Democrats and 401(k) Plans: Tax, Baby, Tax?

*sigh*

I really, really hate that I can't keep the money I make. What I hate even more is that I'm supposed to believe some yahoo elected official knows what's better for my life than I do. That's a tough pill to swallow. I don't WANT the government to take care of me and make decisions about my investments for me. I keep getting angrier about the recent election and I'm starting to feel like our government is making slaves of the people it is supposed to serve.

How many times do we need to tax our hard-earned dollars? The companies we work for pay taxes, and we are paid with what's left. Then we pay taxes on what we earn, and are taxed again when we go to buy anything. Taxes upon taxes upon taxes are levied against the American people, and our Congress can't even manage to live on less than they make. These are arguably the worst money managers on the planet, and I'm supposed to trust them with my retirement?

Amanda of OH @ Nov 06, 2008 16:02:19 PM

Foolish People

Barry Hussien is a disaster for the United States and capitalism. Barry wants your money and he wants it now because he thinks he knows how to spend it better than you. Don't all you foolish people who voted for this radical realize that? The liberals have the house and senate and will tax us to death. Just wait until you start hearing about his radical ideas and how he will take care of you. He is a liberal and believes in big government. Sooner rather than later all you foolish people will realize this and be sorry you voted for this radical. Then just wait, because his wife Michelle is the next Hillary who will be running for Prez with no qualifications other than you were married to the President???

William of DC @ Nov 05, 2008 21:56:44 PM

Why Not?

By my estimation I have paid my private health insurance company $15000 over what I have spent, which they have in turn used to turn a tremendous profit without lowering my premiums.

I have paid in thousands into my 401k only to watch it disappear overnight.

My grandparents lived on Social Security when the local union pulled my grandfather's pension. It was always there for him and I am not sure what they would have done without it.

How exactly is it that government is horrible and untrustworthy and private industry is efficient and accountable?

Ed of IL @ Nov 05, 2008 21:53:56 PM

the greedy government

Remember these two words "Social Security". In no time flat the Democrats will come up with a bogus excuse on why they "need" to access the money in the government sponsored retirement program and once they get a taste of our blood they won't ever give it up! Further- you can bet who the end beneficiary will be- persons that didnt contribute a dime! I've been paying into social security for over 30 years and I am never going to see a penny of it at this rate! As it is I have 15 years to go until age 65, by then you will have to be 90 to get your full benefit! Notwithstanding the fact that if I DIE and have no spouse or surviving miinor children, which I won't- then the government will get to keep all of the money I placed into the plan in the first place (Just so they can "Spread it around a little") What B/S !!!!!

alex b. of NY @ Nov 05, 2008 18:30:12 PM

401K

I would consider cashing in my 401K and leave the country if the government thought it was their right to take over my retirement accounts. This is totally foreign to me.

The politicians could never be trusted w/the money. They would use it for purposes other than to benefit the people who put the money in in the first place--GUARANTEED.

Cheryl of MA

Cheryl White of MA @ Nov 05, 2008 16:53:27 PM

Argentina took 401k

BO never tells us where he wants to lead us, just that he wants change and will lead us there.

I just hope his definition of change is not the same one that Argentina uses as they just "nationalized" private 401k's into a government lead account.

WhyIotta of CA @ Nov 05, 2008 13:59:23 PM

Don't listen but...

The famous statement from the former S. Vietnam President Thieu can be applied here "Don't listen to what they said but what they have done."

Trustme of TX @ Nov 05, 2008 13:52:11 PM

The Left Wing would attempt to custodian retirement assets only as an intermediate step towards taxing/redistributing these assets away from those who "don't need them" i.e the responsible few who save a reasonable amount over their lifetime, and send them to "people who need help" i.e the unemployed, or one step further those who have choosen NOT to save and plan for their future.

Another issue which begs question is Diversification? In a 401(k) you can choose to invest in debt/equity or cash all over the world. With a government sponsored plan you would submit your portfolio to the management of the U.S Government which may or may not choose to diversify you.

Also, our government has proven an incredible level of incompetence when it comes to providing future income for citizens (social security).

In the best senario, the government would again prove to be bad stewards of your financial resources. In the worst senarios, the democrats in power would be unable to keep their hands off of your money.

Harvey of OH @ Nov 05, 2008 13:36:30 PM