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Posted: 2/8/2024 8:47:35 PM EDT
 Tax benefits on 401(K)s should be axed in favor of higher Social Security payments, says a report co-written by a former aide to President Clinton. Alicia Munnell, who served as an assistant Treasury secretary from 1993 to 1995, claims retirement pots with tax breaks disproportionately benefit the wealthy. She made the claim in the report co-authored by right-leaning economist Andrew Biggs - where they say such benefits have done little to incentivize workers to save more anyway. Cutting the perks on 401(K)s and Individual Retirement Accounts (IRA) could save the Government almost $200 billion, they argue - and that windfall would be better used plugging shortfalls in Social Security payments. https://www.dailymail.co.uk/yourmoney/401k/article-13061695/Economists-left-right-call-401-K-tax-benefits-AXED-help-fund-Social-Security-benefits.html |
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Posted: 2/8/2024 8:51:39 PM EDT
[#1]
Fuck all the Satanists that call themselves democrats.
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Posted: 2/8/2024 8:54:32 PM EDT
[#2]
How about we just abolish social security.
Kthxbye. |
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Posted: 2/8/2024 8:55:51 PM EDT
[#3]
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Posted: 2/8/2024 8:56:14 PM EDT
[#4]
Quote HistoryQuoted: How about we just abolish social security. Kthxbye. right meow. |
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Posted: 2/8/2024 8:57:07 PM EDT
[#5]
Quote HistoryQuoted: How about we just abolish social security. Kthxbye. Agreed |
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Posted: 2/8/2024 8:59:23 PM EDT
[#6]
They can take my 401k out of my cold dead hands.
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Posted: 2/8/2024 9:02:03 PM EDT
[#7]
well, we've got to do something
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Posted: 2/8/2024 9:03:21 PM EDT
[#8]
Quote HistoryQuoted: They can take my 401k out of my cold dead hands. And they will. Covid, disease x, 80,000 newly minted IRS agents...... |
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Posted: 2/8/2024 9:06:10 PM EDT
[#9]
 This is total gaslighting. 401ks and IRAs tax benefits are nothing to the truly wealthy. |
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Posted: 2/8/2024 9:06:30 PM EDT
[#10]
Their divide and conquer plan is moving along nicely.
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Posted: 2/8/2024 9:07:14 PM EDT
[#11]
Quote HistoryQuoted: How about we just abolish social security. Kthxbye. This. But the Commies always warn you about what they are going to do before they do it. It will start by taxing all new retirement savings... I can imagine that in the not too distant future, they will be successful. Then the next step after is to not grandfather and instead come for all the "back taxes" on retirement accounts to "save social security". That'll be interesting. They'll probably boil that frog slowly too. "It's only a 3% tax, what's the big deal?" Then they'll do additional rounds until you pay out the ass. |
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Posted: 2/8/2024 9:08:00 PM EDT
[#12]
Quote HistoryQuoted: They can take my 401k out of my cold dead hands. IRS AI Taxbot accepts... 
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Posted: 2/8/2024 9:08:15 PM EDT
[#13]
Quote HistoryQuoted: They can take my 401k out of my cold dead hands. |
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Posted: 2/8/2024 9:08:40 PM EDT
[#14]
Quote Historygoddamn booger hook on the bang switch. 
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Posted: 2/8/2024 9:09:39 PM EDT
[#15]
Remember when people got killed over a slight increase in retail tea tax?
Weird times ehe? |
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Posted: 2/8/2024 9:11:35 PM EDT
[#16]
Quote HistoryQuoted: This is total gaslighting. 401ks and IRAs tax benefits are nothing to the truly wealthy. They consider wealthy anyone not on government assistance |
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Posted: 2/8/2024 9:13:30 PM EDT
[#17]
Pay up bitches, those fancy cars and steak/lobster dinners and smart phones ain't gonna pay for themselves.
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Posted: 2/8/2024 9:14:09 PM EDT
[#18]
Quote HistoryQuoted: How about we just abolish social security. Kthxbye. |
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Posted: 2/8/2024 9:14:38 PM EDT
[#19]
Nope. Anything left in my retirement account can be passed on to my heirs, social security not so much.
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Posted: 2/8/2024 9:14:48 PM EDT
[#20]
Why dont we just stop fucking the economy further by paying for shit for people who dont earn it, spending money we dont have and then we domt have to impose extra taxes!
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Posted: 2/8/2024 9:16:00 PM EDT
[#21]
How about we get rid of the Congressional retirement plans first and put them all on Social Security instead?
