Oct 28 2008
Did I hear that right? The Democrats are proposing to take away our 401k?
I might be a little late to the party here - but - this just blows my mind! I can’t make this stuff up. And - Obama says he’s all for the middle-class? If the Dems have their way - this is the biggest blow to the middle-class ever conceived. Not only do they want to do away with our standard 401k - if Obama lets the Bush tax cuts expire - the middle-class will have to give up 55% of their 401k in capital gains taxes - and - the inheritance tax kicks in again - so - when we die - we can only pass on half of it to our heirs. What a crock of shit!
I found these articles while cruising the blogosphere:
From 454monte.com - Hands off my retirement!
From Copious Dissent - Mark Levin interviews Teresa Ghilarducci: Scary and Hilarious - this one has a link to the actual audio radio interview.
From US News - Would Obama, Dems Kill 401(k) plans?
From The BoBo Files - Obama and Democrats want to take away your 401k!
From Conservatism Today - Democrats want to take away your 401k.
From Blogher - Now the Democrats want your 401(k) too?
Like I said - maybe I’m late to the game on this one - but - I guess I’ve had my head in the sand regarding this issue. For my readers on the left there who are supporting Obama - I’m sure you guys have savings and 401(k)’s right? Doesn’t this bother you to think that your hard-earned savings are going to be taken by the government? If you haven’t read about this yet - I suggest you check out any one of those blogs above and get the lowdown. In addition to changing the structure of the 401(k) - the government will change it to a program that ONLY guarantees a fixed 3% ROI. WTF?
Considering what Obama plans on doing should he get in office, 3% won’t even cover inflation. I make more than 3% in my own 401(k)! Why would I want government subsidized savings also? So - you still don’t think Obama and the Democratic Congress are socialists? Psshhh.
