Time to start liquidating our savings and retirement plans before the government steals ‘em from us.
The problem in this country isn’t that we aren’t taxed enough (those of use who are taxed, that is). The problem is that our government has an extreme spending problem. And in their quest to find more sources of revenue to spend (if you actually believe that the current crop of crooks in D.C. have any plans to reduce the deficit rather than spend, spend, spend…well, then you are a fucking idiot),.
And now they have their eyes on a large, untapped source of revenue: they want to steal our retirement savings from our 401k accounts:
As the debate around tax reform grows more heated, broker-dealers and other companies that service retirement plans offered by employers are increasingly concerned that the tax benefits of 401(k) plans are on the chopping block.
An industry group that normally works behind the scenes, the American Society of Pension Professionals and Actuaries, on Monday launched a media campaign intended to educate U.S. employers and workers that the federal government might consider changing the tax benefits of retirement savings accounts.
That worries the ASPPA because Americans might end up saving less, and some smaller employers might eventually decide to discontinue their own 401(k) plans.
The “Save My 401(k)” campaign includes a website, Facebook page, Twitter feed, and even an online video game. The budget is undisclosed but is in the six figures, according to the ASPPA’s chief executive, Brian Graff.
By heavily taxing existing 401K plans they are in effect stealing money from our retirement. Which they’ll redistribute to those unfortunate souls who didn’t bother to save for their own fucking retirement.
This commenter nails it:
Is there no money anywhere that Democrats don’t want to steal to feed the enormous federal monster?
Obama is ambitious to wipe out the investor class and make EVERYBODY dependent for EVERYTHING on the federal government. He’s got to get the money from somewhere, doesn’t he?
That’s why I believe we’re going over the fiscal cliff. Obama is orgasmic about the prospect of higher taxes for EVERYONE. It is his wildest fantasy. And he will blame, blame, blame it all on the Republicans, who will never have a chance against such vicious deception. Obama is in a class by himself at deceiving voters.
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This one is frightening.
And the largest 401(k) program? The Thrift Savings Plan (TSP), which is what FEDERAL GOVERNMENT EMPLOYEES (full disclosure: including myself) have as the largest component of our retirement plan.
What do you want to bet that federal employees would be exempt?
Congress would exempt themselves but NOT the work force at large.
My husband and I sacrificed much in our younger years to be able to fund our TSAs/401ks. I mean that we lived in a sweltering metal mobile home in KS without air conditioning for 7 years. We drove hoopdy’s without air conditioning. We didn’t take a vacation and we didn’t eat meat …..because we just couldn’t f**king couldn’t afford it. But we maxed our 401k contributions, because we believed in early sacrifice, later pay. Well, weren’t we just the suckers! We should have done like all of his family and our friends! We should have lived large and declared bankruptcy at least once! The outcome will apparently be the same…..I will have scrimped and saved for my own ass and apparently be punished because of that.
This passed almost strictly on party lines with a majority of Reps supporting and a majority of Libs opposed.
Now, where are those idiots that say those two parties have different ideals?
I’d love to hear their mumbling now!
The difference between the GOP and the Dems is still a mile wide, but narrowing (moving left) all the time.
The gap between Liberals and Conservatives? Has never been wider and there simply is not chance of reconciliation.
I agree with your statement about Conservatives, but Libs and Reps have been the same party since the early 70s. No exceptions.