Proposed Abolition of 401(k) tax break, etc.....sm
Posted By: ms on 2008-10-24
In Reply to:
Socialist Democrats Running the Show: Proposed Abolition of 401(k) Tax Break
October 24, 2008
The Democrat Party may attack peoples 401 k investments in favor of a compulsory pension plan administered by the bankrupt, insolvent, Social Security Administration. All the volatility on Wall Street has given the democrats a chance to exploit that volatility to being nationalizing retirement funds and forcing self administered retirement savings out of business. As buzzards circle a carcass in the desert so the Democrats are circling over the financial turmoil to seize wealth and remake the financial system according to their ideological strictures. Once again the Nanny State Democrats will penalize the people who saved and did it right to create a terrible program for everyone. Even in a full blown depression I would rather have control of my retirement funds and keep the bankrupt Ssocial Security Administration out of my affairs. Consider the following excerpts from the Investment News: http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20081012/REG/310139971&template=printart
Powerful House Democrats are eyeing proposals to overhaul the nation’s $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.
House Education and Labor Committee Chairman George Miller, D-Calif., and Rep. Jim McDermott, D-Wash., chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute
Under Ms. Ghilarducci’s plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5% of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3% a year, adjusted for inflation.
The current system of providing tax breaks on 401(k) contributions and earnings would be eliminated.
“I want to stop the federal subsidy of 401(k)s,” Ms. Ghilarducci said in an interview. “401(k)s can continue to exist, but they won’t have the benefit of the subsidy of the tax break.”
Under the current 401(k) system, investors are charged relatively high retail fees, Ms. Ghilarducci said.
“I want to spend our nation’s dollar for retirement security better. Everybody would now be covered” if the plan were adopted, Ms. Ghilarducci said.
It would seem that we’re returning to the bad old days of elaborate structures to keep the government from confiscatory orgies of taxation in which people have to fight for any tax shelters they can find. I have sufficient faith in the fundamental corruption of the Democrat Party to believe that they’ll always have loopholes, for those in the know, to shelter money from their insatiable appetite for your money. Government has become the adversary of success and if you want to get ahead and have a life you’ll have to evade the Obama/ Pelosi/ Reid Politburo. Consider the following excerpts from an outstanding article at Forbs.com: http://www.forbes.com/2008/10/24/barack-obama-law-ent-law-cx_rb_1023robertbovarnickobama_print.html
In certain unscripted moments, Obama has given us a glimpse of his somewhat socialist leanings.
Couple that with the recent pronouncement of House Speaker Nancy Pelosi, who has pushed to implement a $300 billion stimulus package–on top of the $700 billion financial rescue package and the $800 billion of additional proposed spending under an Obama presidency–and you can see where we are headed.
I would encourage you to click on the above link for an outstanding story but I’ll give you some of the highlights: Obama will eliminate the statute of limitations on discrimination suits further miring the United States in litigation and class warfare that we can ill afford. He’s going to hit small businesses with massive new taxes, a “global poverty initiative” that will function like a UN payroll tax on Americans, Regulation of the Internet and more. There are 10 area’s where the author of the article, a Philadelphia Lawyer, figures Obama will well and truly screw up the country. We’re talking fundamental changes that will be our undoing in the end.
If the changes the Democrats are talking about are enacted in mass; our American Experiment will be over because we’ll be France. Further, I suspect that Obama will embrace the new push for global financial regulation and institutions that will be disastrous for the American economy for the foreseeable future. It should prove interesting to watch the stock market contemplate an Obama Presidency in the days to come because I have doubts that we can survive the credible threat of his winning to say nothing of enacting his ambitious social agenda.
We’re already in deep financial trouble that’s likely to last years but if we elect a real socialist to empower trial lawyers, hate crimes, UN taxes, and national health care we’re finished as a country. Government under Obama will simply take over everything and reward those who blindly go along with the program and sanction those with any initiative at all. The worst of all is that it seems that we’re ready to vote in this Orwellian world on November 4th. We’re poised, as a nation, to make the biggest mistake of our national lives and the cost in blood and treasure is likely to be enormous.
