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

October 29, 2008 RSS Feed Print

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Looks like someone over at Team McCain is reading CapCom, especially my blogging about a plan floating around Capitol Hill to start taxing retirement plans like 401(k)'s and IRAs. This, from McCain's new stump speech:

This Democratic Congress is planning all sorts of new taxes. This week, we are hearing they want to tax your 401(k) contributions. This is a time when we need to be encouraging more investing, not taxing it. We can't let them get away with making a bad economy even worse. Now is the time to grow our economy, and that's what I'm going to do.

Tags:: taxes,; presidential election 2008,; 401(k),; John McCain

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Its not privatization...thats a democatic lie.
What was proposed on that was to give you the SS # holder a limited 401k like option to invest up to 2% of your ss assets into market related investments.
Not even close to privatization.
But more like a government controled IRA/401k for that part of the ss assets.
Any talk of privatization in the full sense is a democratic misinformation and a pure total lie.

Paul of OK 7:36AM January 17, 2009

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 7:33AM January 17, 2009

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 7:29AM January 17, 2009

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

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