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Oct
31
2008

The Democrats are Coming for Your 401(k)…

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October 31, 2008

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Have you looked at the value of your 401(k) retirement account recently?
If you’re anything like me, you probably haven’t.  You don’t want to see the uncontrollable hemorrhaging going on with the money you’re saving for your retirement someday.
I logged in the other morning to make my selections for my annual benefits enrollment and saw the percentage loss for the year.
45%.
Nearly half of the money I’ve been setting aside for my eventual retirement is just gone.  I’ve been contributing into this plan for thirteen years and nearly half of my contributions have evaporated right into thin air.
To add gross insult to critical injury, House Democrats now want to add new taxes to your retirement money.

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-Calif., and Rep. Jim McDermott, D-Wash., 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.

A plan by Teresa Ghilarducci, professor of economic-policy analysis at The New School for Social Research in New York, contains elements that are being considered. She testified last week before Mr. Miller’s Education and Labor Committee on her proposal.

[...]

“I want to stop the federal subsidy of 401(k)s,” Ms. 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.”

[...]

“I want to spend our nation’s dollar for retirement security better. Everybody would now be covered” if the plan were adopted, Ms. Ghilarducci said.

Did you catch that?  Now the federal tax break on saving your own money for your own retirement is a “federal subsidy.”
You know, I’m not one of the “wealthiest Americans.” I don’t make $250,000.00 or more every year.  Barack Obama said that my taxes “wouldn’t go up a dime” in his Administration.  Yet, if I choose to save for my own retirement and attempt to lighten the burden on Social Security, I’m penalized with higher taxes and then that money is given to others who didn’t save for their retirement for whatever reason.  
It’s a behemoth Universal Socialized Retirement System and it’s coming to you courtesy of the Democrats in Washington.
From RedState:

It’s no surprise that liberals in Congress want to take over control of a little more of your hard-earned wages, but it’s instructive to listen to why. This is what Chairman George Miller had to say during the recent commitee hearing that examined the idea:


With respect to the 401k, it appears to be a plan that is not really well-devised for the changes in the market. We load an awful lot onto the back of the individual – and I’ve been to more seminars and conferences where they ask for more and more education about savings and investing. We keep asking this person to get smarter and smarter about their savings and that’s sort of it and they’re on their own…


Barack Obama and the Democrats aren’t going after the rich, folks. They’re going after anyone who chooses to invest their own money and provide for themselves.  They don’t think you can be trusted with your own money and they wantyou to suckle on the Government teat as much as humanly possible.

Is this the “change” you’re signing up for?  Socialism??

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