Vote McCain to Keep Your 401(k)
From Workforce Management.com:
House Democrats Contemplate Abolishing 401(k) Tax Breaks
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.
My 401(k) is not supported by my company because of a profit sharing program they have. The 401(k) followed me from my previous employer and I do contribute to it myself. But its before taxes. According to the democrats, that must stop! And then once that is accomplished you will be FORCED to contribute to a government run retirement account.
…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.
Heil Obama!
1Marie M.
wrote on 5 November 2008 at 18:32
Hands off! Took us 15 years of bouncing from one crappy job to another to get a 401k. Can someone give me an answer as to why we would have to pay taxes on our our contributions at all?