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About the Democrats' Pension Grab...

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)
retired military:

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.

hey Kim,Say Kim ev... (Below threshold)
jmc:

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?

...they will have an Ame... (Below threshold)

...they will have an American taxpayer mutiny on their hands.

Or worse.

jmcThe only one ar... (Below threshold)
MichaelC:

jmc

The only one around here making an ass of themselves is you. Now STFU, get lost, and take your puny keyboard with you.

"hey Kim"Right aft... (Below threshold)
marc:

"hey Kim"

Right after you apologize for being a Blog Roach.

"Is patriotic to give money... (Below threshold)
JLawson:

"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!"

"Right after you apologize ... (Below threshold)
LaMedusa:

"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.

...they will have an Ame... (Below threshold)
hyperbolist:

...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.

The only one around her... (Below threshold)
jmc:

The only one around here making an ass of themselves is you. Now STFU, get lost, and take your puny keyboard with you.


*Yawn*

By having the government ta... (Below threshold)
hcddbz:

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

Hyper, while the days of th... (Below threshold)
SCSIwuzzy:

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.

I look forward to ... (Below threshold)
Mac Lorry:
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?

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.

Of course, the trick is to ... (Below threshold)
Clint:

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.

"...they will have an Ameri... (Below threshold)
ptg:

"...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.

"A taxpayer mutiny." I wou... (Below threshold)
OLDPUPPYMAX:

"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.

Hyper probably has no idea ... (Below threshold)
Brad:

Hyper probably has no idea what the Whiskey Rebellion was.

"A 50% death tax?" -- Kim<... (Below threshold)
Herman:

"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.

Its about time that the Aye... (Below threshold)
Thomas Jackson:

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.

good grief. give Kim a br... (Below threshold)
MF:

good grief. give Kim a break and move on already.

Sheep are not capable of mu... (Below threshold)
Dave:

Sheep are not capable of mutiny.....




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