Check out the above articles: they’re well worth the time. The Government is not supposed to be our master in this country but it seems that too many of us have forgotten. Its going to make for a somber thanksgiving as we mark the passing of our greatest traditions of the American Spirit and the American System with barely a whimper. God help us and God help the United States of America.
http://makeitso57.wordpress.com/2008/10/24/socialist-democrats-running-the-show-proposed-abolition-of-401k-tax-break/
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did you know that if the proposed law - sm
which will allow federal money to pay for abortions goes into effect, that any hospital refusing to do abortions can lose accreditation and be shut down? That means all the Catholic-based hospitals and Christian-based hospitals can be shut down if they do not comply with the new law. Horrible!
Yes, proposed changes, which citizens cant
nm
Yes, Bush proposed a bailout....
the majority democratic congress rejected HIS and made one of their own...you don't remember all the haggling back and forth? Bush by himself couldn't have done squat. Actually more republicans were against it than democrats and got castigated for stalling the bill that was going to save us all. Then the dems had to add a little pork into it (money for wooden arrows and some such) before it finally passed. However, if Chris Dodd (D) chair of banking and finance committees and Barney Frank (D) in the House had not blocked EVERY attempt by Bush and yes, John McCain, to regulate Fannie and Freddie it would be a moot point, because we would NOT BE in this mess. Whatever else Bush has done, he had NOTHING to do with this economic crisis. That was all Dems, all the time, to make sure every american whether you could afford one or not got into a house.
I think part of the proposed plan...
(or it may be a separate bill) is supposed to make then *re-tool* in order to make them more fuel efficient?
This is about a protest to a proposed change - it happens. - nm
x
Hillary's proposed healthcare system?
When I was watching Hillary say *I will fight the drug companies and insurance companies* I responded *You took $800,000 in donations from those people! And you are going to fight them?!*
Remember that Punjab article we saw months ago about her? Well, here it is below but remember it is in ADOBE PDF format (very easy to read that way though)....
http://graphics8.nytimes.com/packages/pdf/politics/memo1.pdf
be VERY CAREFUL if you're thinking about Hillary......please....
I'm very pro-woman (am one myself) but just because it has the same body parts doesn't mean I'm voting for them.........loved Bill but truly have had enough of the Clintons to last a couple of lifetimes....
First proposed addition to Obama's admin....
Rahm Emanuel. Headed the effort to re-elect Richard Daley mayor of Chicago...firmly entrenched in the Chicago political machine. "From work earlier in his career, Emanuel considers Mayor Richard M. Daley, Senator Paul Simon and President Bill Clinton to be his professional mentors." Could this be the shape of things to come? Doesn't give me a warm and fuzzy so far.
Opinions on Hillary's proposed health care system?
Personally, I'm against mandatory health insurance laws. Look how mandatory auto insurance goes - you buy the cheapest policy because you can't afford the good ones. Your policy covers squat, but you're legal. I'm concerned the "affordable" health insurance she wants to force us to buy will turn into the same thing - a crap policy that covers nothing but keeps you legal. Does anybody else feel like I do about this?
proposed tax policies which include granting rebates to most US workers.
That statement jumped out at me.
...and he proposed that if Americans won't buy "stuff" to stimulate the world economy -
the Chinese will have to spend money. Obviously, he didn't read the article about peasants in China fleeing the cities due to the loss of 20 million jobs. WUTTA BUZZOO!!
let's break this up...
I would not hang out with hitler just because I so young at that time. Like is to like and water seeks its own level, etc. you are known by the company you keep.
I would like to point out there are people out there who would rip the hide off Thomas Jefferson for what many thought he did with a slave although since proven he did not and that was a lot longer ago.
I was doing pretty good until this year, but NAFTA was started by clinton, not bush. The war seems to be was started by all of us or at least the people we voted for, because saddam himself started the rumors he had weapons of mass destruction, apparently to keep iran out of his hair. This was actually reported on 60 minutes, not known for conservatist reporting. We were told this would be a long haul before it even was started. Honestly, I don't know anymore, and neither do most of us.
I am no longer pro choice. I find pregnancy almost totally inexcusable except for obvious cases of rape and incest, and a few other criteria. The practice seems barbaric to me and the PETA people would all over us if we did the same to animals.
