Guard your 401(K)s. With 53% of
Americans parasites demanding free stuff, the government will have to find more programs to loot. Higher taxes are not going to cover all the entitlement Obama Claus is offering so Democrats in Congress are looking at a new way to fund their unsustainable spending tapping into our 401(K)s.
[…]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. Now, a new study suggests this tax incentive does little to change saving behavior. Some lawmakers, no doubt, are wondering: Why keep an expensive tax incentive that does not incent?
The government doesn’t spend when they give tax breaks, they just take less of the $$ you EARN. Funny how so many believe that the government is doing us a favor by not stealing more of OUR $$$.
The study, reported in The New York Times, comes from Raj Chetty and John N. Friedman of Harvard, Soren Leth-Petersen and Tore Olsen of the University of Copenhagen, and Torben Heien Nielsen of the Danish National Center for Social Research. 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.
That’s not much of a payoff. Meanwhile, the Tax Policy Center in Washington has found that about 80% of retirement savings benefits flow to the top 20% of earners. Eliminating the deduction for retirement savings would hit the well-off disproportionately, a condition with a lot of appeal in the current political climate.
More left-wing socialist class warfare and 53% of parasite in America will buy into this “steal from the rich to give me my freebies” mentality.
[…]So hold on to your wallet. Congress has many options when it comes to tapping this vast reservoir. It could eliminate the deduction altogether or just for top earners, further restrict the amount that is deductible (currently $17,500; for those over 50, $23,000), start taxing retirement savings growth, or take back the part that has grown tax-free.
In the throes of a retirement savings crisis, none of these options is appealing. But that last one is most troublesome. At stake is any savings that has accrued tax-free in a Roth IRA. Tax-deferred growth could be a target too if you find yourself in a lower tax bracket in retirement. There is no discernible momentum behind such measures. But a retroactive tax on this sheltered income has been a worry from the start. And now these accounts have a meaningful total—and everything is on the table.
To all the Obama fluffers out there, don’t think this won’t happen. Look at what Democrats have done to Social Security over the decades. None of OUR money is safe with these parasitic leeches.