Courtesy of Wizbangblog, “If House Democrats have their way, the 401 (k) system that currently includes tax breaks will be eliminated:
“Powerful House Democrats are eyeing proposals to overhaul the nation's $3 trillion 401 (k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.
“House Education and labor Committee Chairman George Miller, D-California, and Rep. Jim McDermott, D-Washington, chairman of the House Ways and Means Committee's Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.”
So, who’s behind this confiscation of wealth?
Well, “A plan by Teresa Ghilarducci (the hotty pictured above), professor of economic-policy analysis at the New School for Social Research in New York, contains elements that are being considered.”
“Under Ghilarducci's plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation."
I’m beginning to get this.
Divorce the millions of working Americans currently invested in the stock market via 401 (k)’s, 457’s and IRA’s and you divorce them from any concerns over the stock market.
It’s almost brilliant...in a mouth-breathing, knuckle-dragging sort of way.
“Powerful House Democrats are eyeing proposals to overhaul the nation's $3 trillion 401 (k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.
“House Education and labor Committee Chairman George Miller, D-California, and Rep. Jim McDermott, D-Washington, chairman of the House Ways and Means Committee's Subcommittee on Income Security and Family Support, are looking at redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.”
So, who’s behind this confiscation of wealth?
Well, “A plan by Teresa Ghilarducci (the hotty pictured above), professor of economic-policy analysis at the New School for Social Research in New York, contains elements that are being considered.”
“Under Ghilarducci's plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation."
I’m beginning to get this.
Divorce the millions of working Americans currently invested in the stock market via 401 (k)’s, 457’s and IRA’s and you divorce them from any concerns over the stock market.
It’s almost brilliant...in a mouth-breathing, knuckle-dragging sort of way.
.
.
H/T Wizbang Blog
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