SS: Some people were already pulling out of SS into other plans back in the 80's and as I remember, some of them failed and the money disappeared leaving them with not enough SS points to quality. Scary. There was nothing wrong with SS until Washington got greedy and stole from it to bail out Medicare or Medicaid.
Don't get the last one about decades-old news, celebrity. I don't pay attention to celebrities and old news should be looked at as history, hopefully so we don't repeat past errors.
No, we are not basically okay, but a lot of this on personal levels we have done to ourselves. We are now in the habit of pointing blame at anybody else rather than own up to what we do.
Don't know how to break this to you, but
I read the letter in its entirety. I read it for a second time because I was so stunned that anybody anywhere was trying to make political hay out of a communist analyzing the DNC, comparing its presentation to his father's "methods," remembering his father fondly (most human beings do this once their parents have passed) praising the DNC success and THEN making the leap from this to Obama is a communist and is into mind control. I posted and went about my business. All day long, I kept thinking about the absurdity of the original contention and continued to chuckle each time. I came back this afternoon and lo and behold, someone is still trying to make something of this. I am still LMAO. It is on the pathetic side that the promoters of this conspiracy theory cannot see the folly in this most preposterous notion.
Don't know how to break this to you, but
Fairly tame in comparison to the real liberal press, none of which is broadcast on cable or networks. MSNBC is simply a democratic viewpoint, not liberal enough for the libs. If you think these sources do not represent democrats, why not ask them, instead of assuming that you know something about something that you know nothing about. But hey, you already have no credibilty outside the choir.
Let me break this down for you.
Obama and McCain are the candidates. The economy is in meltdown mode:
1. People are losing their jobs. In Georgia, for example, their unempolyments claims jumped a whopping 76% last month. Nationally, initial unemployment claims jumped to 498,000, the highest they have been since October 2001. Over the last year, the number of unemployed has risen from 2.2 million to 9.5 million.
2. Jobs are being lost in record numbers. 760,000 jobs have been lost this past year....the highest rise since October 2003....and the 9th consecutive month for job loss.
3. They are losing their homes. The foreclosure rate rose 12% last month, 27% from one year ago nationwide. However, Nevada,for example, has seen an 89% jump from last year, California 75%, just to give you the idea.
4. They are losing their life savings. Stock market crash shows net loss of 38% this past year. That means that a $100,000 investment a year ago is now worth $62,000. 401K statements are due out momentarily. If you think right-wingers are angry about the "socialist takeover,", just wait for that news to hit home. You haven't seen angry just yet.
Candidates are expected to have positions and plans on such issues as the economy. Recent polls indicate that Obama holds a double-digit lead in voter confidence when it comes to handling the economic crisis. Obama talks openly about his economic plan. McCain runs and hides from the issue. That is why we are all waiting for HIS supporters and for HIM to step up to the plate and enlighten us as to how his economic policies would be different from W's and what his plans are for fixing the problems. The answer does not include any mention of his opponent's name. It requires a direct, open, thorough, honest response. Can you handle that?
OK. Let me break this down for you.
catch my drift. Here's a clue. It's a word that would be barred from the forum. Nevertheless, for me it is an appropriate moniker. My news sources are hardly confined to TV broadcasts. I read newspapers, news magazines and listen to radio broadcasts, but am not keen on radio talk shows. Heavy on information, void of editorial and lending easily to my own interpretation....that's how I like my news. Focks does not rise to that standard.
Your being a Focks promoter, explains the narrow scope of your posts. There is nothing fair and balanced about them and there is a reason that CNN and MSNBC do not broadcast most of the garbage Focks tries to pass off as legitimate reporting. Sean Hannity is a major player in the fomenting hatred that grips the pub party and will eventually tank McCain's campaign. CNN and MNBC are only marginally better. I am more drawn to information that is a bit more academic and certainly more intelligent.
I am not susceptible to spells or propagnda. I am 60 years old, have been a political junkie since age 14, have been issues active, yet not particularly party active, since the early 1960s. I am no follower, but am well acquainted with myself and my core beliefs. My life experiences, economic class, gender and race have all been contributing factors in my passions for civil/human rights and socioeconomic issues, minority rights in particular.
