McCain: Hey, Dems, Don't Tax 401(k) Plans

jobs etc.

Ive already talked with a few people I know who are actually wealthy in both paycheck and ira/401k.

And if the proposals actually gain some traction, they will be moving their companies fully overseass.

Via one of the contacts, he actually estimates a full 1/3 of the USA business would go elsewhere.

He stated almost instantly that the companies he sits on the board of would sell and leave USA in total and they are in total directly/indirectly responsible for about 1% of the usa economy. And in some cases feed other business's in some fashion to another 15%.

DOing this will destory whats left of this country.

We need to enact a tax system that the politicians cant use or touch or even consider. OH we have that idea, its called FAIR TAX.

Paul of OK @ Jan 17, 2009 07:33:41 AM

sorry to James of NC its true.

Its no lie... the documentation is availabel to prove it.

Obama didnt propose anything it was introduced in congress and this is in fact the second time ever.

Ie; they are wanting to tax the 401k/ira assets of rich people but they forget that their definatuion of rich in this case is anybody with $$ of any amt..Even my own mom who has $250k in a IRA (and nothing else but a paid off home) would be heavily taxed by this plan.

The other stupidity is a seperate proposal to move all 401k/ira assets of everybody to Social Security.

These arent gop accusations, these are factual efforts being attempted...

Paul of OK @ Jan 17, 2009 07:29:24 AM

One Giant Leap for McCain

And anyone else listening to this latest line of tax BS. One professor at one hearing doth not make a "plan" by House Democrats to "give your 401(k) to the government." In fact, the purpose of the hearings were to see how, in the wake of this current "trickle down" mess, 401(k) withdrawals could be made less onerous on retirees. My 410(k) plan is now worth about 25% less than it was in mid September, and I'm now thinking that I'll need to work another 5 yrs instead of 1. Oh joy. This is patently a last ditch effort to re-inject fear. A sucker punch, if you will.

KD in PA of PA @ Nov 01, 2008 11:30:45 AM

That's a bizarre deduction, Sutherland

and completely beside the point. It seems that you need to change the subject.

It seems, also, that there is no evidence that Obama will change 401(k).

James of NC @ Oct 30, 2008 14:08:52 PM

Phantom Proposals

James: I take it, then, that you concede there is no proposal put forth by McCain to privatize Social Security.

Sutherland of VA @ Oct 30, 2008 13:22:00 PM

To repeat

There is NO proposal put forth by Obama to change 401(k).

If you think there is, it should be easy to provide the source for your information. Please do so.

James of NC @ Oct 30, 2008 11:08:57 AM

Obama

Like a true Democrat, they claim all information alluding to the true character of Obama is a lie. He makes an about face whenever his back is against the wall. In the last three days alone he and his party have lowered the the small business taxable bracket three times. And by the way, his party does advocate giving your 401k to the government. Do your research.

Joe H. of UT @ Oct 30, 2008 10:15:02 AM

401K

Politicians have been wringing their hands over how to "save" social security. The government generally takes about 20 percent of GDP and spends it and more. However, by 2050 the big three entitlement programs if left unchecked will take up 20 percent all by themselves. So what to do? All feeble attempts at reining in the rate of growth in any social program is met by shouts of "dead on arrival" or "trying to balance the budget on the backs of the poor". So Prof. Ghilarducci gives the pols an out: simply seize the 401ks and roll them into social security. Use the money to buy government bonds and pay a government guaranteed rate of 3 percent! Brilliant! The government can claim that it is saving private pensions from loss (re: the $3 trillion loss of wealth in the stock market). It solves the social security problem. It provides a ready buyer of government securities to support government deficit spending even when the market would reject such securities. It effectively removes the constraints on government spending. Who cares about the market repercussions (see Argentina)? Its a politicians wet dream.

Harold Black of TN @ Oct 30, 2008 08:42:12 AM