Created Wed 19th Nov 2008 2:03pm PST by 
thisson
All questions » Politics » US Politics » thisson 
Will a law be enacted by end of 2009 abolishing at least some tax breaks for 401k plans?
Current forecast: No, there will be no changes (57% chance
)
)
Combining all predictions, the current most likely outcome is No, there will be no changes with a probability of 57% (unchanged in last 1 day)
Powerful House Democrats are eyeing proposals to overhaul the nation’s $3 trillion 401(k) system, including the elimination of most of the $80 billion in annual tax breaks that 401(k) investors receive.
Under Ghilarducci’s plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation.
source:
http://www.workforce.com/section/00/article/25/83/58.php
Under Ghilarducci’s plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation.
source:
http://www.workforce.com/section/00/article/25/83/58.php
Settlement details:
As reported by a major mainstream news source.
Make your prediction!
| Yes, only contributions will be taxed |
| ||||
| Yes, only gains will be taxed |
| ||||
| Yes, contributions and gains will both be taxed |
| ||||
| Yes, both taxed and 5% contribution is mandatory |
| ||||
| No, there will be no changes |
|
Activity: H$1,940
Question suspends in 50 weeks
Suspend date: Thu 31st Dec 12:59pm PST (50 weeks to go)
Initial likelihoods: Yes, only contributions will be taxed : 15%, Yes, only gains will be taxed : 15%, Yes, contributions and gains will both be taxed : 20%, Yes, both taxed and 5% contribution is mandatory: 10%, No, there will be no changes: 40%
Action history:
Created Wed 19th Nov 2008 2:03pm PST by thisson
thisson
Suspend date: Thu 31st Dec 12:59pm PST (50 weeks to go)
more info...
Get widget!Predictions (12)
12 predictions
predicted No, there will be no changes (H$1,500 at 50%)
catrocketship
predicted No, there will be no changes (H$100 at 43%)
guruzilla
predicted No, there will be no changes (H$20 at 42%)
sdchargers![[Power User]](http://www.hubdub.com/images/icon_superuser.gif "This user is a super user"){kind=icon}
predicted No, there will be no changes (H$100 at 43%)
growthy
predicted No, there will be no changes (H$100 at 41%)Comments (15)
What is Hubdub?
Hubdub makes news more exciting by letting you stake virtual dollars on the outcomes of real running news stories.
Join now or learn moreRelated News
This news is selected automatically based on the question, its background, options and tags
This news is selected automatically based on the question, its background, options and tags
score: 10
Mother Jones 3 days ago
has been shaped by Ronald Reagan's remaking of government's relationship with private interests?a vision of lower taxes, less regulation, and maximum economic leeway for those at the top. In this view, the pursuit of wealth is the warp and weft of
score: 10
San Jose Mercury News 5 days ago
Maybe it's because tax season is looming ominously ? or maybe it was your long list of campaign promises ? but taxes are at the top of my mind when thinking about my financial
score: 10
San Jose Mercury News 5 days ago
Dear President-elect Barack Obama: Maybe it's because tax season is looming ominously or maybe it was your long list of campaign promises but taxes are at the top of my mind when thinking about my financial wishes for
score: 10
National Post 1 week ago
OTTAWA -- Canadian workers and their employers will pay up to $188 more next year in payroll taxes, the steepest annual increase in more than half a decade, a national tax watchdog group warned Monday. As a result, the tax savings in the coming year for
score: 10
Financial Post 1 week ago
OTTAWA - Canadian workers and their employers will pay up to $188 more next year in payroll taxes, the steepest annual increase in more than half a decade, a national tax watchdog group warned Monday. As a result, the tax savings in the coming year for
401(k) plans under scrutiny
http://articles.latimes.com/2008/nov/16/business/fi-retire16
and
http://www.carolinajournal.com/exclusives/dems-target-private-retirement-accounts.html
RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.
Targeting Your 401(k)
Congress has an eye on the tax break for your retirement.
You may have heard about Argentina's plan to nationalize private retirement accounts. Some Democrats on Capitol Hill are inspired, and with their big election victory they may get the chance to test Peronist ideas in America.
Meet Congressmen George Miller and Jim McDermott, who are eager to change the way Americans save for their golden years. They'll also be powerbrokers in the next Congress.
http://online.wsj.com/artihttp://online.wsj.com/article/SB122662401729126813.htmlcle/SB122662401729126813.html
I agree - they spent all the Social Security money by "borrowing" it for the general fund, and now they would like our 401k savings too! They just did a similar move in Argentina, and made a lot of people angry.
On the other hand, I love how the good folk of Galveston Texas opted out of Social Security for their county workers, and have been an example of what is possible if the Government doesn't hold us back. http://www.ncpa.org/pub/ba/ba514/
Source:
http://www.bloomberg.com/apps/news?pid=20601213&sid=acTvscKxUOFw&refer=home
nn - nice to see the little guy back.
how can the govt pick and choose who can and can't? i know non govt workers who opted out. i'll try to contact them and see if they know anything. to my kowledge they ain't in jail or in trouble with the law.
http://www.ssa.gov/history/InternetMyths.html
Please log in or join to add a comment