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

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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

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 11:30AM November 01, 2008

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 2:08PM October 30, 2008

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

Sutherland of VA 1:22PM October 30, 2008

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 11:08AM October 30, 2008

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 10:15AM October 30, 2008

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 8:42AM October 30, 2008

Dems will soon understand that unless jobs exist all give away program will never work..
Small business is the only answer to the current stagnation and to increase any type of tax and cause investors to stand still and wait will be the ture recession...
At this point everyone is wanting all CEO's to be held accountable, a trend I hope will be held to the politicians when the Dems do not deliver and change mid stream on Main Street.

Skip of FL 7:30PM October 29, 2008