What is Digg?41 Comments
- inactive, on 10/23/2008, -6/+41Who keeps electing these thieves?
- raggsat98, on 10/23/2008, -6/+35Just another way for the socialists to get at your money.
- Tugging, on 10/23/2008, -5/+29Some don't want to say they're advancing socialism but that's exactly what they're doing and we are the victims. People need to realize what they're voting for. We need the government to back off.
- inactive, on 10/23/2008, -6/+27I'd like to know where they come up with these numbers, because they're ALWAYS wrong. Probably the same place that enviro whack tards get their C02 emission numbers from....THEIR ARSES!!!
- PuterPrsn, on 10/23/2008, -5/+26This is the "we're not going to tax 95% of you" result. They're not going to add income tax, no indeed. What they will do is find all the other ways we try to save money and tax that. If you save your money, you get taxed on the interest. If you invest your money, you get taxed on the gains. Obama's capital gains tax is going to absolutely kill most retirees with retirement and pension plans - when they find out that they're retiring and almost 50% of their savings will be taxed as they withdraw, they're going to start screaming but it will be much, much too late.
- inactive, on 10/23/2008, -5/+25We need to somehow band together and get rid of the whole corrupt bunch of them. BHO as POTUS will turn into a money grab and we'll ALL be screwed. This is just the beginning of the systematic attack on capitalism and are freedoms.
- inactive, on 10/23/2008, -6/+26Back in 1990, the Government seized the Mustang Ranch brothel in Nevada
for tax evasion and, as required by law, tried to run it. They failed and it closed.
Now we are trusting the economy of our country to a pack of nit-wits who
couldn't make money running a whore house and selling booze? - DrewTheITGuy, on 10/23/2008, -5/+25Explain to me again how the goverment giving me $600 a year is better than my company matching 100% of my contributions up to 6%.
- inactive, on 10/23/2008, -8/+22There's not one fly fart of a cent that liberals won't confiscate !
It will be doled out unto you as,
how and when of their choosing !!
Government Vs. "we the people" are the US Constitution !! - CaptCarrot, on 10/23/2008, -2/+15So far, they keep asking us to replace them with other thieves -- and each election always has at least one person show up to vote, so we can't empty the house.
- mvader, on 10/23/2008, -5/+17This is sick.
Not only do they want to create hand outs and more welfare in the form of "tax credits", but they want me to join another doomed to fail program that is ALMOST EXACTLY LIKE Social Security? HELL NO.
If this happens, expect the stock market to drop like a brick. What people don't realize is that, when they own stock, then they are part owners of the businesses. The stock market, and allowing people to put pre-tax money into the stock market, has created an enormous pool of investors that has allowed companies to create more jobs, forge ahead in innovation, and make life better in general for 99% of Americans.
Digg liberals: What do you think of your wonderful Democrat politicians now? They think that their $600 a year + 3% intrest is better than my employer matching more that 100% of what I put in (which they will cease to do if this goes into effect). How is that for faulty math? - inactive, on 10/23/2008, -0/+11You've managed to perfectly sum up just how much of a failure our politicians are.
- reaper527, on 10/23/2008, -1/+10people from my home state of massachusetts and the surrounding area :( the political climate here makes it very difficult for people with good ideas to get elected
- buddywlkr3, on 10/23/2008, -5/+14For the Democrats, there are big advantages to doing this. By forcing people into a government sponsored, government controlled fund, the money will go into a government trust fund that , like the Social Security trust fund, will be subject to raids by the Congress for their many programs. What a source of funding this would be for Democratic politicians! And then, twenty years from now when you go to get your money for retirement, well, sadly it just isn't there anymore. But, never fear, they will cut you a check for $900 to help you in your time of need. Anyone can survive on $900 a year, right?
- inactive, on 10/24/2008, -4/+12How dare working Americans save for the future. Fork it over *RIGHT NOW* because we liberals know what is best for you.
