Moderator: Nicole Marie
Haggis@wk wrote:NOW they tell us!?!?!?
Newsweek editor: Obama’s cult of personality is “slightly creepy,” isn’t it?
I suspect we'll be seeing a lot more of this as the MSM starts to distance itself from Obama. They just wanted to get him elected.
Shapley wrote: The link seems to be wrong.....
piqaboo wrote:He paints the obamalogo on Airforce 1
shostakovich wrote:Haggis is right. Everything should reverse. In fact, it should be the job of the MSM to criticize our leaders. It's a bit early to criticize Obama for what he MIGHT do. The honeymoon with the MSM will not last a year. SNL will start on him much earlier. I don't expect too much "change" to take place, as the money for it is not available. We'll soon see. Shos
Carolina Journal Exclusives
Dems Target Private Retirement Accounts
Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs
By Karen McMahan
November 04, 2008
RALEIGH — 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.
eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs
confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
Toward retirement income security
b y Te r e s a Gh i l a r d u c c i
How Guaranteed Retirement
Structure. Guaranteed Retirement Accounts are like universal
401(k) plans except that the government, as befits
a large and enduring institution, will invest and manage
the pooled savings.
Participation. Participation in the program is mandatory
except for workers participating in equivalent or better
employer defined-benefit plans where contributions are
at least 5% of earnings and benefits take the form of life
Contributions. Contributions equal to 5% of earnings
are deducted along with payroll taxes and credited to
individual accounts administered by the Social Security
From Table 2, we see that taxpayers making over
$75,000 would, on average, see a reduction in their
after-tax income under the Guaranteed Retirement
Account plan. Could a proposal that costs wealthy
people a valuable tax break have legs? Perhaps. The key is
knowing that even among higher-income households—
those in the top 40%—nearly half (48%) received no
tax benefit from contributing to defined-contribution
plans or IRAs in 2004—and some who did would still
have been better off under the Guaranteed Retirement
Account system. Meanwhile, only 13% of households
in the bottom 60% received a tax benefit.15 In other words,
the majority of Americans, across the income spectrum,
would benefit from a fairer and more effective retirement savings plan.
in 401(k) plans and other retirement plans that exist
before the bill goes into effect will be treated under the
old tax rules.
Serenity wrote:How about money that people designate for retirement not be taxed ever
Haggis@wk wrote:Oh, and special memo to OT, Dissent is no longer patriotic
Haggis@wk wrote:We'll know an Obama presidency is as bad as we feared if he selects. . .
It's a game you can play for hours, if you have the stomach for it.
My first entry is: . . .if he selects John Kerry to be his Secretary of State.
My second entry is . . .if he selects Jamie Gorelick to be anything.
muzzling Pelosi and Reid.
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