I fear ignorance, not truth and there is nothing you, Focks or right-wingers can say to make me drink the Kook-Aid you are selling. I know raw ignorance when I see it and that is precisely what people of intelligence see when they witness the target audience at the McCain/Palin rallies. They are losing the election and cannot come up with a coherent campaign strategy that engages anyone outside their fringe elements.
I will pray for you, too, because you are in for a rude shock in T-minus-24. I look forward to a Bushless world, a step into the future and a closed chapter on the politics of fear. Bye-Bye.
Come on, cut her a break
They did outlaw the action figure. Give her some credit!
Let's break this down for you, MT.
The idea is to debunk the ignorance behind the stereotype that all Moslems, moderates included, are terrorists....an assumption you have clearly made. This can be done by not referring to them as terrorists or implying that the US is "at war" with Islam. In other words, Islam/Moslems and terrorists are not synonymous.
Winning over moderates starts with mitigating anti-American sentiment that has been flamed over the past 7 years under the shrub among moderate Moslems. The weaker that sentiment becomes, the less attraction and "draw" the extremist groups will have. The Moslems will end up marginalizing their OWN extremists and become part of the war on terror, not just idle bystanders.
Don't even try to imply that this is not possible. I have had Moslem friends for over 40 years now and not once have I even encountered a terrorist among them. On the contrary. They are quite open to the West and pretty much DETEST the rise of the Islamic political parties in their region.
The tax break is for everyone, not the top 10%
Everyone gets a tax break. The whole point is to get things moving again. I think his package would have done it.
Sure you don't break the rules
Sure you don't. Your fingerprints are all over the conservative board, but that's neither here or there but I could really care less.
Well, let me break out my violin
if this was a true account of this interview I don't know what this reporter expected....did she expect that he would let an Irish anti-war reporter rip him to shreds? Considering all the hatred he's been subjected to I would say he held his peace quite well.
You follow follow a protocol with any dignitary or leader you'd meet anywhere in the world. Wonder if this chick has ever met the queen? Now, there's some strict protocol for you.
Give me a break.
The CON board has been demoralized by nonstop drive-by vitriol for months. Forgive me if I'm neither surprised nor particularly perturbed to see that the worm has turned here. My congratulations, though, extend to all those who post with the very obvious intent of ridiculing and harassing those with opposing views to the point of eliminating rational discussion on these boards. If their purpose is to eliminate rational discussion of important political issues, they seem to be succeeding.
He's trying to break a record you know.
Cutting his vacation short due to the Katrina disaster could have affected his record! Must be nice to have over a year of vacation time in only 7 years, and a war-time president at that. I'm not surprised though. I almost don't want to talk smack about him anymore because it is just too easy. It helps to vent though, I suppose.
oh give me a break!
as the person said above, ive never used his whole name, and i said it for impact, not because i care about him. Honestly, I don't know McCain's Middle name! or Joe Biden's or Sara Palin's. pathetic that you talk about me in third person. ask like the person above. again you know nothing about me, i have pics all up on my myspace of me shaking Obama's hand and me at his speech... you know the old saying if you assume you make an a$$ out of you and me!
Hate to break this to you, but it's a
nm
Hate to break it to you....
...Obama's been bouncing all over the place with in unreliable polls, too, for months....why is it that his rise in the pools was all "reliable" or does "unreliable" only count when the Republicans bounce ahead.
I like that lipstick platform line, too......not too derogatory, just a touch of sarcasm....works for me.....
Well, hate to break it to you....
but not everyone who disagrees with a Democrat is a Republican. I am a conservative. The Republican party left me, I didn't leave it. So now I am an Independent. Quack back at ya!
Hate to break it to you this way, but -
gay men can produce sperm, too. It doesn't just come from hetero males.
Is that what they were teaching in your school system - 'fuzzy biology'?
Oh, give me a break!!!!!!!
Nancy Pelosi wants to take on some of her "garbage" to the deal. There should be NOTHING added, nadda, let alone her screwed up way of thinking mess. There will be so much added garbage by the thieves on capital hill WE are paying for, the debt itself will never see the money.