Then when you retire, you can trust us to provide for you. /* Right - those payments will be delivered to the ocean-front condos in Butte, Montana, no doubt. - inactive, on 10/24/2008, -2/+10Gee, good thing my 401K isn't worth much any longer thanks to the democratic-driven mortgage crisis and the resulting wall street crash.
- akhomestead, on 10/24/2008, -0/+8It's because they have to waste a bunch of money to see if it's viable to waste a bunch of money before setting a budget that must be wasted or else they don't as much to waste next time.
- endodoc79, on 10/24/2008, -1/+8America was founded on freedom for the individual. with the responsibility that engenders. I can make my own decisions on what to do with the money I earn. Why do the New Democrats feel they can do a better job with my money than I can? Just look at the mess they've gotten us in already.
- DrewTheITGuy, on 10/24/2008, -0/+7The problem is if this goes through companies no longer have the incentive to MATCH your contributions, not to mention your contributions will be taxed, unlike now where it is deferred until you pull your money out. Plus if the government can't run Social Security why would I trust them to run my 401k.
- julielynn1009, on 10/24/2008, -1/+7Just for the record, the tax break on 401(k)s is fairly new and expires annually (as far as I know). To date, the IRS has pushed for the renewal of this tax credit every year and it gets renewed almost at the last minute. I'm not saying that they will do this again, but it is likely that they will as they search for ways to boost the stock market and calm fears. Also, the phase out for this credit is so low that a large majority of the population does not benefit.
A better tax issue to push for would be to raise the threshold on Social Security Tax. Currently, the tax phases out at around $87,000 of income...that would be the amount taxed on your paycheck so this is non-adjusted income we are talking about. The theory is that people making over $87,000 will not need Social Security so they should not have to contribute beyond that level. This has not been adjusted in years and you can well imagine why - every Congress person would have to pay slightly more tax. Considering that their asses would not be sitting where they are without the financial support of people who will need Social Security one would think that they could at least give a little something back. But, of course, they don't want to do that. Consider too all the professional sports players who only pay tax on up to $87,000 of their income. These people rely on hardworking individuals to pay obscene prices for tickets so it would seem that they would want to make sure they give something back to their fans. Taxing the average baseball player income just an extra 1/2% would result in more than $75,000,000 annually being added back to the system. That is just baseball. Think about it. - inactive, on 10/24/2008, -2/+8This would affect both income and new contribution... so it has both short and long-term effect.
This is DIRECTLY reaching into your SAVINGS.
Pls send to everyone in your family.
Send to local your employer, your HRM, your benefits manager, your Union Representative.
Send to local newspaper.
Send to your kid's teacher. - gingrmac, on 10/24/2008, -0/+6Ignorant, misinformed, t.v. obsessed, Americans keep going to the polls and electing candidates based upon their image, how they are marketed, their "brand" -- not who they REALLY are, what they stand for, what they believe. Case in point... ask any Obama supporter why EXACTLY they are voting for him. The standard answer... "We need a change. Or... I like him, he's cool." They haven't even questioned his background, his radical, leftist associations, much less his voting record, or lack thereof. He's just some cool dude who wants to change the World. Pretty pathetic. Why isn't someone holding Barney Frank, Chris Dodd and ACORN accountable for perpetrating this current Freddie, Fannie mortgage debacle?
- inactive, on 10/24/2008, -3/+7I hear ya, I'm from Florida and I am surrounded by war-protesting hippies that think it's cool to ride their bikes in rush-hour traffic... If you have a McCain bumper sticker your car gets keyed.
- inactive, on 10/24/2008, -0/+4sorry about the duplicate post. Dont know how that went thru.
- DrewTheITGuy, on 10/24/2008, -1/+4I don't want to sound like I'm telling you how to invest your money but as I've always understood 401(k)s, if you're close to retirement you money should not have been invested in the high risk stocks and funds. The ups can be good but there are also downs, these are best for the long term where you will not be needing the money for several decades. Yes I'm down close to 30% also, but I will not be needing that money for at least another 40 years (Most of my money is in this area). History shows that over the long term I stand to gain all that loss back and probably see a return of 7-15%. For those close to retirement they should be in (forgive me if my terminology is wrong) bond. The up and down swings in this area are much less. Just looking at my account (I have a small amount invested here also) I'm showing a .7% loss over the last 4 weeks but a 3% gain over the last year.
