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	Name:	MartiniMan -
	Subject:	DEM PLANS FOR 401K
	Date:	10/24/2008 2:37:17 PM

PLANS TO NATIONALIZE OUR 401K ACCOUNTS!!! (U.S. News & World Report)

House Democrats recently invited Teresa Ghilarducci, a professor at the New School of Social Research, to testify before a subcommittee on her idea to eliminate the preferential tax treatment of the popular retirement plans. In place of 401(k) plans, she would have workers transfer their dough into government-created "guaranteed retirement accounts" for every worker. The government would deposit $600 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return. Rep. Jim McDermott, a Democrat from Washington and chairman of the House Ways and Means Committee's Subcommittee on Income Security and Family Support, said that since "the savings rate isn't going up for the investment of $80 billion [in 401(k) tax breaks], we have to start to think about whether or not we want to continue to invest that $80 billion for a policy that's not generating what we now say it should."

This is what we will get with Obamination/Reid/Pelosi. And keep in mind that Social Security payments do not come off your AGI for federal income tax purposes like 401k does so more Americans will be subject to higher taxes, EVERYONE WITH A 401K SHOULD BE ALARMED AT THIS TAKEOVER!!!

Other messages in this thread:

View Entire Thread

DEM PLANS FOR 401K - MartiniMan - 10/24/2008 2:37:17 PM

DEM PLANS FOR 401K - GoneFishin - 10/24/2008 3:11:52 PM

DEM PLANS FOR 401K - Talullahhound - 10/24/2008 3:55:54 PM

DEM PLANS FOR 401K - Swimmer27 - 10/24/2008 4:53:33 PM

Clueless again - MartiniMan - 10/25/2008 8:34:51 AM

Clueless again - Talullahhound - 10/25/2008 12:29:13 PM

Clueless again - MartiniMan - 10/26/2008 7:22:11 AM

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