Harry Guerrilla
DP Veteran
- Joined
- Dec 18, 2008
- Messages
- 28,951
- Reaction score
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- Political Leaning
- Libertarian
They had a hearing on this and I was interested in your take on it.
To give a brief outline on this,
FactCheck.org: Are congressional Democrats talking about confiscating IRA and 401(k) investment accounts?
This idea is being pushed by the Economic Policy Institute,
http://help.senate.gov/imo/media/doc/Eisenbrey.pdf
Personally I don't like it and it's another form of Social Security, which I ask, if we're going to do this, why have 2 different programs?
Why not merge them into one?
Not to mention, what about people like me, who don't want this?
To give a brief outline on this,
would force all workers to save 5 percent of their annual income in a new type of retirement vehicle.....a Guaranteed Retirement Account. These savings could not be controlled by workers like IRAs and 401(k) assets, but would instead be deposited with the government. Workers could not touch the money until retirement........and even then the savings could not be drawn out any way workers might desire, but would be converted to an annuity – a guaranteed stream of income for life.
....these new accounts would avoid stock market risks; the government would guarantee that the savings earn a 3 percent annual return on top of inflation. The government would also pay each worker $600 a year in the form of a tax credit, which would help workers who now earn too little to take advantage of a tax deduction because they owe little or no federal income tax anyway.
FactCheck.org: Are congressional Democrats talking about confiscating IRA and 401(k) investment accounts?
This idea is being pushed by the Economic Policy Institute,
http://help.senate.gov/imo/media/doc/Eisenbrey.pdf
Personally I don't like it and it's another form of Social Security, which I ask, if we're going to do this, why have 2 different programs?
Why not merge them into one?
Not to mention, what about people like me, who don't want this?