Hereya go, shit-fer-brains....
http://www.workforce.com/section/news/article/house-democrats-contemplate-abolishing-401k-tax-breaks.php
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."
http://money.usnews.com/money/blogs/capital-commerce/2008/10/23/would-obama-dems-kill-401k-plans.html
House Education and Labor Committee Chairman George Miller, D-California, and Rep. Jim McDermott, D-Washington, 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.
http://online.wsj.com/article/SB122477680834462659.html
A plan by Teresa Ghilarducci, professor of economic-policy analysis at the New School for Social Research in New York, contains elements that are being considered. . . .
Under 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 percent 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 percent 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," 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."
http://www.mainstreetmonroe.com/voice/topic.asp?topic_id=20850
Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more “fairly” distribute taxpayer-funded pensions to everyone.
Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous “Guaranteed Retirement Account” (GRA) authored by Theresa Guilarducci.
In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a “fair” pension to everyone using that confiscated money coupled with the mandated contributions. This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending.
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So there you have it... best I can figure, Jim McDermott, George Miller, Tom Harkin, and some bitch named Theresa Guilarducci, who wasn't ever elected by anyone, will supposedly author the bill. This has been in the works since 2008, but no one gave it much "serious" consideration at the time, because it just seemed too "far-fetched" to even consider. After 2 years of abject SOCIALISM from this Administration and Congress, it's certainly not something anyone with any sense could laugh off and dismiss. They fully intend to nationalize your 401k, and they will start the process by killing the tax benefits, making them equivalent to taxable income.
Do you care to respond to this, or are you going to now start attacking the messenger and ridiculing sources, as per usual?