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Posted: 2/8/2024 9:16:37 PM EDT
[#22]
Quote HistoryQuoted: This is total gaslighting. 401ks and IRAs tax benefits are nothing to the truly wealthy. This....this 1000 times over, this. There is a small but growing segment of society that is upper middle class. The "almost" rich. Depending on where, the 4-12 million dollar crowd. They had incomes (in todays dollars) in the 250-500K range. (These can be docs, small business owners, hell, middle manager guys in the right industries..... but the key is they enjoyed these incomes for a good while, not just at the end of their career) These people may have lived in very nice homes and drove around in nice cars and may have even had a vacation home and some other toys but they are not actually the "rich." They have been fucked hard by taxes and 401Ks and IRA's are really important to them....and they have among the bigger ones. And they are again the people who are going to be fucked the hardest. True UHNW folks (lets call that 30 million or more) are mostly immune from this shit. (yes, they are getting "fucked" as well, but it just doesnt change things for them) |
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Posted: 2/8/2024 9:17:38 PM EDT
[#23]
Quote HistoryQuoted: They consider wealthy anyone not on government assistance Its worse than that... They consider the "Wealthy" anyone who makes more than "you" but less than them. 
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Posted: 2/8/2024 9:18:21 PM EDT
[#24]
What would the 95 billion sent to Ukraine do for social security?
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Posted: 2/8/2024 9:18:45 PM EDT
[#25]
Quoted: Tax benefits on 401(K)s should be axed in favor of higher Social Security payments, says a report co-written by a former aide to President Clinton. Alicia Munnell, who served as an assistant Treasury secretary from 1993 to 1995, claims retirement pots with tax breaks disproportionately benefit the wealthy. She made the claim in the report co-authored by right-leaning economist Andrew Biggs - where they say such benefits have done little to incentivize workers to save more anyway. Cutting the perks on 401(K)s and Individual Retirement Accounts (IRA) could save the Government almost $200 billion, they argue - and that windfall would be better used plugging shortfalls in Social Security payments. https://www.dailymail.co.uk/yourmoney/401k/article-13061695/Economists-left-right-call-401-K-tax-benefits-AXED-help-fund-Social-Security-benefits.html I think its fucking hilarious, that so many Americans think we can have a little marxism, and it will never come for them. Its coming. Better spend that 401k, because it will be spent for you. |
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Posted: 2/8/2024 9:20:13 PM EDT
[#26]
Watch what happens if the politicians decide to act on this and people who have 401ks pull an estimated seven and a quarter trillion dollars out of the market...
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Posted: 2/8/2024 9:22:19 PM EDT
[#27]
Quote HistoryQuoted: Watch what happens if the politicians decide to act on this and people who have 401ks pull an estimated seven and a quarter trillion dollars out of the market... If mandatory covid shots didn't do anything neither will this...
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Posted: 2/8/2024 9:22:48 PM EDT
[#28]
Quote HistoryQuoted: This is total gaslighting. 401ks and IRAs tax benefits are nothing to the truly wealthy. Anyone can avail themselves of an IRA and most a 401(k). Those that don't are either too rich to care, or too stupid to accumulate money in the first place. |
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Posted: 2/8/2024 9:26:11 PM EDT
[#29]
Quote HistoryQuoted: Watch what happens if the politicians decide to act on this and people who have 401ks pull an estimated seven and a quarter trillion dollars out of the market... |
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Posted: 2/8/2024 9:27:50 PM EDT
[#30]
Quote HistoryQuoted: mericans won't do shit. Yup, between the stolen election, J6, the summer of love, and the covid fiasco, I'm not sure there is a bridge too far for the American populace to stop consuming and pick up pitchforks. |
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Posted: 2/8/2024 9:28:36 PM EDT
[#31]
In this instance , rich = you have a 401k .
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Posted: 2/8/2024 9:29:18 PM EDT
[#32]
Quote HistoryQuoted: Yup, between the stolen election, J6, the summer of love, and the covid fiasco, I'm not sure there is a bridge too far for the American populace to stop consuming and pick up pitchforks.  Attached File |
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Posted: 2/8/2024 9:30:23 PM EDT
[#33]
Quote HistoryQuoted: In this instance , rich = you have a 401k . 
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Posted: 2/8/2024 9:31:37 PM EDT
[#34]
Quote HistoryAmen. |
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Posted: 2/8/2024 9:32:41 PM EDT
[#35]
Quote HistoryQuoted: when president AOC bans V8 corvettes and jorts and steals the b**mas' 401k money to redistribute amongst the poors it's gonna be biblical.  Attached File |
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Posted: 2/8/2024 9:34:38 PM EDT
[#36]
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Posted: 2/8/2024 9:35:02 PM EDT
[#37]
Quote HistoryQuoted: not gil tee.  Blonde AOC is my waifu. |
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Posted: 2/8/2024 9:38:10 PM EDT
[#38]
Quoted: Tax benefits on 401(K)s should be axed in favor of higher Social Security payments, says a report co-written by a former aide to President Clinton. Alicia Munnell, who served as an assistant Treasury secretary from 1993 to 1995, claims retirement pots with tax breaks disproportionately benefit the wealthy. She made the claim in the report co-authored by right-leaning economist Andrew Biggs - where they say such benefits have done little to incentivize workers to save more anyway. Cutting the perks on 401(K)s and Individual Retirement Accounts (IRA) could save the Government almost $200 billion, they argue - and that windfall would be better used plugging shortfalls in Social Security payments. https://www.dailymail.co.uk/yourmoney/401k/article-13061695/Economists-left-right-call-401-K-tax-benefits-AXED-help-fund-Social-Security-benefits.html What circular bullshit. Build wealth using wealth building tool... "well, that's only used by the wealthy".