Likely to die? Give me a break.
Are you suggesting he's NOT being diligent about his health? Do you think he hasn't had an MRI just because he didn't fax it to your house? Vote for whoever you want, but siding with that numbskull Obama because you have a preminition of death re. his opponent is laughable.
Story about to break....
whistle blower from Project Vote/Acorn...testifying in PA yesterday...supposedly has documents proving direct link between Obama campaign and Acorn/Project Vote...who this person says are virtually the same....saying Obama campaign gave the maxed-out donor list to Acorn/Project Vote so they could get donations from them for their voter registration program. So much for "I have no connection to Acorn or their voter registration programs." If I was that woman I would hire bodyguards.
Give me a break!
Hey, guess what? The war in Iraq IS pointless. It was predicated on a lie by power and money hungry idiots (Bush/Cheney, supported by McCain). The idea that our troops should stay and fight and die for a lie just so McCain can put a big W in the win box is sickening. McCain says he's all about veterans...yeah right. I guess that's why he voted against the new GI bill. You may want to take issue with him on that.
Give me a break. Okay...YOU TELL ME.
Follow me now....listen. Obama SAID he is going to give a tax cut to 95% of Americans. He has said it REPEATEDLY. FACT: 95% of Americans DO NOT PAY federal income taxes. Between 30% and 40% DO NOT. Okay...focus here now. HOW is the great and powerful OBama going to give a tax break to THOSE 30-40% who are a LARGE PART of that 95%?????? You said yourself: You cannot be given a tax CUT if you do not pay taxes. Look at his plan AGAIN re: refundable tax credits. THAT is where the 30-40% are going to get their "cut." IN the form of a check. Good grief, it is so simple, is THAT why you don't get it?
If I am so misguided, please help me understand...95% of all Americans are going to get a tax cut. He said it. Repeatedly. 30-40% OF that 95% DO NOT pay federal income tax. So WHERE, unless he is lying through his teeth, is THEIR TAX CUT going to come from, if not through refundable tax credits in the form of a check? Please enlighten me, or bright one who knows SOOOO much more than I do.
Thank you so much.
Not a break from reality,
but more a trance. Freaks me out. Thanks for the statements you posted. This is not a normal election, but more of a movement. Hope it will not be like it was in the 60's with riots going on. Getting more and more like the Book of Revelations. A person who will deceive the nations with persuasive language and have massive christ-like appeal and people will flock to him as he will promise false hope and world peace, but destroys everything. FREAKS ME OUT. He keeps changing his mind and now he and his campaign want to try to kill the expectations of what he has been stating for months. Beyond creepy. This is not your normal every four year election.
Give me a break is right.
Someone posts and says we shouldn't post and use the day to mourn Obamas beloved granny. But Obama doesn't stop campaigning. You just don't like it that the truth is coming out about the O. You just don't like it that there is a possibility he could lose. I don't think he will lose but there is that possibility. But your using any excuse to try to suppress information from being put out and telling us we're heartless, etc. When you know for a fact if it was McCains mother you would still be posting articles.
Yes it is sad to lose a grandparent that you love. We all know this. We all have sympathy. But it's not stopping him from continuing to campaign and it shouldn't. The election is tomorrow. He is grieving in his own way as everyone does when they lose a beloved. However because his grandmother died should not stop the Obama supporters to keep supporting and the McCain supporters to keep supporting McCain.
Are you trying to say the Obama should keep campaigning and his supporters keep doing what they're doing but McCain should stop campaigning and his supporters just go into morning for Obama.
Hate to break this to you,
this economic crisis is so deep, it may take a little short-term socialism to get it back on course. The wild abandon of free market system and W's corpocracy is what landed us here. Before you come back at me with dems in Congress, let's not forget W's big burley veto pen. Not much good can happen until the duck quacks his final quack.
GIVE HER A BREAK -was trying to say.
nm
You need a break from politics. nm
x
give me a break
"tax breaks for the wealthy" why is this such a talking point? Tax breaks for EVERYONE THAT PAID TAXES. Because the rich paid a whole h3ll of a lot more than you or me, they get a bigger return, wow that's not hard to make sense out of.
