So you think your 401k is safe?
WaveCameCrashin
Posts: 2,929
Better think again...
The Democrats are eyeing your 401k and are going to want to tax it. There is no way the Left is going to allow all this money to go untouched. They want to tax and take away more of your liberty and property and share it with everyone, which is what a Statist does..
This isn't about "Millionaires and Billionaires"
IT'S ABOUT ALL OF US !!!! :x
http://www.investors.com/NewsAndAnalysi ... s-IRAs.htm
The Democrats are eyeing your 401k and are going to want to tax it. There is no way the Left is going to allow all this money to go untouched. They want to tax and take away more of your liberty and property and share it with everyone, which is what a Statist does..
This isn't about "Millionaires and Billionaires"
IT'S ABOUT ALL OF US !!!! :x
http://www.investors.com/NewsAndAnalysi ... s-IRAs.htm
Post edited by Unknown User on
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sounds like something that these bankers and stock brokers would do...
"Well, you tell him that I don't talk to suckas."
You might want to re-read the article before you get all alarmist and claim we'd lose our liberty. They're exploring the option of no longer making the money you put into 401k's and IRA's tax deductable. This would be something I think the flat tax people could get behind.
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On July 31, 2009, an editorial at Investor's Business Daily, criticizing Barack Obama's healthcare plans, claimed that Stephen Hawking "wouldn't have a chance in the U.K., where the National Health Service would say the life of this brilliant man, because of his physical handicaps, is essentially worthless."[7] As Hawking was born and has always lived in the United Kingdom, and receives his medical care from the British National Health Service, the editorial was widely criticized for its inaccuracy.
-Eddie Vedder, "Smile"
That anything over and above this cap is not deductable?
President Obama's debt commission proposed cutting the annual cap on 401(k) employer/employee combined contributions to $20,000 from $49,000 now. (The individual limit is $16,500 a year; workers age 50 and older can add another $5,000).
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
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another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
You ARE taxed on your 401K when you withdraw from it. It has ALWAYS been that way. I am shoveling in money from my paycheck that is not taxed... that's why it's called 'before tax deductions'. This drops my taxable income today, thus, lowering my tax liability today. I still owe the taxes on the amount I have deducted... and any earnings on that amount.
That is the 'substatial penalties for early withdrawal' they talk about. It includes the taxes owed on that amount... which will be substantial. That is why financial advisors always warn about early withdrawals of your retirement fund and tell you that it is a final resort tactic.
For me... when I retire, I will draw from my 401K, I will not be getting a paycheck anymore. It'll drop my annual income and I will still be liable for the taxes on the amounts I withdraw... my income will be lower because I will no longer have my current annual salary.
...
People need to drop their political party partisanship glasses and find out facts and truths. Listening to political parties is what politicians want you to do... remain misinformed and rely on their propaganda so you will vote for them.
Hail, Hail!!!