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The Democrats Want Your 401(k)

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Uploaded on Oct 28, 2008

COPYRIGHT & TRADEMARK NOTICE :
The Rush Limbaugh Show ®,
The Rush Limbaugh Show - RUSH 24/7®

RUSH: George Miller, who runs a congressional committee, Democrat in California, came out with the first notion of just getting rid of your being able to deduct for your income your contribution to your 401(k), that the government is "losing" $80 billion and we can't afford lose that so they want to take that away. Then they had a hearing last week where a professor from the New School for Social Research, a professor of economics, Teresa Ghilarducci, she appeared and said: I've got a better plan. What we want to do, we want to take your 401(k) at its August level, before the crash. We'll give you that equivalent and put it in your Social Security account, essentially, and we're going to invest that money that we take from your retirement account, your 401(k), at its August level. We're going to buy government bonds with it, which will guarantee you 3% -- and then we will require that you put 5% of your pay into your 401(k) although it's not yours anymore. The government owns it. They will manage it. They will take care of it, and then when your retirement day comes you'll get your Social Security check and part of your check will be whatever your 401(k) monthly payout is, after 3% of growth every year under the stewardship of the government. So I mentioned this on Greta's show.

Yesterday in Seattle, Kirby Wilbur had this exchange with her. She said, "Your plan, as I understand it, would end the tax deferral status of 401(k)s. I have one, and I put in a certain amount every month and that deducted from my growth so I don't pay taxes on it 'til I pull it out when I retire. So it would end that and it would bring about a new government retirement plan. Is that correct?"

source: http://www.rushlimbaugh.com/home/dail...

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