Hillary's 401K Proposal

[alaskaguy]

Hillary proposes 401Ks

The government would provide a "matching refundable tax credit — dollar for dollar — for the first $1,000 of savings

Married couples must earn less than $60,000 to be eligible for the $1,000 match

Families with incomes of up to $100,000 would receive a smaller tax break

Higher income families (more than $100,000 annual income) get nothing

The program has an estimated cost of $20 to $25 billion annually

Program would be available to working age adults

Changes in the estate tax would used to help pay for the cuts

Link: The Associated Press: Clinton Urges 401(k)s, Matching Funds

 

[SuperCy]

Between this and the money for babies program, how does she expect to fund this?

 

[dmclone]

Who is going to pay for this and who is it going to help?

Nearly everyone that I know or listen to (in my current job I hear a lot 401K talk) that is struggling to make ends meet either doesn't participate in a 401K or has a loan against the little that they have.

I think this says a lot. If your family makes over 60K then you're rich according to Clinton. If she wins there are going to be a lot of people taking it up the ###. Her husband didn't pull this crap.

 

[SpokaneCY]

Why can't we say that if you DO have a low paying job than you are responsible for living a lifestyle that befits that income level. If you make $20K/year, then maybe home ownership is not in reach. Or a new car, or bigscreen TV, or cigarettes.... Broadbrush statement I know, but our poor live better than the majority of the worlds rich.

 

[twojman]

Why can't we say that if you DO have a low paying job than you are responsible for living a lifestyle that befits that income level. If you make $20K/year, then maybe home ownership is not in reach. Or a new car, or bigscreen TV, or cigarettes.... Broadbrush statement I know, but our poor live better than the majority of the worlds rich.

Stop making sense or we will have to kick you out of the US!

 

[Cyclonepride]

Gee, if we could just tax everyone all to hell that makes decent money, we could give that money to everyone else, and we would all have the same amount of money. But of course then we would have to give even more money to the losers of our society, as they would squander their share again. Maybe we could just take all the rich people's money and make them trade it with the poor people, because then the rich people could then work to get it back. There you go!

 

[keepngoal]

funny thing is... i know of ppl that are loaded through their business and only 'make' $25K in salary .... they would qualify for this and they "shouldn't"

It is wrong... and she knows it.. problem is she doesn't care.

-keep.

edit: found this: HERE.

 

[brianhos]

They already cap us at a ridiculously low level for 401k, and now they are making more benefits that only help the lower incomes? Glad to see the class card played again.

 

[brianhos]

So if they do this, can we opt out of Social Security? Cause if that is the case, I am all for it.

 

[brianhos]

Another topic, why can we not put up to 100% of our salary in a 401k? Why are we capped at 15%. That is not enough to retire on.

 

[keepngoal]

brianhos: are you spamming for post count to catch ISUFan22??

-keep.

 

[Cyclone62]

Wow, this idea stinks all to hell. Honestly, I can't think of a good way to fund this. Here's a novel idea, instead of gov't retirement funds, why don't we make people accountable for their savings?

 

[Fatsow]

Another topic, why can we not put up to 100% of our salary in a 401k? Why are we capped at 15%. That is not enough to retire on.

One word: Taxes!

 

[cycloneworld]

Gee, if we could just tax everyone all to hell that makes decent money, we could give that money to everyone else, and we would all have the same amount of money. But of course then we would have to give even more money to the losers of our society, as they would squander their share again. Maybe we could just take all the rich people's money and make them trade it with the poor people, because then the rich people could then work to get it back. There you go!

Redistribution of wealth...what's that sound like???

Wow, this idea stinks all to hell. Honestly, I can't think of a good way to fund this. Here's a novel idea, instead of gov't retirement funds, why don't we make people accountable for their savings?

Because the government knows what is best for us.:no:

This may be one of the worst ideas in a long time IMO.

 

[brianhos]

brianhos: are you spamming for post count to catch ISUFan22??

-keep.

Multiple thoughts, all the different voices in my head want to each speak for themselves. And NO ONE is ever gonna catch 22. I tried really hard to be totally addicted to CF for a week, I still lost ground on 22.

 

[isucyfan]

Another thing: What about cost of living differences? I know we make a lot more than some households, but we are scraping by mainly because of housing costs in the Twin Cities. IMO, you can't just say there is an income limit for programs, because there is a big difference between a dollar in Saint Paul and Sioux City!

 

[kcbob79clone]

The next President Clinton = Socialism

Pure and simple, be afraid, be very afraid!!!!

 

[bawbie]

The next President Clinton = Socialism

Pure and simple, be afraid, be very afraid!!!!

If you truly believe that then you have no frickin' clue what socialism is (or haven't a clue about what Hillary is proposing...)

 

[Gink]

Another topic, why can we not put up to 100% of our salary in a 401k? Why are we capped at 15%. That is not enough to retire on.

You are not capped at 15%. For 2007 you can contribute $15,500.

If you make $31,000 you can contribute 50%. If you make $103,333 then it would be about 15% of your salary.

I believe the law used to have a maximum percentage with a maximum amount. Now it is just a maximum amount.

 

[kcbob79clone]

If you truly believe that then you have no frickin' clue what socialism is.

Nice language!

from Wikipedia, Socialism refers to a broad array of doctrines or political movements that envisage a socio-economic system in which property and the distribution of wealth are subject to control by the community .....

Hillary will take your money for the 'common good' - sounds like Socialism

Hillary will have HillaryCare - Socialized Medicine; killing the best health care system in the world. Patients from socialized medicine

Hillary will take your money for kid vouchers - sounds like socialism

Hillary will take your money to give out more welfare - sounds like socialism

and the list goes on ... as she promises more and more to get elected.

Be afraid, be very afraid

Bob