Gimme A Break
I read your link. You left this part out:
"It does not appear that Emanuel engaged in any illegal horse-trading - Blagojevich complained at one stage that all the president-elect’s team was offering was “appreciation”. “F*** them,” the governor said."
Direct quote from Obama:
"I have never spoken to the governor on this subject. I'm confident that no representatives of mine would have any part of any deals related to this seat. I think the materials released by the U.S. attorney reflect that fact."
Let's see. Obama's chief of staff talked to the governor who'll fill the vacancy left by Obama's presidency. Well, of course they talked. It would have been odd if they hadn't talked. Emanuel talked to Blagojevich about the vacancy, which isn't inappropriate, and which was fully expected.
There's no there there. Nothing. Knowing Emanuel's and Blago's choice of vocabulary, it was all probably just one long *bleep* anyway.
Gimme a break.
Give me a break
And that statement was from the MT board's 'Trickle Up Economist for 2008!!!  
Oh yes....let us break tradition
to once again shoot down those who believe in God for the sake of those who spit at the very idea of Him. As long as the non-belivers are happy....who cares about Christians....right? Goodness knows we have taken Him out of schools to make you people happy. Nativity scenes can't be put up without a secular winter solstice sign stating there is no God right next to it. The 10 commandments, no matter how good they are to live by, can't be put in a court house because it is based on religious beliefs. Anything else you would like to take away from us because you can't say Merry Christmas anymore without someone having a cow. Sheesh. I'm so sick of this crap!
Gimme A Break
GIMME A BREAK!
Jeez, even the most conservative talking heads have said that there's absolutely NOTHING to this story. Absolutely NOTHING! It's nonsense, and the more you harp about it, the more moronic you sound.
And if "Kadafi" (sic) and Ahmadinejad were AMERICAN CITIZENS and won the popular and electoral college votes BY A LANDSLIDE, they'd be president-elect, too.
But they're not and they didn't, so your post and ridiculous rantings on this subject are totally meaningless.
GIMME A BREAK!!
I do believe she said give it a break.
Yup, that is what she said
come on give him a break...
The only reason I'm commenting is because of all the Bushisms there are and how he people got crazy about how he mispronounced stuff... well im pretty sure Obama stumbled over some words just now too...
but just as it was with Bush, big deal... he's human!
So what? Give him a break.......
'Every move I make, every breath I take.....????
Give me a break...(sm)
There was no working with Bush and his veto pen and you know it. You might want to try the real world instead of that Fox fantasy land.
Gimme a break
Obviously parents cannot control their kids' behavior. Obviously she had intercourse out of wedlock. What would be better, for Bristol to be a single mother, or to have the father be there as, well, the FATHER of the baby and Bristol's soon to be husband? If they were high school sweethearts and had planned to wed, then wouldn't this be the best answer for a sticky wicket such as this?
You LIBS would rather she be a single mom and abuse the system and collect welfare. Palin dealt with the situation as best she could WITHOUT government intervention, i.e. WELFARE... 'Nuff said.
Give me a break.
I'm sure all Gitmo detainees are terrified for their lives while we provide literature for them to read, provide meals, clothes, etc. I could see why they would be scared for their life considering we have brutally murdered so many detainees, huh? However, if we were prisoners of terrorists....I wouldn't be scared for my life at all because they would never behead me just because I'm an infidel or anything.
These people want us dead and yet some of you continue to feel sorry for them. We seem to have forgotten 9/11.
I hate to break it to ya but I
was not happy with Bush either. Plus, Bush's approval ratings were just as high as Obama's during the start of his term. So let us just wait and see how high Obama's approval ratings are when his term is up. Yes, the majority of people voted for him. However, Obama has broken a lot of promises and has also done some things that those middle of the road people are now disapproving of. So some people who voted for him are now second guessing Obama.
Honey, sorry to break it to you, but we
nm
oh yeah, that's what I believe, gimme a break
That is a pretty stupid reply. I am talking about terminating a pregnancy, not going around the neighborhood killing little children. I draw the line at 35 years old!
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