The Truth about Taxes and your 401K
- Thread starter MeeMie
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MeeMie
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Did you have anything to add about the thread topic?
Do you have a 401K? Are you worried that it will be confiscated by the government to be used as your own Social Security benefit?
Did you look at the chart provided?
No?
Why don't you go back and read each article, view the chart, and come back and post something constructive.
Thank you.
MeeMie
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I highly recommend that anyone who has a 401(k) read the articles posted and do the research yourself.
I have it from a very good source that the proposed plan will in fact be shoved through a super majority in early February 2009.
If you can risk the penalty and tax reporting, compare it to the loss of having your own funds confiscated.
This has been a public service announcement.
I have it from a very good source that the proposed plan will in fact be shoved through a super majority in early February 2009.
If you can risk the penalty and tax reporting, compare it to the loss of having your own funds confiscated.
This has been a public service announcement.
Nahhhh. I'm good. I can make my own decisions.
Some of us actually have jobs and don't have the time (or desire) to read long-winded rantings from a paranoid.
KRCummings
Uh...
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But he's got very good sources.
Oh yes, you are correct. I initially didn't see that Rush Limbaugh link.
RightField
Literotica Guru
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The other part is that Bush wants to give you the choice. Your example talks about investing $10k for 40 years and the results under different plans. For social security....my $10k "investment" is going to return $8K....for a return of -$2000. I'd rather take my chances on the stock market.
MeeMie
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Foot In Mouth Disease
During a rally in Hershey, Pa., McCain told supporters the Biden gaffe revealed the Democrats' true tax-and-spend intentions.
"It's interesting how their definition of 'rich' has a way of creeping down," McCain said.
"Senator Obama has made a lot of promises. First, he said people making less than $250,000 would benefit from his plan.
"Then, this weekend, he announced in an ad that if you're a family making less than $200,000 you'll benefit - but yesterday right here in Pennsylvania, Senator Biden said tax relief should only go to 'middle-class people' - people making under $150,000 a year.
"At this rate, it won't be long before Senator Obama is right back to his vote that Americans making just $42,000 a year should get a tax increase.
During a rally in Hershey, Pa., McCain told supporters the Biden gaffe revealed the Democrats' true tax-and-spend intentions.
"It's interesting how their definition of 'rich' has a way of creeping down," McCain said.
"Senator Obama has made a lot of promises. First, he said people making less than $250,000 would benefit from his plan.
"Then, this weekend, he announced in an ad that if you're a family making less than $200,000 you'll benefit - but yesterday right here in Pennsylvania, Senator Biden said tax relief should only go to 'middle-class people' - people making under $150,000 a year.
"At this rate, it won't be long before Senator Obama is right back to his vote that Americans making just $42,000 a year should get a tax increase.
cjh
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i'm just pissed my social security contributions aren't realizing all gains that they would have realized in the stock market.
Cap’n AMatrixca
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But you could have chosen more secure investments
PS - The Market will come back; sooner than later...
Cap’n AMatrixca
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Social Security is twenty times the ticking time bomb Freddie and Fannie were and the same damned Democrat leaders will tell you with a straight face that the program is solvent.
cjh
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But you could have chosen more secure investments
PS - The Market will come back; sooner than later...
i've shifted a lot of fixed into equities. i have a long enough horizon that i'll run the risk.
i think, though, the public will think twice about privatizing social security now. i assure you my hard right retired momma won't think about it.
Cap’n AMatrixca
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The Public?
Think?
lol
Think?
lol
Last edited:
Cap’n AMatrixca
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Like Barney Frank sending out his marching orders; forget about deficit spending being bad, Bush isn't here anymore, now it's going to be a necessary thing...
If the Democrats and the Press decide they need to privatize SS, or nationalize our 401K's, as long as they have all three branches of government and the fourth estate under their control, the mob is going to vote for whatever they are told too, that's how socialism works, first take care of the poor, and then, reward the middle-class...
If the Democrats and the Press decide they need to privatize SS, or nationalize our 401K's, as long as they have all three branches of government and the fourth estate under their control, the mob is going to vote for whatever they are told too, that's how socialism works, first take care of the poor, and then, reward the middle-class...
MeeMie
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I'm telling you ... withdraw your 401K asap
There won't be a damn thing you will be able to do about it once the super majority takes power.
The money that YOUR employer contributed to your 401k on your behalf (sometimes in lieu of salary increases), as well as the money that YOU contributed to the plan will be confiscated. Out of your control.
