Yesterday I noted that a few House Democrats are looking at a way to grab everyone's pensions by eliminating the tax breaks for 401(k) system and requiring everyone pay 5% of their income to the government. In return for that 5% of your income, you would get $600 from the government each year. And your funds would be invested in government bonds for a 3% return. That alone is frighting but we're learning more that's even worse. From WSJ's Best of the Web:
Ghilarducci outlined her plan last year in a paper for the left-liberal Economic Policy Institute, in which she acknowledges that her plan would amount to a tax increase on workers making more than $75,000--considerably less than the $250,000 Barack Obama has said would be his tax-hike cutoff. In addition, workers would be able to pass on only half of their account balances to their heirs; presumably the government would seize the remaining half. (Under current law, 401(k) balances are fully heritable, although they are subject to the income tax.)
A 50% death tax? If these Democrats are really going to try and push this on the American people, they will have an American taxpayer mutiny on their hands.
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Comments (20)
How can they honestly say $... (Below threshold)1. Posted by retired military | October 24, 2008 3:29 PM | Score: 7 (7 votes cast)
How can they honestly say $75k when a lot of people dont contribute into 401K but will be required to contribute to the govt plan?
Sure they get $500.
That means that if you make 10K you will put in $500 so anyone over 10K will get a tax hike.
1. Posted by retired military | October 24, 2008 3:29 PM |
Score: 7 (7 votes cast)
Posted on October 24, 2008 15:29
2. Posted by jmc | October 24, 2008 3:30 PM | Score: -14 (18 votes cast)
hey Kim,
Say Kim ever gonna apologize for making an ass out of yourself on the whole B in the side of the face thing?
2. Posted by jmc | October 24, 2008 3:30 PM |
Score: -14 (18 votes cast)
Posted on October 24, 2008 15:30
3. Posted by Peter F. | October 24, 2008 3:34 PM | Score: 10 (10 votes cast)
...they will have an American taxpayer mutiny on their hands.
Or worse.
3. Posted by Peter F. | October 24, 2008 3:34 PM |
Score: 10 (10 votes cast)
Posted on October 24, 2008 15:34
4. Posted by MichaelC | October 24, 2008 3:38 PM | Score: 11 (13 votes cast)
jmc
The only one around here making an ass of themselves is you. Now STFU, get lost, and take your puny keyboard with you.
4. Posted by MichaelC | October 24, 2008 3:38 PM |
Score: 11 (13 votes cast)
Posted on October 24, 2008 15:38
5. Posted by marc | October 24, 2008 3:39 PM | Score: 8 (12 votes cast)
"hey Kim"
Right after you apologize for being a Blog Roach.
5. Posted by marc | October 24, 2008 3:39 PM |
Score: 8 (12 votes cast)
Posted on October 24, 2008 15:39
6. Posted by JLawson | October 24, 2008 4:02 PM | Score: 9 (9 votes cast)
"Is patriotic to give money to the government, comrades! From each according to ability, to each according to need! And someone ALWAYS needs it more than you will!"
6. Posted by JLawson | October 24, 2008 4:02 PM |
Score: 9 (9 votes cast)
Posted on October 24, 2008 16:02
7. Posted by LaMedusa | October 24, 2008 4:32 PM | Score: 9 (9 votes cast)
"Right after you apologize for being a Blog Roach."
...And for being a waste of bandwidth. Got something to say about the topic, jmc?
-------------------
It's just another form of attempted government takeover. This is a strange global elite we are dealing with, as well as corrupt.
7. Posted by LaMedusa | October 24, 2008 4:32 PM |
Score: 9 (9 votes cast)
Posted on October 24, 2008 16:32
8. Posted by hyperbolist | October 24, 2008 4:57 PM | Score: -10 (12 votes cast)
...they will have an American taxpayer mutiny on their hands.
Or worse.
I look forward to you tough-talking wing nuts demonstrating whatever the hell it is you mean by asinine comments like this after the election. Gun violence? Peaceful protests? Going to broadcast country music from loud car/truck stereos until the Libruhs acquiesce and lower your taxes?
Of course you're going to do nothing except whine on the internet but it's fun to watch you pretend to get psyched up to do otherwise.
8. Posted by hyperbolist | October 24, 2008 4:57 PM |
Score: -10 (12 votes cast)
Posted on October 24, 2008 16:57
9. Posted by jmc | October 24, 2008 5:04 PM | Score: -8 (10 votes cast)
The only one around here making an ass of themselves is you. Now STFU, get lost, and take your puny keyboard with you.
*Yawn*
9. Posted by jmc | October 24, 2008 5:04 PM |
Score: -8 (10 votes cast)
Posted on October 24, 2008 17:04
10. Posted by hcddbz | October 24, 2008 5:19 PM | Score: 6 (6 votes cast)
By having the government take over the private account then the death tax slowly increases and the American capitalist lobster becomes cooked in the slow pot of communism
Karl Marx outline this method for the abolition of inheritance and private property.
http://www.marxists.org/history/international/iwma/documents/1869/inheritance-speech.htm
All for our own good.
