Hands off my retirement!!

That would be for the Democrats.

Seems that a couple of the D.C. critters have decided to do away with the slow train and our ever increasing slide into socialism and head straight for 100% Grade A communism, one of the state controlling every aspect of our lives. On a bullet train. Of course they are Democrats Communists.

Unbelievably, House members George Miller and Jim McDermott are actually looking at abolishing the tax break you get for contributing to your 401k

Not content that they are already stealing trillions of dollars of money via a forced Social Security deduction (which, btw you theifs robbed blind and I have NO SSI to look forward to despite the fact I’ve contributed well in excess of a 125000.00  in my life time). The same SSI deduction that was originally set at 1 % of a workers earnings and now is Multiples higher thanks to scum suckers like Miller and Demott.

No, NOW we’re now going to tout out taking even more and in exchange…you get a 600.00 dollar a year “match” and a government guaranteed 3% return. That’s it. At the end of it all you can expect a whopping 25% of your pre retirement earnings every month via the generous heart of your government.

Enjoy your dog food.

Here’s some information on the proposal which is actually the work of one Teresa Ghilarducci, an economics professor once at Notre Dame and now at some Obscure “New School of Economics”. Fittingly the website unabashedly is named Shared Prosperity. Org

How Guaranteed Retirement Accounts work

• Structure. Guaranteed Retirement Accounts are like universal 401(k) plans except that the government, as befits a large and enduring institution, will invest and manage the pooled savings.

Yeah and we all know what a great job the morons are doing up there in DC already eh? 7% Approval ratings, Social Security Broke and you guys want MORE control over my money and retirement. I.DONT.THINK.SO.

• Participation. Participation in the program is mandatory except for workers participating in equivalent or better employer defined-benefit plans where contributions are at least 5% of earnings and benefits take the form of life annuities.

Mandatory? Anytime the government makes something “Mandatory” we should run for our lives they are out to screw us and they ain’t using any KY.

• Contributions. Contributions equal to 5% of earnings are deducted along with payroll taxes and credited to individual accounts administered by the Social Security Administration. The cost of contributions is split equally between employer and employee. Mandatory contributions are deducted only on earnings up to the Social Security earnings cap, and workers and employers have the option of making additional contributions with post-tax dollars. The contributions of husbands and wives are combined and divided equally between their individual accounts.

Shell game alert!! Read it carefully, they are doing nothing more than increasing the SSI tax. And then TAXING you on anything above and beyond what you would right now be able to sheild from taxes.

• Refundable tax credit. Employee contributions are offset through a $600 refundable tax credit, which takes the place of tax breaks for 401(k)s and similar individual accounts and is indexed to wage inflation. Eligibility for the tax credit is extended to part-time workers, caregivers of children under age six, and those collecting unemployment benefits. If an individual’s annual contributions amount to less than $600, some or all of the tax credit is deposited directly into the account in order to ensure a minimum annual deposit of $600 for all participants.

Ahh yes the ever popular “tax credit” Know how much income I shield from Uncle Sam via my 401K? On a good year about 12,000.00 You do the math.

I get 600.00 “credit” AND they tax me on that 12,000.0, Resulting in the U.S. Government getting THREE times the amount out of me that they are “giving” me.  (Three times is based on Where my 12,000.00 is taxed at a nominal rate of 15% FICA withholding. That Equals a Tax LIABILITY of 1600.00 dollars).

Here’s a  novel idea, Hows about I keep my money I earned to do with it as I please?

Hmmmm ? What’s that? No?  I’m not being a good commie you say? Well seeing hows the only good commie is a DEAD one I will take that as a good sign, however you may want to think again about your little communist money grab and GRA ponzi Scheme because I ain’t playing…

• Fund management. The accounts are administered by the Social Security Administration and funds are managed by the Thrift Savings Plan or similar body. Though funds are pooled, workers are able to track the dollar value of their accumulations, as with 401(k)s and other individual accounts.

Snort! Yeah we all know how well THAT’s worked out in the past when the goobermint manages things now don’t we? How nice that you will let me track the dollar value….news flash you dunderheads, I already do.

