http://www.wnd.com/index.php?fa=PAGE.view&pageId=79168
Democrats target your 401(k)
Posted: October 27, 2008 1:00 am Eastern
Roger Hedgecock is the longtime top-rated radio talk host in San Diego, Calif., on KOGO and, more recently, a nationally syndicated Saturday radio host heard already in 47 markets and on XM Satellite.
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Democrats plan to tap your private retirement plan to fund Barack Obama’s many promises to expand the power and size of the federal government.
Your pre-tax annual contribution to a 401(k) will be taxed under a plan considered by House Education and Labor Committee Chairman George Miller, D-Calif., and Rep. Jim McDermott, D-Wash., chairman of the House Ways and Means Subcommittee on Income Security and Family Support.
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They would eliminate the annual tax deferral for 401(k) contributions, which reduces federal revenues by about $80 billion per year. Instead, they propose that the federal government pay every worker $600 per year (inflation adjusted each year) and require every worker to invest 5 percent of their after-tax pay into a new retirement account to be administered by the Social Security Administration. The money would be invested in a new class of government bond which would yield 3 percent per year, adjusted for inflation.
This plan was originally proposed by Theresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, and presented to Miller and McDermott last week at a House hearing.
These liberal Democrats thought the plan ingenious. They could take over the largest pool of private savings in the U.S., redirecting some $3 trillion to government spending.
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This is scary stuff. Need to look for more details.
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Posted by reinkefj 
Reinke Faces Life 