Here They Come! Why Congress Might Have to Mess with the 401(k) - Page 2 - TigerDroppings.com

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Layabout
UNO Fan
Baton Rouge
Member since Jul 2011
6646 posts

re: Here They Come! Why Congress Might Have to Mess with the 401(k)


quote:

BugAC







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CarrolltonTiger
LSU Fan
New Orleans
Member since Aug 2005
46291 posts

re: Here They Come! Why Congress Might Have to Mess with the 401(k)


quote:

I wonder if those crooked bastards will put a stipulation in this bill like obamacare where they will exempt themselves?


Do you actually think their salary can presently be put into a 401K?

Their pension scam should be reformed but that has nothing to do with a 401K plan.






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TigerTattle
LSU Fan
Out of Town
Member since Sep 2007
5028 posts

re: Here They Come! Why Congress Might Have to Mess with the 401(k)


quote:

To maintain this savings incentive the government “spends” $100 billion a year in the form of tax breaks to those who stash money in these kinds of accounts
Last I read, at least 44 billion a year goes to people who pay NO federal income tax---thru the Earned Income Credit.

That 44 billion was in about 2005 or so and may be higher now. And it does not include the refundable Child Tax Credit.

Why is the elimination of the EIC credit never mentioned as a "revenue" avenue?

Oh, that's right, people who actually work and plan for the future are the ones who need to be ripped.







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Turbeauxdog
LSU Fan
Member since Aug 2004
5690 posts

re: Here They Come! Why Congress Might Have to Mess with the 401(k)


If those frick faces start taxing that shit, I want the ability to withdraw penalty free





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Taxing Authority
LSU Fan
Houston
Member since Feb 2010
22375 posts

re: Here They Come! Why Congress Might Have to Mess with the 401(k)


quote:

It looked at data from Denmark, where the pension system is similar to that in the U.S., and found that every dollar that government spent on tax breaks increased total savings by about one penny.
====================================
Anyone care to point out the PAINFULLY obvious flaw with this "conclusion"?
Since no one bit... first, the government doesn't "spend" $1. Second, and more importantly the study makes no attempt (from what I can tell from teh poorly written article) to account for the benefit (and wealth created) by investement over the term of the 401k holding time. Nor does it account for the additional taxes to the government as a result of that increased wealth created by the increase of available capital.

It's a pizz poor one-dimensional analysis that wouldn't fly in even a crappy MBA program. But hey! It makes great propaganda!






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TJG210
LSU Fan
New Orleans
Member since Aug 2006
21882 posts

re: Here They Come! Why Congress Might Have to Mess with the 401(k)


quote:

Do you actually think their salary can presently be put into a 401K?


Perhaps I'm wrong, but I thought like any other government employee they have a TSP (which is pretty much a 401k).






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dewster
Maryland Fan
Tennessee
Member since Aug 2006
9047 posts

re: Here They Come! Why Congress Might Have to Mess with the 401(k)


quote:

With a combined $10 trillion sitting in IRAs and 401(k) plans, retirement accounts make a juicy target. Some of this money has never been taxed, and under current law never will be.


This is dangerously misleading. I guess those "earning" defined benefits will be all about screwing those "rich" people and their retirement accounts.

Retirement and real estate are often the only places where middle class people accumulate any wealth.

I guess my hope for them to raise the Roth contribution limits to $6500 is pretty much dead now.



This post was edited on 11/29 at 2:50 pm


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TrueTiger
LSU Fan
Chicken's most valuable
Member since Sep 2004
9985 posts

re: Here They Come! Why Congress Might Have to Mess with the 401(k)


Don't.

Trust.

The.

Government.






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TJG210
LSU Fan
New Orleans
Member since Aug 2006
21882 posts

re: Here They Come! Why Congress Might Have to Mess with the 401(k)


quote:

Retirement and real estate are often the only places where middle class people accumulate any wealth.


This is the last thing those a-holes want.......

People scoff at the folks who tossed around the notion of secession. While I don't think it would ever happen, if these bastards keep on stealing peoples money to fund their own largesse.....then these silly little petitions may suddenly turn to actual protests.






