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McCain: Dems Want to Steal Your 401(k)

November 1, 2008 RSS Feed Print

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Not only do some Democrats want to tax your retirement plan, they want to put you in a new government savings plan and then "borrow" the dough to pay for their big spending increases, that according to John McCain. Americans would find the charge outlandish if it wasn't for the fact that we are already doing just that with Social Security. Here is what McCain said on Kudlow & Co. last night:

McCain: Well, that's exactly what they're saying. And Barney Frank, who is powerful, chairman of a powerful committee in the House, said we're going to raise taxes and we're going to increase spending. That's exactly the wrong thing to do in the economic difficulties we have. How did we get into this ditch? We ran up a $10 trillion deficit on our kids and half a billion dollar debt to China. So, obviously, they want to take the 401(k)s and use that money to give that to the government to spend, rather than people, and I think that's very dangerous disincentives to savings, which is exactly the cause of one of our problems, as we all know.

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why would you say a corporation doesnt pay income taxes thats right just keep sending jobs overseas you idiots they leave because of the bottom line to easy to leave where they make money do you understand that most of the weathy people in this country is the deeemocrats if they need money why dont they tax the entertainment industry or is that a sacred cow it is quoted that the deeemocrats want to tax and take your 401k to give you retirement through them sounds like socialism to me then who decides what money we get to live on
and how come all you obamazombies like to look into facts about the housing crises about fannymae and freddy mac i dont get it everytime someone brought up the fact that they were giving loans to people that could not afford them they would tell the regulators by barney frank chris ddd and maxine walters and other deeemocrats that they are being racists i had friends that lost their house and when they first got it i was trying to figure out how they could manage the mortgage but was told dont worry about it 2 yrs later and they lost it so do you really trust this govt to be responsible with our 401k most of the administration people have never had a real job anyway just theories in classrooms this is what you get when you get radical socialist in charge that dont have any ideas in real life what to do i for 1 am so pissed off at govt that we should have mandatory term limits across the board how many deeemocrat run cities are in the red

retired papa of OH 8:54AM May 14, 2010

I don't understand the fuss about this. The way I understand it, the Government doesn't "own" either IRA's or 401K's - the individual does therefore the Government could not sweep them up even if they wanted to without doing some form of nationalization of the accounts. The only claim the government has on any of these accounts is a tax claim of the amount of $$ that tax was deferred. Even if the Government wanted to "bring-in" these deferred taxes the accounting would be horrendous - every account has a different amount for a different purpose (different life times involved) and a different tax rate so the Government would have a hard time collecting the tax owed on such accounts up front to put into any form of fund. Personally, I don't think any committee would even consider such an approach. Am I missing something?

Ro of FL 8:34AM November 13, 2008

And of course, when Obama's plans put us in the dump, the libs will tell us that it was the republicans that caused it.

disgusted of CA 12:05PM November 07, 2008

McCain: Dems Want to Steal Your 401(k)

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