Newarcher Posted November 6, 2008 Report Share Posted November 6, 2008 (edited) Coming out of self-imposed exile to post this. I heard it on Rush Limbaugh today and checked it out. http://news.aol.com/political-machine/2008/10/24/obama-dems-seek-to-end-401-k-plans/ The highlights: 1) Your 401-K balance would have to be transferred to the government. 2) The government would kick in 600 a year into your account. 3) You would be forced to contribute 5% of your pay a year. 4) The government would pay you a whopping 3% return a year 5) The capitalization of the companies and corporations that make up our economy would be yanked from them. They use this money to grow their companies and employ us! What happened to liberty and freedom and choice? What happens when the Senators do exactly what they did with the SS trust fund and take the money out and put a bunch of IOU's in? Pass this around folks....no one heard this in the media before the elections. New Edited November 6, 2008 by Newarcher Quote Link to comment Share on other sites More sharing options...
cinch314 Posted November 6, 2008 Report Share Posted November 6, 2008 You've got to be kidding me! Quote Link to comment Share on other sites More sharing options...
Randy Posted November 6, 2008 Report Share Posted November 6, 2008 Welcome back New! Quote Link to comment Share on other sites More sharing options...
whitetailtrax Posted November 6, 2008 Report Share Posted November 6, 2008 Your second sentence speaks volumes - not sure how anyone, republican, democrat or othwise can stand to listen to his show. I had a 401K plan and my pay stub says I still contribute to it.....unfortunately I made the mistake of opening my last quarterly statement - about made me sick to my stomach. I refuse to open my kids college fund statements. Try not to believe everything that comes out of Limbaughs mouth or what some blogger on the internet says. Quote Link to comment Share on other sites More sharing options...
Newarcher Posted November 6, 2008 Author Report Share Posted November 6, 2008 Your second sentence speaks volumes - not sure how anyone, republican, democrat or othwise can stand to listen to his show. I had a 401K plan and my pay stub says I still contribute to it.....unfortunately I made the mistake of opening my last quarterly statement - about made me sick to my stomach. I refuse to open my kids college fund statements. Try not to believe everything that comes out of Limbaughs mouth or what some blogger on the internet says. No, I heard about it on the Limbaugh show and researched it on the net. This was brought out at a hearing last week by the Democrats. Nothing in stone, but they are going after 401-K plans. New Quote Link to comment Share on other sites More sharing options...
Texan_Til_I_Die Posted November 6, 2008 Report Share Posted November 6, 2008 I heard about this some time ago. As of now, it's still just a twisted idea in the minds of certain Socialists. But, with a tweaking of the IRS code, it could become law. Quote Link to comment Share on other sites More sharing options...
wtnhunt Posted November 6, 2008 Report Share Posted November 6, 2008 Welcome back New. They try pulling this, will be interesting to see if those who voted Obama in just sit back and listen to more of his lies and continue to think Obama's plan for "Change" is really so great. Quote Link to comment Share on other sites More sharing options...
pendog Posted November 6, 2008 Report Share Posted November 6, 2008 Redistribution, some who voted for him don't have 401s so they wont care. Interesting if the gov will give them their own if this plan comes about. Quote Link to comment Share on other sites More sharing options...
Newarcher Posted November 6, 2008 Author Report Share Posted November 6, 2008 Redistribution, some who voted for him don't have 401s so they wont care. Interesting if the gov will give them their own if this plan comes about. There was a plan orginally floated before the Republican revolution to tax your 401-K account 15% as a one time hit to help set up plans for the 'poor'. Right now from everything I read, this is a hairbrained scheme by some left wing professor that they listened to during this hearing. They said they would look at it. I think the guarantee you can count on is that the current tax advantaged rules for IRA's / SEP's / 401-K's are going away. That seems to be a forgone conclusion in everything I read from the committee member's statements. That or they will make it like Student Loan interest (deductible only if you make less than minimum wage, essentially). I never created a Roth account because I was certain that these folks would come along and rip it out. New Quote Link to comment Share on other sites More sharing options...
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