House Democrats contemplate abolishin...

House Democrats contemplate abolishing 401(k) tax breaks

There are 5 comments on the InvestmentNews story from Oct 12, 2008, titled House Democrats contemplate abolishing 401(k) tax breaks. In it, InvestmentNews reports that:

Powerful House Democrats are eyeing proposals to overhaul the nation's $3 trillion 401 system, including the elimination of most of the $80 billion in annual tax breaks that 401 investors receive.

Join the discussion below, or Read more at InvestmentNews.

Clark

Cypress, TX

#1 Oct 14, 2008
This is the worst idea of the century. You idiots pass this and good hard working people will be in worse shape depending on social security. At least some of us who work for a living are fortunate to get a match from the company.
Tell you what congressmen you fund my retirement out of your personal funds to make up the difference I would be losing with your plan and then we can talk.
Do they train the congress idiots on how to make a good country into socialistic one.
This idea is worse than Obama for president and I actual loathe Obama! I will remember your names George Miller as you have just been elevated to my worst enemy!
I am damn mad about this suggestion!
CLark
donkeyman

Midland, OR

#2 Oct 14, 2008
but the democraps need your money.dont you want to even the playing field? dont you like the idea redistribution the wealth? just think about how many votes the dems. can buy with all that money. maybe they can give it to acorn. hahahhahaha
Sluggo

Puyallup, WA

#3 Oct 14, 2008
I have been fearful of this since reading Ghilarducci's article in the May 08 issue of Money magazine. She was also quoted recently in newspaper articles to say that the recent market problems are the "death nell" of the 401(k) plan. Now she, and a select number of democratic congressmen, are playing on people's fears to bring this outrageous idea forward. I am galled at the pretention this person, and these idiots in Washington have to suggest that people are not taking advantage of 401(k) plans and IRA's that finally have been allowed higher contribution limits and tax features (ie. the Roth IRA). After all the work that has been done to provide people with the incentive to take charge of their retirement futures, and depend less on a weak social security system, these people threaten to unravel it with a government system of mandated savings - pathetic! I am not wealthy, but I see this as nothing short of one of the grossest, most egregious "transfer of wealth" schemes this nation has ever heard of. Take heed all politicians that stand behind this idea, you WILL be remembered FONDLY on your respective election days!
Bob

Morrisville, PA

#4 Nov 4, 2008
These people live a bubble. Real, hard working Americans have been funding their retirement accounts so they don't have to depend on SS for their retirement. Now these bozos in Congress want to confiscate our hard earned savings and out it in the same, low return pile with SS. And, as we all know, it really won't be there at all, because they will raid the bank whenever they need to pay for more government spending. I say we starve the bastards - cash in your 401K to keep it from being confiscated, seel your house and all other assets and go underground. Live off your cash and barter for services. Let them come knocking on my door - if they can find me - for the tax penalties for cashing out my 401K early. Screw them. America is dead if we let the Axis of Taxes (Barry O, Stretch Pelosi and Harry to Corpse Reid) deeper into our pockets.
michael

Coral Gables, FL

#5 Nov 6, 2008
Clark wrote:
This is the worst idea of the century. You idiots pass this and good hard working people will be in worse shape depending on social security. At least some of us who work for a living are fortunate to get a match from the company.
Tell you what congressmen you fund my retirement out of your personal funds to make up the difference I would be losing with your plan and then we can talk.
Do they train the congress idiots on how to make a good country into socialistic one.
This idea is worse than Obama for president and I actual loathe Obama! I will remember your names George Miller as you have just been elevated to my worst enemy!
I am damn mad about this suggestion!
CLark
Clark, help me fight it by going to www.polititrade and signing on to my petition. If it doesn't work, I see a revolution ahead of us so hide your guns before the obama administration gets a hold of them!!!! You asshole dems put this guy in, you'll be part of the target too... bastards.

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