Quote:One idea was suggested to the U.S. Senate Finance Committee last September by William Gale, the director of the Retirement Security Project at the Brookings Institute. Gale’s plan is to replace pre-tax and tax deductible retirement plan contributions by both employers and employees with a flat 18% tax credit that would be deposited directly into the person’s retirement account. Roth accounts and existing pre-tax retirement account balances would be unaffected. This means that you’d have to pay a tax on any income you or your employer contributed to a pre-tax retirement account, essentially ending these accounts as we know them. As a result of these changes, the plan is projected to increase government revenues by $458 billion over the next 10 years.

Why end it you might ask... Because it's not "fair"

Quote:Gale argues that those in the lower income brackets need more of an incentive to save while those in the upper income brackets are likely to save anyway and simply shift that saving from taxable accounts to tax-sheltered accounts.

Someone has been listening to Rush.

(11-29-2012 02:28 PM)RobertN Wrote:  Someone has been listening to Rush.

Just reading Forbes... But thanks for playing..

(11-29-2012 02:32 PM)Bull_In_Exile Wrote:  

(11-29-2012 02:28 PM)RobertN Wrote:  Someone has been listening to Rush.

Just reading Forbes... But thanks for playing..

Rush was blabbering on about this today too.

Big gov't is addicted to spending. Gotta keep getting that fix from somewhere.

So Dems have actually suggested that the government just confiscate all retirement accounts and then pay out retirement each month in the form of a government check.

They'll find a way to get their hands on some or all of it.

(11-29-2012 02:41 PM)RobertN Wrote:  

(11-29-2012 02:32 PM)Bull_In_Exile Wrote:  

(11-29-2012 02:28 PM)RobertN Wrote:  Someone has been listening to Rush.

Just reading Forbes... But thanks for playing..

Rush was blabbering on about this today too.

Don't usually listen to him unless I'm driving around for lunch.. Im home today getting ready for inlaws so not so much..

I suspect you listen to Rush more than I do.

(11-29-2012 02:48 PM)Bull_In_Exile Wrote:  

(11-29-2012 02:41 PM)RobertN Wrote:  

(11-29-2012 02:32 PM)Bull_In_Exile Wrote:  

(11-29-2012 02:28 PM)RobertN Wrote:  Someone has been listening to Rush.

Just reading Forbes... But thanks for playing..

Rush was blabbering on about this today too.

Don't usually listen to him unless I'm driving around for lunch.. Im home today getting ready for inlaws so not so much..

I suspect you listen to Rush more than I do.

I have listened to him a few times(less than 5) for less than 5 minutes at a time.

Gale is entitled to his opinion. I wouldn't lose any sleep over it.

(11-29-2012 02:50 PM)RobertN Wrote:  

(11-29-2012 02:48 PM)Bull_In_Exile Wrote:  

(11-29-2012 02:41 PM)RobertN Wrote:  

(11-29-2012 02:32 PM)Bull_In_Exile Wrote:  

(11-29-2012 02:28 PM)RobertN Wrote:  Someone has been listening to Rush.

Just reading Forbes... But thanks for playing..

Rush was blabbering on about this today too.

Don't usually listen to him unless I'm driving around for lunch.. Im home today getting ready for inlaws so not so much..

I suspect you listen to Rush more than I do.

I have listened to him a few times(less than 5) for less than 5 minutes at a time.

And yet I see you often say "Rush is talking about that"...

(11-29-2012 02:47 PM)Ninerfan1 Wrote:  So Dems have actually suggested that the government just confiscate all retirement accounts and then pay out retirement each month in the form of a government check.

They'll find a way to get their hands on some or all of it.

Didn't Argentina confiscate retirement accounts when it defaulted?

(11-29-2012 07:31 PM)Jugnaut Wrote:  

(11-29-2012 02:47 PM)Ninerfan1 Wrote:  So Dems have actually suggested that the government just confiscate all retirement accounts and then pay out retirement each month in the form of a government check.

They'll find a way to get their hands on some or all of it.

Didn't Argentina confiscate retirement accounts when it defaulted?

Yep. Ireland and Hungary have, too.

(11-29-2012 07:50 PM)BlazerFan11 Wrote:  

(11-29-2012 07:31 PM)Jugnaut Wrote:  

(11-29-2012 02:47 PM)Ninerfan1 Wrote:  So Dems have actually suggested that the government just confiscate all retirement accounts and then pay out retirement each month in the form of a government check.

They'll find a way to get their hands on some or all of it.

Didn't Argentina confiscate retirement accounts when it defaulted?

Yep. Ireland and Hungary have, too.

I suspect this won't happen in the US for a few years. The Baby Boomers don't want their plans taken, they want to take from others. So, a few years from now, after they've emptied their accounts, it will suddenly be "reasonable" to take from others.

If the ball ever starts actually rolling on this what's to keep folks from just cashing in their accts? They'd take the tax hit, but still.....

(11-29-2012 02:47 PM)Ninerfan1 Wrote:  So Dems have actually suggested that the government just confiscate all retirement accounts and then pay out retirement each month in the form of a government check.

They'll find a way to get their hands on some or all of it.

If the Dems take the House in 2014 look out.

(11-30-2012 09:10 AM)VA49er Wrote:  If the ball ever starts actually rolling on this what's to keep folks from just cashing in their accts? They'd take the tax hit, but still.....

Executive Order to prohibit the termination in the plan by a participant. Obama has already by passed Congress on other matters.

So one nobody at a think tank speculates on one particular scenario for the future of 401(k)'s back in September, and in 16 posts, we already have Obama freezing your money from you.

You just gotta love how the con mind works.

(11-30-2012 09:15 AM)WMD Owl Wrote:  

(11-30-2012 09:10 AM)VA49er Wrote:  If the ball ever starts actually rolling on this what's to keep folks from just cashing in their accts? They'd take the tax hit, but still.....

Executive Order to prohibit the termination in the plan by a participant. Obama has already by passed Congress on other matters.

Maybe, but I'm thinking that if this starts getting ANY traction folks will cash out way before any EO can be done.

(11-30-2012 09:22 AM)Redwingtom Wrote:  So one nobody at a think tank speculates on one particular scenario for the future of 401(k)'s back in September, and in 16 posts, we already have Obama freezing your money from you.

You just gotta love how the con mind works.

Feel free to run along.

My guess is you'll conveniently forget about this discussion when it happens. Like so many other events.

Timeline responses from libs:
You're being ridiculous it will never happen.
That's a slippery slope argument.
It's only being discussed for a limited set of circumstances.
It's only temporary.
It's not anywhere as bad as you described.
It's only fair.
It's the law, so deal with it traitor.

(11-30-2012 09:22 AM)Redwingtom Wrote:  So one nobody at a think tank speculates on one particular scenario for the future of 401(k)'s back in September, and in 16 posts, we already have Obama freezing your money from you.

You just gotta love how the con mind works.

It's not "one nobody at a think tank" speculating. That's not how the game gets played. It doesn't get past the think tank talk police that way. It was a trial balloon, and we can all hope that it brought about a sufficiently negative reaction to kill it.

One question, RedTom, forget the deflections, how do YOU feel about the proposal? Would you support it or oppose it? Is it one of those things that you say you would oppose today, but if the words came out of your Messiah's mouth you'd change tunes and support it?