The only entitlement the government has on your funds is that it was tax sheltered to begin with. The government has absolutely no right to consider it private retirement funds in place of Social Security.
There won't be a damn thing you will be able to do about it once the super majority takes power.
The money that YOUR employer contributed to your 401k on your behalf (sometimes in lieu of salary increases), as well as the money that YOU contributed to the plan will be confiscated. Out of your control.
The only entitlement the government has on your funds is that it was tax sheltered to begin with. The government has absolutely no right to consider it private retirement funds in place of Social Security.
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MeeMie
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Do you actually think the public will have a choice with a super majority?
Think again.
MeeMie
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Finally, McCain's campaign is making an issue out of "taxing your 401k contributions.
Hasn't said anything yet about confiscating your funds.
I hope all of you have read the 2nd and 3rd posts in this thread by now, and are ready to take appropriate action to preserve your assets.
Hasn't said anything yet about confiscating your funds.
I hope all of you have read the 2nd and 3rd posts in this thread by now, and are ready to take appropriate action to preserve your assets.
rat_patrol
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Does France tax 401k's?
MeeMie
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Remember this thread?
Republicans Sound Alarm on Administration Plan to Seize 401(k)s
In February, the White House released its “Annual Report on the Middle Class” containing new regulations favored by Big Labor including a bailout of critically underfunded union pension plans through “retirement security” options.
The radical solution most favored by Big Labor is the seizure of private 401(k) plans for government disbursement -- which lets them off the hook for their collapsing retirement scheme. And, of course, the Obama administration is eager to accommodate their buddies.
Vice President Joe Biden floated the idea, called “Guaranteed Retirement Accounts” (GRAs), in the February “Middle Class” report.
In conjunction with the report’s release, the Obama administration jointly issued through the Departments of Labor and Treasury a “Request for Information” regarding the “annuitization” of 401(k) plans through “Lifetime Income Options” in the form of a notice to the public of proposed issuance of rules and regulations.
http://www.dol.gov/federalregister/PdfDisplay.aspx?DocId=23512
House Republican Leader John Boehner, and a group of House Republicans, are mounting an effort to fight back.
The American people have become painfully aware over the past year that elections sometimes have calamitous consequences. Republicans lack the votes to reign in the Obama administration’s myriad nationalization plans for everything from health care to the automobile industry.
Now the backdoor bulls-eye is on your 401(k) plan and the trillions of dollars the government would control through seizure, regulation and federal disbursement of mandatory retirement accounts.
Boehner and the group are sounding the alarm, warning bureaucrats to keep their hands off of America’s private retirement plans.
Just when you thought it was safe to come up for air after the government takeover of health care.
The entirety of the House GOP Savings Recovery Group letter outling the issue that was sent last night to the Labor and Treasury secretaries:
The Honorable Hilda L. Solis
Secretary
U.S. Department of Labor
200 Constitution Avenue, NW
Washington, DC 20210
The Honorable Timothy Geithner
Secretary
U.S. Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, DC 20210
Dear Secretaries Solis and Geithner:
As members of the Republican Savings Solutions Group, we write today to express our strong opposition to any proposal to eliminate or federalize private-sector defined contribution pension plans, such as 401(k)s, or impose burdensome new requirements upon the businesses, large and small, who choose to offer these plans to their employees.
In the Annual Report of the White House Task Force on the Middle Class, Vice President Biden discussed at length the creation of so-called “Guaranteed Retirement Accounts, (GRAs)” which would provide for protection from “inflation and market risk” and potentially “guarantee a specified real return above the rate of inflation” -- presumably at taxpayer expense. In the Report, the Vice President recommended “further study of these issues.”
The Vice President’s comments are troubling, insofar as they come on the heels of testimony before Congress from supporters of GRAs proposing to eliminate the favorable tax treatment currently afforded to 401(k) plans, and instead use those dollars to fund government-invested GRAs into which all employees would be required to contribute a portion of their salary -- again, with a government subsidy. These advocates would, essentially, dismantle the present private-sector 401(k) system, replacing it instead with a government-run investment plan, the size and scope of which remain to be seen. This despite data showing that 90 percent of households have a favorable opinion of the existing 401(k)/IRA system.
In light of these facts, we write today to express our opposition in the strongest terms to any effort to “nationalize” the private 401(k) system, or any proposal that would dismantle or disfavor the private 401(k) system in favor of a government-run retirement security regime.