"The current system of providing tax breaks on 401(k) contributions and earnings would be eliminated." - That means your employer can no longer write off their contributions to your 401(k), and your capital gains would be taxable year-on-year. In other words, it becomes just another investment or savings account, with no tax benefit at all, and no employer contribution. http://www.workforce.com/section/00/article/25/83/ ...
And I found this which I think explains it best - Let’s do some math for a not-so-hypothetical worker named Hubbard, age 27, who saves a large chunk of his salary because he’s a touch neurotic. For 2008, he saves approximately $10,000 and receives a partial match from his employer of $2,000 for a total savings of $12,000. If he plans to retire in 2045 at age 65, and his interest compounds at 7% (a low ball long run figure), then according to this calculator, from that one year of saving and investing alone he’ll have $156,951. Now let’s say he does as the government could mandate, saving 5% of his salary, which would be $2,370, plus gets $600 from the government, for a total savings of $2,970. Invest that for the same amount of time in government bonds earning only 3%, and at age 65 he’ll have $9,132. That’s a difference of $147,819. - michuyewup, on 10/24/2008, -1/+4I am SICK of these insane democrats reaching their hands into my pockets! What is wrong with the morons in this country that they keep electing them? All I can think is that the average American doesn't read a newspaper and will only realize the damage they have done until they are dead broking and asking "Why?"
- inactive, on 10/24/2008, -1/+4Please send this to EVERYONE you know.
Can you read this? Looks like BO has plans to tax 401k Interest income and new contribution. http://www.investmentnews.com/apps/pbcs.dll/articl ...
http://digg.com/2008_us_elections/A_Funny_Thing_Ha ...
http://rightwingnews.com/mt331/2008/10/house_democ ...
http://digg.com/politics/House_Democrats_Aim_to_Re ...
They have managed to hide this plan well.. Please read and get this to everyone you know. They have designs on our nest egg. - inactive, on 10/24/2008, -1/+4Please send this to EVERYONE you know.
Can you read this? Looks like BO has plans to tax 401k Interest income and new contribution. http://www.investmentnews.com/apps/pbcs.dll/articl ...
http://digg.com/2008_us_elections/A_Funny_Thing_Ha ...
http://rightwingnews.com/mt331/2008/10/house_democ ...
http://digg.com/politics/House_Democrats_Aim_to_Re ...
They have managed to hide this plan well.. Please read and get this to everyone you know. They have designs on our nest egg. - inactive, on 10/24/2008, -0/+3Drew - I agree with you. I have 32 years left until retirement. I am pissed that I've lost so much money in my 401K due to the economy as of late, but knowing I have time to make it up makes me feel a little better. The ones I worry about are people like my parents who lost a huge chunk of thier retirement and only have 10 years to make it up. They can't afford to be too risky in thier investments at this point, so they'll never get back what they lost.
Anyway, @shupy - you think this is a good idea becuse you are close to retirement. Those of us who still have many more years of work will not benifit from this though. Maybe there hasn't been 15% on investments in a while, but according to my personal investments it's been a hell of alot better than 3%.
This just boils down to one more way the government wants to tell me how to spend my money, how to save my money, who I can give my money to, and how to plan for my future. Apparently, they believe Americans are too dumb to know how to do this for themselves. - algaeturd, on 10/24/2008, -7/+9SOCIALISM! SOCIALISM!!! OMFG!!! CALL WORLD NET DAILY NEWS!!!
The republican circle jerk gains momentum. Get out the K Y Jelly. - DCMacHead, on 10/24/2008, -1/+3Actually, the banker bears some blame, but you should educate yourself on the stock market a bit and not rely on others to handle your money. When someone says, "We're from the government and we're here to help" you ought to run in the opposite direction as fast as you can. Ask Katrina "victims" how well relying on government assistance panned out for them.
