Obama going after your 401k’s and IRA’s

@ThePainefulTruth Said

Fiscal Cliff: Why Congress Might Have to Mess with the 401(k)

Naw, it won't happen, they'll never do that--without softening the blow first, over time through the leftist (Time) media.

@ThePainefulTruth Said

Fiscal Cliff: Why Congress Might Have to Mess with the 401(k)

Naw, it won't happen, they'll never do that--without softening the blow first, over time through the leftist (Time) media.

@boobagins Said

I reallllllllllllllllllllly doubt that will happen. The article is written in a way to scare you in my opinion. We already have taxable retirements accounts in the form of ROTH 401ks and IRA. It makes no sense to eliminate traditional 401ks.

And I don't know what the 100 million in tax breaks is referring to. Weather it means the adjustment to our taxable income, or the actual credit like the saver's credit.

It's a poorly written article with not much fact and whole lot of assumptions.

Not to mention, if they wanted to touch our retirement accounts, it's much easier to adjust the phaseout limits as opposed to suddenly imposing a tax on our 401k (however that might happen - I'm not even sure how they would do that other than not let us deduct it our tax return, but that would cause many employers a lot of money, because now they have to separate after tax money and pre-tax money which will causes a lot of administration fees and problems, and really that's only one of the things out of a hundred I can list as to why this article is written to scare you rather than inform.

@Alkaia Said

I think i posted another artile on here that they are thinking of eliminating the tax deduction portion. If they did that alone it would wipe out billions from 401ks as a whole. ie: thats billions the gov would save/make.

@shinobinoz Said

I think we posted showing that to be unreal and not about to happen!

@Alkaia Said

No i dont think you did. I do think that painfultruth posted a related article that said otherwise.

you seem to be living in a world where apparently you think none of your sacred cows are going to be touched LOL

I know, were just going to keep printing money, hand it out to bums as well like mr matrix doodle wants, and the price of bread will be fixed as none of it really has any value anyway.

401ks are going to be effected even if they dont go after them directly. They already have been since the bottom fell out.

401ks are directly related to the stock market/wall street.

its going to be a interesting new year

@Alkaia Said

I know, were just going to keep printing money, hand it out to bums as well like mr matrix doodle wants, and the price of bread will be fixed as none of it really has any value anyway.