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lsu13lsu
LSU Fan
Member since Jan 2008
1894 posts

re: Here They Come! Why Congress Might Have to Mess with the 401(k)


I am all for lowering or eliminating taxes. But since we have taxes all these deductions need to go away. Just pay a percentage and be done with all the unfair treatment. By unfair I mean deductions that favor groups and doesn't favor others.





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lsu13lsu
LSU Fan
Member since Jan 2008
1894 posts

re: Here They Come! Why Congress Might Have to Mess with the 401(k)


quote:

If those frick faces start taxing that shit, I want the ability to withdraw penalty free


Definitely the employee contribution portion unless both employee/employer portion are taxed. I say get rid of the deduction and all these unfair deductions and lower rates to the amounts needed.






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TigerTattle
LSU Fan
Out of Town
Member since Sep 2007
5028 posts

re: Here They Come! Why Congress Might Have to Mess with the 401(k)


quote:

Just pay a percentage and be done with all the unfair treatment
I don't know of anyone who'd be against this. Except maybe those that pay no income taxes. And those who get that big "free money" refundable credit bonus every year.

More people need to have skin in the game. There are plenty of people who, based on their income, could and should pay taxes, but aren't required to due to the current deductions.

IMO, those who don't work and don't pay taxes should suffer a cut in their benefits every time taxes are raised on the workers, even if it's only $5 or so. They need to see what it feels like to have money taken out of their pockets. Right now they only know how it feels to have money put into their pockets, and they like it, and they keep voting for more.






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TJG210
LSU Fan
New Orleans
Member since Aug 2006
21882 posts

re: Here They Come! Why Congress Might Have to Mess with the 401(k)


quote:

They need to see what it feels like to have money taken out of their pockets.


Inb4inhumane/racist






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WildTchoupitoulas
LSU Fan
Member since Jan 2010
14594 posts

re: Here They Come! Why Congress Might Have to Mess with the 401(k)


I generally stop listenting when someone asks the question, "How are we going to pay for the tax cuts?"

You know when you hear that, the person speaking lives in Upsidedown World.






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lsu13lsu
LSU Fan
Member since Jan 2008
1894 posts

re: Here They Come! Why Congress Might Have to Mess with the 401(k)


quote:

I generally stop listenting when someone asks the question, "How are we going to pay for the tax cuts?"


Tax cuts equal more spending/hiring by the people generating the income. Which can increase tax revenues.

That is one way to pay for the cut.

ETA: read your post wrong WT.



This post was edited on 11/29 at 3:33 pm


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WildTchoupitoulas
LSU Fan
Member since Jan 2010
14594 posts

re: Here They Come! Why Congress Might Have to Mess with the 401(k)


quote:

That is one way to pay for the cut.

read your post wrong WT.


Yeah, you don't pay for cuts, you pay for programs.

What people are really saying when they say, "How can we pay for the tax cuts?" is "How can we pay for the programs?" But for some reason they don't want to ask the real question out loud.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80468 posts

re: Here They Come! Why Congress Might Have to Mess with the 401(k)


quote:

Some of this money has never been taxed, and under current law never will be.






Why the ?

The statement is accurate.






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WildTchoupitoulas
LSU Fan
Member since Jan 2010
14594 posts

re: Here They Come! Why Congress Might Have to Mess with the 401(k)


quote:

The statement is accurate

It will be taxed when it is spent, in all probability.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80468 posts

re: Here They Come! Why Congress Might Have to Mess with the 401(k)


quote:

It will be taxed when it is spent, in all probability.

quote:

Some

Some won't be.....in all probability, just as the statement said.

I'm going to do my best planning to avoid paying taxes on my 401(k), IRA rollover withdrawals whenever I start withdrawing by attempting to withdraw only an amount that won't put me into a taxable income situation.

Or, if I can't, I plan on making charitable contributions to negate the taxable income amount.






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accnodefense
Kennesaw St. Fan
Member since Dec 2010
2104 posts

re: Here They Come! Why Congress Might Have to Mess with the 401(k)


Liberals salivate at the fact that they can get their hands on private 401k accounts, its new money into their coffers that they have control over.

It pisses them off that there is a portion of money out there(401k/retirment accounts) that they can not control.






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