You can get 3.75% in an FDIC insured money market account right now--and the government is proposing guaranteeing 3%...pretty sad. - bigot, on 10/24/2008, -2/+4You and your buds are on the public dole for life anyway. You wouldn't know a 401K if it hit you in the eye. You have to work to be elgible for it.
- StaticThunder, on 10/24/2008, -3/+4My Darwin fish got vandalized in Texas. I'm sure you're sympathetic, and it doesn't reflect on all Creationists, right?
- inactive, on 10/24/2008, -5/+6That isn't true. Even here in South FL McCain cars don't get keyed.
- inactive, on 10/24/2008, -0/+1God I hope so.
My entire retirement plan is based on my 401k. - inactive, on 10/24/2008, -3/+4You are in a part of the state that is more supportive of Republicans. If cars with McCain stickers on them don't get vandalized here, I find it highly unlikely that it is a big problem up there.
- CaptObvious, on 10/24/2008, -0/+1hahaha, at least you're not trying to hide that you're a bigot.
- shupy, on 10/24/2008, -8/+7I think you are all getting into a twist over nothing.
"So, instead of getting around 15% on my 401k investments, I'll get a government bond at 3%. Why don't they just kick me straight in the groin while they are at it? Seriously, this is what passes for a reform to Democrats?"
Who is getting 15%? I haven't seen 15% on investments for the last five years. In fact, everyone I know has lost from 20 to 30% of their total in the last year, thank you George Bush. Maybe it is not big deal to some, but when you are close to retirement, it is a disaster. Those of you with 20 years to go until retirement can make it up. A lot of us can't.
If your employer is matching at 100% you are in the minority. The nationwide average is an employer match of 3%.
This article is a scare tactic. The reality is that people live long after retirement, and pension plans are a thing of the past. We hope to save enough to manage, but with energy costs doubling and medical expenses rising by double digits, it is a pretty scary proposition.
A lot of big companies have gone under, taking their employee 401K and retirement plans with them. Those people are screwed. thank God they will have social security.
As for this guys claim that only recently the average person has stock, what do you think funds pension plans? It is and always has been investments in stocks. Institutional investors are largely pension funds. So anyone in this country that has ever gotten a pension is getting proceeds from stocks.
If you want to really understand this plan, you need to read the acutal documents, not the right wing spin from a guy that is not particularly savvy in economics. The proposed plan is voluntary, there is no proposal for any legislation to remove tax breaks for contributions to retirement accounts or to cancel 401Ks. For those who do not have access to a 401K, (which many do not), or those who want something more secure and predictable than a 401K, it is an optional savings with a guaranteed growth rate.
Personally, if such a plan were implemented I'd be willing to move my funds into it. I am too old to worry about loosing 30% of my investments in a couple months because some irresponsible banker gambled on derivitives. I'd prefer to have a guaranteed 3% and an inflation adjustment than to gamble with a bunch of wall street bankers.
Also, there is nothing to prevent your employer from continuing to offer and contribute to your 401K plan. - inactive, on 10/24/2008, -4/+2My friend's car got keyed, I've talked to people that admittedly key cars. You are not from Central Florida, so don't postulate.
- shupy, on 10/24/2008, -7/+2Now hear this, there is no reason that your company can't continue to offer you a 401K. This article is not talking about proposed legislation, it is about offering a plan to those who do not have an employer 401K, or an employer that guarantees a match.
As someone close to retirement, if they implement this, I will be very willing to move my funds into it. It is guaranteed return plus adjustment for inflation. I lost close to 30% because some greedy bankers gambled on derivitives.
Does it ever occur to you that to get the genuine facts you will do better by getting a little information from a non-partisan source? - algaeturd, on 10/24/2008, -11/+2The same people who keep electing the thieves from the right, except they're called democrats.
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