THE LATEST RUMORANG FROM THE FAR RIGHT OF CENTER "LIMBAUGH PERSUASIONS"
I was sent the below forwarded article in an email. I thought now what? Barack Obama hasn't even been sworn in as our President and already the Limbaughs are going to war in an effort to try and devalue his power (Even before he has any?). It's hard to believe they are still at it, when our economy is going down the tubes. I am thoroughly convinced that these BIG MOUTHS are crazy mf'z ... Please read the Prison Planet's (Limbaugh of a different color) latest rumorang... thinkingblue
Government To
Confiscate 401(k)s and IRAs For Mandatory Savings Tax?
Paul Joseph Watson
Prison Planet.com
Tuesday, November 11, 2008
Under the pretext of combating the financial crisis, Democrats in Congress
have been conducting hearings on proposals to confiscate private retirement
accounts and turn them into government-controlled accounts managed by the
Social Security Administration, by implementing a new tax in the guise of
mandatory savings scheme.
Teresa Ghilarducci, professor of economic policy analysis at the New School
for Social Research in New York, testified before Congress last month,
proposing that 401(k)s and IRAs be confiscated and converted into universal
Guaranteed Retirement Accounts (GRAs) managed by the Social Security
Administration.
The GRAs would be enforced by means of a mandatory savings tax equating to 5
per cent of an individual’s annual paycheck deposited to the GRA. Social
Security and Medicare taxes would still be payable, employers would no longer
would be able to write off their contributions and capital gains would be
taxable year-on-year. In addition, workers could bequeath only half of their
account balances to their heirs, unlike full balances from existing 401(k) and
IRA accounts.
Justifying government intervention, Ghilarducci cited a 2004 HSBC global
survey in claiming, “a third of Americans wanted the government to force them
to save more for retirement.” In actual fact, the survey concluded that
Americans wanted the government to “enforce additional private savings,” a
vastly different meaning than mandatory government-run savings, as Karen
McMahan points out.
(ARTICLE CONTINUES)
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Strange logic on Wikipedia: Rush Limbaugh, Teresa Ghilarducci, Barack Obama
and the Democrats taking your 401(K)
"Do you know what's going to happen to you? We don't know what's going to happen, but do you know what the Democrat plan for your 401(k) is?"
"Then we're going to take it. We're going to take your 401(k), and we will put it in your Social Security account that the government is monitoring for you, and we will invest every year 3% in government bonds."
"So the bottom line is, they'll take your 401(k) and put it in Social Security."
"The government takes over your 401(k). Not so much flushes it, they just take it, like they're going to take some pension money. Now, this is not centrist. This is not moderate. This is George Miller, and this is the kind of thing that Reid and Pelosi will go for."
"I don't know where Obama will stand on this, but the odds are that it will sound attractive to him because these people are all about expanding government coffers. And that's what they're going to do. So that's what's ahead for people's 401(k)s if the Democrats get their way. They may not, but that's what their planning is." (quotes from Rush Limbaugh)
Those quotes come from Rush Limbaugh's November 5, 2008 radio show
segment entitled "Democrat
Plans for Your 401(k)". (Non-American readers: the 401(k) is a popular
tax-deferred way to save for retirement. Participants invest pre-tax income
in mutual funds to supplement their governmental Social Security. 401(k)s
are private.)
An
Op-Ed in Sunday's Los Angeles Times
by James Rainey pointed out that Limbaugh is lying:
In a time when the nation calls out for cool leadership and rational discussion, Limbaugh stirs the caldron, a tendency he proved in a particularly grotesque way last week when he accused Obama's party of plotting a government takeover of 401(k) retirement plans.
"They're going to take your 401(k), put it in the Social Security trust fund, whatever the hell that is," Limbaugh woofed. "Trust fund, my rear end."
A slight problem with Limbaugh's report: Obama and the Democrats have proposed no such thing.