Similarly, and more recently, the Departments of Labor and Treasury have jointly issued a “Request for Information” regarding the “annuitization” of 401(k) plans through “Lifetime Income Options.” While we appreciate the Departments’ seeking guidance and information from all parties and stakeholders in advance of regulatory activity, we strongly urge that the Departments not proceed with any regulation in this area before they have carefully and thoroughly considered all of the information received.
More specifically, we urge that the Departments take no action to mandate that plan sponsors -- often, small businesses -- include a “lifetime income” or “annuitization” option if they choose to offer a 401(k) plan to their employees, or that beneficiaries take some or all of their retirement savings in such an option. Data shows that 70 percent of Americans oppose the concept of a mandated annuity or government payout of their 401(k) plan. On a more fundamental level, Congress should not be in the business of choosing “winners” and “losers” among retirement security stakeholders. Instead, we urge the Departments to make it easier for employers to include retirement income solutions in their savings plans and to help workers learn more about the value of their retirement savings as a source of retirement income. Finally, to the extent new mandates and bureaucratic red tape from Washington push small employers out of the business of offering these plans to their employees, we would submit such an effort weakens, rather than strengthens retirement security.
We appreciate your consideration of our views in these important matters and stand ready to work with you and the Administration to promote secure and adequate retirement savings for all Americans.
Sincerely,
House Republican Leader John Boehner (R-OH)
Rep. John Kline (R-MN)
Rep. Dave Camp (R-MI)
Rep. Sam Johnson (R-TX)
Rep. Dean Heller (R-NV)
Rep. Brett Guthrie (R-KY)
Rep. Michele Bachmann (R-MN)
Rep. Pat Tiberi (R-OH)
Rep. Bob Latta (R-OH)
Rep. Erik Paulsen (R-MN)
Rep. Lynn Jenkins (R-KS)
Rep. Ed Royce (R-CA)
Rep. Buck McKeon (R-CA)
http://www.humanevents.com/article.php?id=36823
Republicans Sound Alarm on Administration Plan to Seize 401(k)s
In February, the White House released its “Annual Report on the Middle Class” containing new regulations favored by Big Labor including a bailout of critically underfunded union pension plans through “retirement security” options.
The radical solution most favored by Big Labor is the seizure of private 401(k) plans for government disbursement -- which lets them off the hook for their collapsing retirement scheme. And, of course, the Obama administration is eager to accommodate their buddies.
Vice President Joe Biden floated the idea, called “Guaranteed Retirement Accounts” (GRAs), in the February “Middle Class” report.
In conjunction with the report’s release, the Obama administration jointly issued through the Departments of Labor and Treasury a “Request for Information” regarding the “annuitization” of 401(k) plans through “Lifetime Income Options” in the form of a notice to the public of proposed issuance of rules and regulations.
http://www.dol.gov/federalregister/PdfDisplay.aspx?DocId=23512
House Republican Leader John Boehner, and a group of House Republicans, are mounting an effort to fight back.
The American people have become painfully aware over the past year that elections sometimes have calamitous consequences. Republicans lack the votes to reign in the Obama administration’s myriad nationalization plans for everything from health care to the automobile industry.
Now the backdoor bulls-eye is on your 401(k) plan and the trillions of dollars the government would control through seizure, regulation and federal disbursement of mandatory retirement accounts.
Boehner and the group are sounding the alarm, warning bureaucrats to keep their hands off of America’s private retirement plans.
Just when you thought it was safe to come up for air after the government takeover of health care.
The entirety of the House GOP Savings Recovery Group letter outling the issue that was sent last night to the Labor and Treasury secretaries:
The Honorable Hilda L. Solis
Secretary
U.S. Department of Labor
200 Constitution Avenue, NW
Washington, DC 20210
The Honorable Timothy Geithner
Secretary
U.S. Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, DC 20210
Dear Secretaries Solis and Geithner:
As members of the Republican Savings Solutions Group, we write today to express our strong opposition to any proposal to eliminate or federalize private-sector defined contribution pension plans, such as 401(k)s, or impose burdensome new requirements upon the businesses, large and small, who choose to offer these plans to their employees.
