Cheating the poor

I am sure that Treasury Secretary Lew and President Obama are serious about raiding retirement plans that are “too big”, and discouraging “the wealthy” from avoiding taxes by saving. (Nevermind that the contributions and any accumulated increases will be taxed eventually anyway when withdrawn.) This latest initiative to discourage large savings means that many “average hard-working Americans” allegedly so beloved by the Citicorp alum and the President will be significantly harmed by these purported guardian angels. Many firms have plans that include significant matching contributions into the employees’ retirement plans. Some or all of that match is required in order for the bosses – a/k/a “the wealthy” a/k/a “the 1%” — to max out their contributions. Many firms match dollar-for-dollar the first 4% of contributions by the employees. So a $40,000 per year employee who puts $1,600 into a retirement plan doubles his or her retirement plan balance overnight.
Once the existing rules are thrown out and all promises are retracted, the bosses will stop contributing for themselves, and the matching contributions to their average hard-working employees will disappear.
Am I wrong?

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3 thoughts on “Cheating the poor

  1. Lee, as usual you are a left-leaning bleeding heart Liberal fool whose phony “compassion” is OK so long you & the bloated GOVERNMENT keep your busy hands out of my pocket.
    Kapman, I don’t “work” & probably know many more “poor people” than you. You might be surprised that all of them have “street smarts” and daily “GAME THE SYSTEM” so they have big flat-screen TVs, smartphones, good food, cigarettes, booze, free schooling, free medical care, 3 daily free meals for their school-children, free utilities & bikes,, & porn films ALL PAID FOR BY FOOLS LIKE US! Did you ever study economics, or did you major in FEELINGS?”
    If you deny the above, your head is so far up your ass it’s irretrievable, Kapman. Not even a rich, compassionate self/reliant, self-insured polymath like me could help you!
    But while your head is up there, please talk to President Obamba & persuade him that his phony compassion is wearing thin, too.
    I’ll sign in later to correct some more of your Democratic talking points…

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