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October 24th, 2008 Posted in Libtards

For those of you who haven’t been paying attention, here is what the Democrats have in store for us once they have full control of the government.

Since they are confident that they will pick up enough seats in the House and Senate races to make them a solid enough majorities that they can ram any kind of legislation down our throats that they want, they have come up with one that should be looked at closer, a LOT closer… your 401(k) plan.

Let’s just say that the Democrats don’t think it’s a good idea for you to keep hold of that money when they have such wonderful plans for it.

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

House Education and Labor Committee Chairman George Miller, D-California, and Rep. Jim McDermott, D-Washington, chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.

Key words “all workers would be obligated to contribute”. Sounds just like Social Security doesn’t it? We have all seen how well that system works too, a perfect example of the wonderful “New Deal” that they have in store for us. We will be taxed more, receive less and be forced to rely on the government for our retirement.

Under Ghilarducci’s plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation.

The current system of providing tax breaks on 401(k) contributions and earnings would be eliminated.

“I want to stop the federal subsidy of 401(k)s,” Ghilarducci said in an interview. “401(k)s can continue to exist, but they won’t have the benefit of the subsidy of the tax break.”

So, the tax breaks for you company doing matching contributions disappears which gives you only half of what you were putting in. Businesses lose that tax break so now they have to pay more in taxes which will hit their bottom line and, most likely, result in layoffs and restricted growth in all industries and what do we get in return? 3% interest and $600 on a government bond which is really nothing more than an IOU note meaning that you work for years, “invest” in the governments program and when you retire there may not be anything there for you at all.

See, Social Security is not an investment option, it’s a tax which means that the government can do with it what they will and if it’s not there for you when you retire you can’t do a thing about it. So, if now your 401(k) is going to be handled by the same people who have been doing such a great job with Social Security what do you think your chances are that there will be any money in the piggy bank when you are ready for the Bahama’s??

Once again it all comes back to the original question. Where do they get the authority and the right to pull something like this? They have decided they have the right and voila’, the legal authority exists. The last time we dealt with this kind of heavy handed government it ended up with a bunch of tea being thrown into Boston harbor and a little thing called the American Revolution.

But the fun doesn’t stop with your 401(k) plan, oh no that would be too simple.  you will be taxed on what you planned on investing into your retirement plan – which may not even be there when you do retire, as well as redistributing your wealth too, so you being taxed more and bringing home less in the first place. 

Add it the fact that Obama has said that he wants compulsory service, is against the Second Amendment, and wants a National Security Force that would be “just as powerful, just as strong, just as well-funded” as the military, and Charles Rangel has introduced a new bill that would bring back the draft and guess what kids?? We now start to look like our old friends the Soviet Union.

I may be clinging to my guns and religion, but it’s sure a hell of a lot better than what the left has planned for us.


A letter to undecided voters

Ad this from Charles Krauthammer I’m for the guy who can tell the lion from the lamb”

One Response to “Oh, HELL NO!”

  1. In Jennifer’s Head » Blog Archive » Screwed Says:

    […] 24, 2008 2:14 pm Jennifer Current Events, Politics I’ve been stewing over this all day.  Instinct sent it to me this morning, and it was on Hot […]

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