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Posted: 2/8/2024 9:43:33 PM EDT
[#39]
Quote HistoryQuoted: This is total gaslighting. 401ks and IRAs tax benefits are nothing to the truly wealthy. That's the joke. They don't want to go after their donors, they want to go after us. My late father made this prediction years ago. I have very little faith my 401k and various IRAs will be a true tax shelter like originally designed. |
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Posted: 2/8/2024 9:44:39 PM EDT
[#40]
At least they are trying to simply confiscate them all.
Yet.... |
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Posted: 2/8/2024 9:46:07 PM EDT
[#41]
Quote HistoryQuoted: Blonde AOC is my waifu.  |
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Posted: 2/8/2024 9:47:35 PM EDT
[#42]
Quoted: Tax benefits on 401(K)s should be axed in favor of higher Social Security payments, says a report co-written by a former aide to President Clinton. Alicia Munnell, who served as an assistant Treasury secretary from 1993 to 1995, claims retirement pots with tax breaks disproportionately benefit the wealthy. She made the claim in the report co-authored by right-leaning economist Andrew Biggs - where they say such benefits have done little to incentivize workers to save more anyway. Cutting the perks on 401(K)s and Individual Retirement Accounts (IRA) could save the Government almost $200 billion, they argue - and that windfall would be better used plugging shortfalls in Social Security payments. https://www.dailymail.co.uk/yourmoney/401k/article-13061695/Economists-left-right-call-401-K-tax-benefits-AXED-help-fund-Social-Security-benefits.html If we eliminated these pesky tax-loops holes allowed by the general income tax approach, think of how much more the rich would have to "pay their fair share". Flat sales tax for the win! |
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Posted: 2/8/2024 9:47:39 PM EDT
[#43]
Quote HistoryQuoted: They can take my 401k out of my cold dead hands. |
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Posted: 2/8/2024 9:47:52 PM EDT
[#44]
Quote HistoryQuoted: How about we just abolish social security. Kthxbye. I would give up every penny of the substantial amount that I’ve already paid in if I never had to pay in again. Social Security should be destroyed. |
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Posted: 2/8/2024 9:48:02 PM EDT
[#45]
Typical commie fascist socialist America hating Democrat proposal. The more affluent American taxpayers pay far more than they should and the 50% of people who pay no income tax should start paying...even though it won't be much, they need skin in the game to get over their "fuck the rich" viewpoints.
If some people have no desire to take advantage of 401K/IRA tax benefits, address that issue but don't fuck over those who do take advantage of them. If Social Security benefits need to go up...like another 30% after recent inflation, then cut the welfare for bastard kids. Stop giving money to Ukraine and other foreign countries that hate us. Cancel all the programs in the two big Biden bills. |
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Posted: 2/8/2024 9:50:21 PM EDT
[#46]
How about do away with SS, and do a mandatory 401k that is not tied to or only available to employers.
You pick a provider that you like, when you get a job you tell them which provider and your account number. That employer sends 7% of your pre tax pay check to that provider. This would spur competition for providers with the lowest fees and the highest average return. Get the gov out of retirement |
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Posted: 2/8/2024 9:51:09 PM EDT
[#47]
not nearly enough "millionaires" (on paper) to fund SS. Not even close.
you could raid 25% of everyone's 401K and still not make a dent in it. Flat 21% tax is the only REAL way to tackle the issue... but poors don't love their country enough to pay for it. |
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Posted: 2/8/2024 9:52:16 PM EDT
[#48]
Quote HistoryQuoted: mericans won't do shit. Quote HistoryQuoted: Quoted: Watch what happens if the politicians decide to act on this and people who have 401ks pull an estimated seven and a quarter trillion dollars out of the market... Friday morning: Why the fuck can’t I log into my 401k |
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Posted: 2/8/2024 9:52:45 PM EDT
[#49]
Quote HistoryQuoted: How about do away with SS, You pick a provider that you like, when you get a job you tell them which provider and your account number. That employer sends 7% of your pre tax pay check to that provider. This would spur competition for providers with the lowest fees and the highest average return. Get the gov out of retirement Fixed |
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Posted: 2/8/2024 9:54:10 PM EDT
[#50]
Quote HistoryQuoted: Friday morning: Why the fuck can't I log into my 401k IS IT HAPPENING ITS HAPPENING.GIF |
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