• Investment earnings. The pooled funds are conservatively invested in financial markets. However, participants earn a fixed 3% rate of return adjusted for inflation, guaranteed by the federal government. If the trustees determine that actual investment returns have been consistently higher than 3% over a number of years, the surplus will be distributed to participants, though a balancing fund will be maintained to ride out periods of low returns.

Huh? Distributed? In other words….you are going to take some of whatever the meager returns I ekk out on this ponzi shell game of yours and “distribute it”. I have a better idea, here’s a pistol, point it to you left temple and pull the trigger, thus “distributing” your brains all over the wall…Mkay?

• Retirement age. Participants begin collecting retirement benefits at the same time as Social Security, and therefore no earlier than the Social Security Early Retirement Age. Funds cannot be accessed before retirement for any reason other than death or disability.

Vee vill control you! Resistance is futile! Seig Heil !!

This is seriously Bad ju-ju here, I save money into my 401K every month. Like millions of others I can borrow against that in a time of need or even for something I want, and I pay myself back over time.

But Not with this plan you wont.The money is locked away from you. I’m sure the greedy asshats in D.C. will have full access to it tho…

What a nice way to strip Million of Americans like me of their abilities to realize their dreams. Guess what …..My Entire Blog, the car it is about …was financed through a “loan” from my 401k.

• Retirement benefits. Account balances are converted to inflation-indexed annuities upon retirement to ensure that workers do not outlive their savings. However, individuals can opt to take a partial lump sum equal to 10% of their account balance or $10,000 (whichever is higher), or to opt for survivor benefits in exchange for a lower monthly check. A full-time worker who works 40 years and retires at age 65 can expect a benefit equal to roughly 25% of pre-retirement income, adjusted for inflation, assuming a 3% real rate of return (see Table 1). Since Social Security provides the average such worker with an inflation-adjusted benefit equal to roughly 45% of pre-retirement income, the total replacement rate for this prototypical worker will be approximately 70%.

TWEEEEEEEEET!! Bullshit flag and loss of down.

Right now if I was retirement age based on amount of benifit, vs the amount I have paid in to SSI vs putting that same money in a 401K…I realize a NEGATIVE value on my investment into SSI, I’ve run these figures inside and out, and it always comes up the same. But Terasa is telling me I get a 45% return on SSI…HOLY SHIT…I’M RICH~! Er wait…no Im not. Because she is LYING through her teeth. SSI is not giving anyone 45% of thier pre retirement income.

Teresa Ghilarducci: Communist.

The professor that touted this one out and has the ear of these two morons also had this to say.

“I want to stop the federal subsidy of 401(k)s,” Ghilarducci said in an interview. “401(k)s can continue to exist, but they won’t have the benefit of the subsidy of the tax break.”

What a blisteringly stupid idea… who are you to tell me what YOU want when it comes to MY retirement? Hows about I tell you to go cram your cock and bull money grab up your ass? Dumb bitch. Proof positive that a college education doesn’t mean you are smart.

Oh but it gets better, here’s some more of her drooling communist drivel. Her words not mine.

Certain groups are especially ill-served by the current system, including part-time workers, divorced and widowed women, individuals with long-term care needs and medical expenses, and racial and ethnic minorities. Over 60% of unmarried women and more than 56% of African Americans and Hispanics approaching retirement age have expected retirement incomes below twice the poverty level (Weller and Wolff 2005). Though these groups are also more likely to have lower-than-average incomes in their working years, the retirement system exacerbates this inequality.

That’s fucking. It. I’m done playing nice.

Cry me a river Tersa, In other words, your so called plan is socialism. Pure unfettered Socialism. Now go away before I get angry.

I bust my tail to be successful, and you openly tout taking my salary, my efforts and hard work, so you can give it to someone else. Thanks but no thanks Tersa.

As far as Miller and McDemott…..Way to go you commie assbags. Nothing like screwing the American worker just a little harder is there?

Reset button. Hit it.