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How the Democrats will privatize your retirement plan! "Democratic leaders in the House say they would like to gradually replace much of the tax credit with a program that would give annual matches for the first $1,000 used to create a retirement-savings plan."(free subscription to boston globe needed)
When Pres. Bush talked about “privatizing” part of your retirement the Dems yelled “Hell NO! You will hurt older poor Americans” Even though no one currently under 55 would change their retirement and you could always opt out and stay in the system as it is. Anyway, now that the Dems have the power back it sounds like a good idea because the current system will go belly up in a few decades.
This last year a Pension Act was passed so that if your company has a 401(k) you are already signed up unless you sign a waiver. Also in 2001 a non-refundable credit was passed to help with lower income (families make less then 50K per year) and are contributing to a retirement plan. However, because most of these people have no taxes, it is under used!
So now the Dems want to actually give the $1,000 in potential credit to your retirement plan. The details are going to fun for us tax preparers as well need to have routing number for those accounts. They can’t send you the check and hope you don’t cash it.
The irony is that the Dems know the system is busted but just used the same old play book on saying Republicans are mean people who want to steal poor peoples money. Hell they don’t have any to steal.
Chris Mendelsohn
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