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Title: Democrats Target 401k and IRA Retirement Accounts
Source:
DUmpster via Google Search via El Pee via Right Side News
URL Source: http://www.democraticunderground.co ... az=view_all&address=103x400839
Published: Nov 10, 2008
Author: Karen McMahan
Post Date: 2008-11-13 00:03:43 by Rotara
Keywords: None
Views: 149
Comments: 8
Democrats Target 401k and IRA Retirement Accounts November 10, 2008 Poster Comment: Another bailout/Commie-Fascist Nationalization underway. I freaking hate these Globalist National Party tools. HATE. Big Government Statist Socialist/Communist Fascism is a terminal illness everywhere it infects. F**kin' thievin' slave makers !!! They HATE Americans/America/the Constitution/Bill of Rights !!
By Karen McMahan
Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers' personal retirement accounts - including 401(k)s and IRAs - and convert them to accounts managed by the Social Security Administration. Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.
The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers' retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
(snip)
All workers would have 5 percent of their annual pay deducted from their paychecks and deposited to the GRA. They would still be paying Social Security and Medicare taxes, as would the employers. The GRA contribution would be shared equally by the worker and the employee. Employers no longer would be able to write off their contributions. Any capital gains would be taxable year-on-year.
Analysts point to another disturbing part of the plan. With a GRA, workers could bequeath only half of their account balances to their heirs, unlike full balances from existing 401(k) and IRA accounts. For workers who die after retiring, they could bequeath just their own contributions plus the interest but minus any benefits received and minus the employer contributions.
http://www.rightsidenews.com/200811082544/editorial/dem...
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#1. To: All (#0)
Having scanned the DUmpster thread, it's become even more apparent to me that as stoooooopid as the Repubiclan wing is - the RATS are far deeper in the hole and seem to be pretty much completely retarded and ignorant. All hail the Obamessiah ! All hail World Socialist Gooooobermint ! Dumb effs.
Taxing workers 5% of their income will send America into a raging Depression. If people lose their jobs, they will be paying zero dollars into the Suck Hole otherwide known as Washington DC. We do not need to buy Treasury bills with Social Security funds. We could vreate a debt free money so we don't have to create a debt every time we create money, Please investigate non-interest bearing debt free money here: http://www.Monetary.org
Thanks, I'll check it out. In the meantime, here's the future for AmeriKa:
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#2. To: Rotara (#1)
#4. To: Horse (#2)
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