True Street Car Forums banner
1 - 11 of 11 Posts

·
Registered
Joined
·
3,803 Posts
Discussion Starter · #1 ·
http://www.carolinajournal.com/articles/display_story.html?id=5081

"RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.

Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.

The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
GRAs would guarantee a fixed 3 percent annual rate of return, although later in her article Ghilarducci explained that participants would not “earn a 3% real return in perpetuity.” In place of tax breaks workers now receive for contributions and thus a lower tax rate, workers would receive $600 annually from the government, inflation-adjusted. For low-income workers whose annual contributions are less than $600, the government would deposit whatever amount it would take to equal the minimum $600 for all participants. "

This is how it starts off, It's only a matter of time before they tax interest on standard savings accounts. They're looking for ANYTHING they can tax to pay for this extra 1 Trillion a year in spending.
they take you hard earned money,then they give it to someone else,I have worked hard and saved 10% of every pay check and i'll be damned if someone else gets my money.

peggy was right!!!
http://www.youtube.com/watch?v=RnkH28o_9gU
 

·
Registered
Joined
·
3,803 Posts
Discussion Starter · #6 ·
psssst! Johnvon. You already have to declare interest from savings accounts.
Dam really i have never declared any intrest from my bank account
 

·
LSX EVERYTHING
Joined
·
7,517 Posts
Im so burnt out on all this Political nonsense. :whogives:
 
1 - 11 of 11 Posts
Top