BelichickFan

House Democrats Contemplate Abolishing 401(k) Tax Breaks | workforce.com

Ick.

"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"

401Ks would basically go away as the matching would go away due to loss of tax breaks and if you read the BOLD, everyone would be REQUIRED to "invest" 5% of their income at 3%. Why ?

"I want to spend our nation’s dollar for retirement security better. Everybody would now be covered” if the plan were adopted, Ghilarducci said."

Aaargh. "Our nation's dollar" ? No that's our worker's dollar. "Everybody would be covered" ? Since when is saving MY money for MY retirement becoming a new version of social security.

*****ing assshole Democrats.

BelichickFan

So - no comment on being forced to dump $1 out of every $20 you make into a crappy 3% "investment" ? With 401K matching going away. And the tax incentive of putting money in your 401K going away. Even if you still wanted to contribute to your 401K you may not have enough money to anyway as you have to put the first 5% in this other pot.

Wow. What a *****ing joke.

Richter

Fine, here's a comment - I don't particularly like this plan, but can we wait until there is some real sign of momentum behind it before we start acting like it's imminent? It's one proposal, without a clear indication of how many and which influential Dems are behind it.

PressCoverage

You waited 25 minutes to blow a gasket that no one (yet) shared your wrath during a night of general rejoicing?

Calm down, reprogram, take a step back... breathe...

Patters

I don't think that idea will go anywhere. 401Ks are sort of like Social Security. No one will want them to change, certainly not like that.

Holy Diver

Your 401k fund just stole 1 trillion from everything you and your employer just invested for YOU.

now THATS what I call a suckerpunch to your future, these are tactics I call TAXES. Where do you think the money for the largest wealth transfer in Earth's history comes from?

We need to fix the economy and provide a safe way to invest for the future. There needs to be a group effort to make the financial future of this nation strong. Lets be smart with our collective payments to our government, not give money to thieves and oil men.

Reinvest in america and americans.