-10-26 10:17|| Front Page Top

#4 They've definately got their bloody eyes on the 401K and IRA prize. The unfortunate reality is, as they crawl towards their prey, folks will begin backing out. Payroll deposits from those still working will beging to be throttled back or suspended. Heaving everyone's victuals into the tribal pot will only destroy what little incentive remains.

Posted by Besoeker 2008-10-26 10:27|| 2008-10-26 10:27|| Front Page Top

#5 Fine.

The next day I will go to my boss and tell him I am a contractor, do not withhold SS taxes, and I will reconcile them in my tax return.

1) his ends your employer's SS contribution and reporting requirements.

2) This will end the fed's intake of about half of SS taxes if enough people do it.

Now take my 401K!

Posted by badanov 2008-10-26 10:35|| http://www.freefirezone.org]">[http://www.freefirezone.org] 2008-10-26 10:35|| Front Page Top

#6 Not to worry. 401K's, minus any tax breaks, will continue to be allowed. However, any Roth conversion penalties already paid will be ignored, in the interest of fairness to others. Sorry.

For the forseeable future, citizens will continue to be permitted to hold cash and equities.

Refundable tax credits for credit card accounts are also being considered.

Posted by KBK 2008-10-26 10:38|| 2008-10-26 10:38|| Front Page Top

#7 With an Obama victory 'believed' to be in sight by some, the democratic egalitarian agenda, leftests and socialists are now bolding out of the closet. What conservatives have known for decades is now been broadcast openly.

Posted by Besoeker 2008-10-26 10:42|| 2008-10-26 10:42|| Front Page Top

#8 If this happens I wonder how many people will "change their name to John Galt"

Posted by Bright Pebbles 2008-10-26 10:47|| 2008-10-26 10:47|| Front Page Top

#9 He does not deserve to win witnessing the terrible campaign he has run.

Must be cause we're told so by ~~Obama's Sockpuppets~~ the media, which still throttles the information flow. Oh, and the hundreds of millions of dollars from unknown sources that overflow the media pipes for the One.

It's not about 'Him', its about us. Those who have a need for 'Him' are no more different than those who have a need for the 'One'. Indifferent leadership, yep. That's still no excuse for those who proclaim they want to resist socialism to give up. We who wish to preserve that which is the embodiment of America are out to win and therefore we are the ones who have to do the work.

Posted by Procopius2k 2008-10-26 11:56|| 2008-10-26 11:56|| Front Page Top

#10 "Why McCain hasn't turned this into a campaign ad yet I don't know ..."
Nine days to go. They may be packaging this into a devastating final attack. At least I hope so.

Posted by Darrell 2008-10-26 12:31|| 2008-10-26 12:31|| Front Page Top

#11 It won't take the socialists long to spend the $3 trillion and then come after IRAs.

Posted by ed 2008-10-26 13:19|| 2008-10-26 13:19|| Front Page Top

#12 I they take mine there WILL be repercussions.

Posted by Hellfish 2008-10-26 13:49|| 2008-10-26 13:49|| Front Page Top

#13 That she's from the 'New School' is all you need to know.

Actually, it's the "Social Research" that's a dead give-away. That's code for "communist", or at least far-left Socialist. When the revolution happens, there's going to be a bloodbath, with such people the major contributors. Our colleges and universities are hostile territory, not part of the time-honored, constitutionally-governed United States of America.

Posted by Old Patriot">Old Patriot 2008-10-26 14:23|| http://oldpatriot.blogspot.com/]">[http://oldpatriot.blogspot.com/] 2008-10-26 14:23|| Front Page Top

#14

Posted by Ulusock Bluetooth9068 2008-10-26 16:22|| 2008-10-26 16:22|| Front Page Top

#15 Remember Social Security is basically bankrupt. The bailout we witnessed recently is the tip of the sh*tberg. We are bankrupt, or under impossible debt.

This little 401k number is the beginning of the effort to abolish independent finance, at least retirement. The dems want everyone to be dependent upon government. You can lead them around like sheep. Total control. Socialist paradise. Carbon credits for everyone. This whole dem thing is madness.

Posted by Alaska Paul 2008-10-26 16:38|| 2008-10-26 16:38|| Front Page Top

#16 > We are bankrupt, or under impossible debt.

Who's we tonto. It's the government's debt, and it will fall with it's default.

Posted by Bright Pebbles 2008-10-26 17:54|| 2008-10-26 17:54|| Front Page Top

#17 But we've got money enough in the dem coffers to fly the Obama jet to visit granny Tutu in Hawaii.

Posted by Besoeker 2008-10-26 18:16|| 2008-10-26 18:16|| Front Page Top

#18 A lot of my 401 k has gone down the $hitter in the last year. I guess the rest will go down the $hitter with the donks. Is there no end to the sucking sound coming from Washington. Somehow this does not make me feel more patriotic as Biden has said we should.

Posted by JohnQC 2008-10-26 18:37|| 2008-10-26 18:37|| Front Page Top

#19 Ima thinkin that taxation with representation by seedy politicians should be put into the category of organized crime.

Posted by JohnQC 2008-10-26 18:42|| 2008-10-26 18:42|| Front Page Top

#20 or the government waging economic war on its citizens?

Posted by Hellfish 2008-10-26 19:06|| 2008-10-26 19:06|| Front Page Top

#21 "Why McCain hasn't turned this into a campaign ad yet I don't know,,"
Radio spots today during the NASCAR race talked about'spread the wealth' and liberals in general, but could have done more. Pitch person for one was Hank Jr., So that will likely make an impact on any of those 'bitter, gun toting' folks. his words. Nice, but nowhere near strong enough. I think he's toast.

Posted by USN, Ret. 2008-10-26 19:26|| 2008-10-26 19:26|| Front Page Top

#22 I voted absentee today (military). My vote for McCain wasn't for McCain - I voted AGAINST dear leader Chairman Maobama.

McCain has run a horrible campaign - Ayers, Wright, Rezko, no birth cert - all fair game if played right. He's a joke but at least he went to bat for the country (way above & beyond) at some point in his life un-like that p.o.s. Maobama.

Start fucking w/people's 401Ks and there will be blood.

Posted by Daffy Phash5086 aka Broadhead6 2008-10-26 19:43|| 2008-10-26 19:43|| Front Page Top

#23 I'm also disappointed by McCain's Senate fratboy attitude. There is so much damaging material out there about Obama and every one of lifelong associates, who all could fit right in the Khmer Rouge politburo. Shown on TV ads, in their own words, it would absolutely murder the Dem's campaign. And not a peep from Maverick or his fratboys.

Posted by ed 2008-10-26 19:57|| 2008-10-26 19:57|| Front Page Top

23:48 trailing wife
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