In the Annual Report of the White House Task Force on the Middle Class, Vice President Biden discussed at length the creation of so-called “Guaranteed Retirement Accounts, (GRAs)” which would provide for protection from “inflation and market risk” and potentially “guarantee a specified real return above the rate of inflation” -- presumably at taxpayer expense. In the Report, the Vice President recommended “further study of these issues.”
The Vice President’s comments are troubling, insofar as they come on the heels of testimony before Congress from supporters of GRAs proposing to eliminate the favorable tax treatment currently afforded to 401(k) plans, and instead use those dollars to fund government-invested GRAs into which all employees would be required to contribute a portion of their salary -- again, with a government subsidy. These advocates would, essentially, dismantle the present private-sector 401(k) system, replacing it instead with a government-run investment plan, the size and scope of which remain to be seen. This despite data showing that 90 percent of households have a favorable opinion of the existing 401(k)/IRA system.
In light of these facts, we write today to express our opposition in the strongest terms to any effort to “nationalize” the private 401(k) system, or any proposal that would dismantle or disfavor the private 401(k) system in favor of a government-run retirement security regime.
Similarly, and more recently, the Departments of Labor and Treasury have jointly issued a “Request for Information” regarding the “annuitization” of 401(k) plans through “Lifetime Income Options.” While we appreciate the Departments’ seeking guidance and information from all parties and stakeholders in advance of regulatory activity, we strongly urge that the Departments not proceed with any regulation in this area before they have carefully and thoroughly considered all of the information received.
More specifically, we urge that the Departments take no action to mandate that plan sponsors -- often, small businesses -- include a “lifetime income” or “annuitization” option if they choose to offer a 401(k) plan to their employees, or that beneficiaries take some or all of their retirement savings in such an option. Data shows that 70 percent of Americans oppose the concept of a mandated annuity or government payout of their 401(k) plan. On a more fundamental level, Congress should not be in the business of choosing “winners” and “losers” among retirement security stakeholders. Instead, we urge the Departments to make it easier for employers to include retirement income solutions in their savings plans and to help workers learn more about the value of their retirement savings as a source of retirement income. Finally, to the extent new mandates and bureaucratic red tape from Washington push small employers out of the business of offering these plans to their employees, we would submit such an effort weakens, rather than strengthens retirement security.
We appreciate your consideration of our views in these important matters and stand ready to work with you and the Administration to promote secure and adequate retirement savings for all Americans.
Sincerely,
House Republican Leader John Boehner (R-OH)
Rep. John Kline (R-MN)
Rep. Dave Camp (R-MI)
Rep. Sam Johnson (R-TX)
Rep. Dean Heller (R-NV)
Rep. Brett Guthrie (R-KY)
Rep. Michele Bachmann (R-MN)
Rep. Pat Tiberi (R-OH)
Rep. Bob Latta (R-OH)
Rep. Erik Paulsen (R-MN)
Rep. Lynn Jenkins (R-KS)
Rep. Ed Royce (R-CA)
Rep. Buck McKeon (R-CA)
http://www.humanevents.com/article.php?id=36823
Sean
We'll see.
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Oh dear lord, this is the second time this evening I've nearly pissed myself laughing at a post on the GB.
MeeMie
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You're a smart man ... read the pdf
It looks like both are proposed.
Funds that you already have setup as IRAs in a 401(k) plan will be converted to a government regulated fund. You will lose control of disbursements and investment choices. The end game is that YOUR money will be doled out to you in place of Social Security checks when you retire.
Annuitization Method (replace annuity with former IRA funds that you yourself saved)
A way to receive distributions from an annuity where the annuitant is guaranteed to receive a certain amount in income each month for the remainder of his/her life. This carries lower risk than a systematic withdrawal plan, where the annuitant receives income until his/her account runs out. However, should the annuitant using the annuitization method die prematurely, payments may stop and the annuitant may lose the remainder of his/her annuity.
I hope you hadn't planned on leaving your IRA nestegg to heirs when you go toes up.
For the younger set still working ... IRA withdrawals will no longer be tax sheltered. Additionally, see above. AND it will become mandatory contribute to the federally regulated GRAs. You know ... something like how everyone had to make mandatory payments toward Social Security for future retirement, while the banker (government) depleted those funds for other purposes and now plan on telling you "tough luck".
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cjh
orgone accumulator
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it's buried in a set of regs.
that's pretty troubling, though. i wonder how the taking clause fits into the analysis.
mercury14
Pragmatic Metaphysician
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MeeMie wouldn't know the truth if it was used on him during a proctology exam.
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