A 'Spread the Wealth' Plan for your 401k?

Reply Mon 27 Oct, 2008 09:23 pm
The Loft

Thankfully, since being reported on GOPUSA and other sources, Americans are finally starting to hear about Barack Obama's socialist agenda. His income tax policy of taking money from one group and giving it to another group who doesn't pay income tax is simply a welfare program. With Democrats in charge of the U.S. House, Senate, and the White House, that's exactly the kind of big-government program we would get. And it doesn't stop there.

Democrats are now looking at a plan to go after Americans' 401k accounts. These accounts serve as the retirement nest-egg for millions of Americans. They are used because money can be saved in these accounts tax-free. Oh, that is unless that new Democrat plan of "spread the wealth" becomes law. Then, we could all see our 401k tax breaks go out the window...

According to a report in U.S. News, Democrats are considering a plan that essentially end 401k plans in favor of a government-run saving plan. As the other notes:

I hate to use the "S" word, but the American government would never do something as, well, socialist as seize private pension funds, right? This is exactly what cash-strapped Argentina just did in the name of protecting workers' retirement accounts. Now, even Uncle Sam isn't that stupid, but some Democrats might try something almost as loopy: kill 401(k) plans.


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Reply Tue 28 Oct, 2008 01:20 am
what 401k plan..?

My kids live in Berkeley and work at Cal (the university, for those that do not know). Cal is the most socialist school in the nation, in my opinion. My kids constantly complain about the political conditioning that goes on there but they are still voting Obama, they say, because all their friends are. When I push them as to why, they do not want to discuss it. They say they are too uncomfortable with the subject but are fearful of being shunned.
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Reply Tue 28 Oct, 2008 09:16 pm
His income tax policy of taking money from one group and giving it to another group who doesn't pay income tax is simply a welfare program.

Oh, kinda like what's going on now... except it's OUR money going to the rich and well off, who thanks to offshore banking, don't pay taxes on it!

Taxes are always a redistribution of the wealth. Always.
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