The workers Paradise cometh.
Hope and Changeyeah
10. Posted by hcddbz | October 24, 2008 5:19 PM |
Score: 6 (6 votes cast)
Posted on October 24, 2008 17:19
11. Posted by SCSIwuzzy | October 24, 2008 6:26 PM | Score: 6 (6 votes cast)
Hyper, while the days of the Whiskey Rebellion and the Boston Tea Party may well be gone forever, worse may also encompass another Great Depression or an increase in the number of "tax exiles".
You're reading intent and malice into just two words, and once again showing off your prejudice and bigotry.
11. Posted by SCSIwuzzy | October 24, 2008 6:26 PM |
Score: 6 (6 votes cast)
Posted on October 24, 2008 18:26
12. Posted by Mac Lorry | October 24, 2008 6:26 PM | Score: 7 (7 votes cast)
Taxes are one thing, but messing with people's retirement funds has proven to be fatal to political aspirations before. We'll start by lighting up the switchboards and filling the email inboxes with angry protests. We'll follow that up with some gray power protests. You watch, the numbskulls who hatched this idea will backpedal so fast they'll crash through their office walls.
12. Posted by Mac Lorry | October 24, 2008 6:26 PM |
Score: 7 (7 votes cast)
Posted on October 24, 2008 18:26
13. Posted by Clint | October 24, 2008 6:34 PM | Score: 6 (6 votes cast)
Of course, the trick is to get the word out on this stuff.
A taxpayer mutiny is vastly more effective if it happens the week *before* Election Day than the week after.
13. Posted by Clint | October 24, 2008 6:34 PM |
Score: 6 (6 votes cast)
Posted on October 24, 2008 18:34
14. Posted by ptg | October 24, 2008 10:56 PM | Score: 2 (2 votes cast)
"...they will have an American taxpayer mutiny on their hands."
You give the American taxpayer too much credit. They will kneel and pay, as they always do.
14. Posted by ptg | October 24, 2008 10:56 PM |
Score: 2 (2 votes cast)
Posted on October 24, 2008 22:56
15. Posted by OLDPUPPYMAX | October 25, 2008 10:30 AM | Score: 1 (1 votes cast)
"A taxpayer mutiny." I would certainly pray that you are right about this, but I fear the American sheeple would grouse a bit, write a few letters and then actually listen to the MSM describe how the confiscation of their estates is in reality, in their best interest. Anyone against it would of course be immediately declared "unpatriotic". So the public would sulk and then, predictably, give in. I'm not sure that any outrage, however egregious, would be enough to cause the actual 2nd revolution which will ultimately be necessary to regain our lost liberties.
15. Posted by OLDPUPPYMAX | October 25, 2008 10:30 AM |
Score: 1 (1 votes cast)
Posted on October 25, 2008 10:30
16. Posted by Brad | October 25, 2008 10:42 AM | Score: 1 (1 votes cast)
Hyper probably has no idea what the Whiskey Rebellion was.
16. Posted by Brad | October 25, 2008 10:42 AM |
Score: 1 (1 votes cast)
Posted on October 25, 2008 10:42
17. Posted by Herman | October 25, 2008 11:43 AM | Score: -2 (2 votes cast)
"A 50% death tax?" -- Kim
A 50% death tax! To encourage people to stay healthy and live longer. To reduce their obesity and lung-harming air pollution by getting out of their SUVs and riding bicycles instead.
17. Posted by Herman | October 25, 2008 11:43 AM |
Score: -2 (2 votes cast)
Posted on October 25, 2008 11:43
18. Posted by Thomas Jackson | October 25, 2008 5:22 PM | Score: 0 (0 votes cast)
Its about time that the Ayer's doctrine was put into effect. If its ggood enough for the Left then the right should do the same thing. The difference is the Left wears high heels aND THE rIGHT CLINGS TO ITS GUNS.
I guess well see more moonbats and wingnuts like hyper and jmc.
Its time for a revolution. I hope the Left pushes these proposals through.
18. Posted by Thomas Jackson | October 25, 2008 5:22 PM |
Score: 0 (0 votes cast)
Posted on October 25, 2008 17:22
19. Posted by MF | October 25, 2008 11:08 PM | Score: 0 (0 votes cast)
good grief. give Kim a break and move on already.
19. Posted by MF | October 25, 2008 11:08 PM |
Score: 0 (0 votes cast)
Posted on October 25, 2008 23:08
20. Posted by Dave | October 29, 2008 10:40 AM | Score: 0 (0 votes cast)
Sheep are not capable of mutiny.....
20. Posted by Dave | October 29, 2008 10:40 AM |
Score: 0 (0 votes cast)
Posted on October 29, 2008 10:40