Obama 401k

Frequently Asked Questions

1. QUESTION:
   Would Liberals Like To See President Obama Take Over Individual 401k Retirement Accounts?
   There’s an awful lot of money just sitting in people’s retirement accounts that President Obama wants the Federal government to control. Would liberals like to see President Obama seize 401k retirement accounts? How will government control of everyone’s retirement account help Americans?
   Liberals Bias, why don’t you get up to date and Google Obama 401k.

   • ANSWER:
     privatizing social security is what republicans want, they all just got a little closer to doing it when that tax bill was passed a few weeks ago. by having workers pay a stupid 2% less into social security and calling it a tax cut, BS it’s all part of there plan to cry social security out of money slash and burn…………………..oh and by the way we just took for 401k’s

2. QUESTION:
   what are the details of obama’s 401k relief plan when he becomes president?
   i heard he will allow early withdrawal or loan from 401k without penalty. does this mean no taxes taken out?

   • ANSWER:
     No it means for a brief period (I believe 2 years) during this economic downturn you will be allowed to take a distribution from your 401k without incurring that 10% early distribution penalty. You will still have to declare the distribution on your tax return and pay the income tax on it.

3. QUESTION:
   Will those afraid Obama is going to take their 401k going to hurt the market by pulling their money out?
   Some of my coworkers are scared that Obama is going to take all the 401k money from everyone and use it to fund social security later. I dont know anything about that.

   But wouldn’t millions of people pulling their money out of 401k hurt the market even further?

   • ANSWER:
     Obama isn’t going to take 401k money. That’s a rumor started by a few communist nut jobs who don’t think that anyone should be allowed to save money.

     But to answer your actual question, yes it would hurt the market. People would scramble to get their money out, despite the penalties and losses from the market, they would want to just get whatever cash they could get.

     But, like I said, its not going to happen. That money belongs to the people who have the 401k plans, and the government can’t take it.

4. QUESTION:
   Pelosi and Obama will go after our IRA and 401k accounts next, do you agree?
   There are nearly trillion in IRA’s and 401k’s. Surely Obama and Pelosi will come up with some compassionate legislation that sounds good but in the end will transfer more wealth to the Government who in turn can fund more shovel ready jobs Do you agree?

   • ANSWER:
     its called inflation , by printing money. Its even better than taking it from your accounts, its from the thin air, its magic.

5. QUESTION:
   How do you feel about Obama taking your 401K away from you and letting the Government manage it?
   Also if he taxes the rich who gives us jobs, and oil companiies do you think more jobs will go overseas and unemployment may hit a new lhigh.
   We will be paying at the pump for taxing Oil Companies ,and Taxing Corperations for a good performance means in order to stay competive they will have to out source jobs so how will that improve the economy when we have no money left from the 700 bilion dollar bailout?

   • ANSWER:
     He isn’t going to take our 401ks, he has said he will encourage people to screw themselves by cashing them out. That means those of us smart enough to buy low, should be fine.

     Of course taxing our bosses, or increasing ridiculous regulation, or continuing to use our food for fuel is going to shoot prices sky high and send unemployment up too. Unemployment is already dramatically out of sync with reality.

     Why worry about the 0 billion bailout. Truth is Congress also gave 0 billion (in July) to keep deadbeats in houses they can’t afford (so the foreclosure has just been postponed, not stopped), the stimulus package (and the idiots are looking at more) and everything else.

     We (America) are already living on our enemies good will (debt) and the gravy train will stop as soon as our politicians quit shipping our jobs overseas.

     Either way, it doesn’t matter, our jobs will continue to leave and millions of foreigners are being brought in (legally) to drive down our wages even further.

     Both sides have screwed us and both sides are going to continue. When the Bush tax cuts expire, all our taxes are going up and in the meantime inflation of the things we have to have, like food & medicine, is only going to increase.

     It is obvious, to me at least, that there is no fixing the inherent corruption in Washington. All we can do is try to get by.

     Save money, pay off debt, quit going in debt to buy foreign products, quit shopping at places that only increase other countries wealth while cutting our throats (Best Buy, Wal Mart), buying American food as often as we can.

     Not much else we can do. Hang on folks, it is going to be a bumpy ride.

6. QUESTION:
   How secure do you feel your 401K is with Obama, Pelosi and Reid in control?
   What would keep these tax and spenders from re-writing the 401K tax laws and demanding that the taxes be paid now rather than upon retirement??

   • ANSWER:
     It actually would not be in their interest to tax 401(k) now. I’ve said many years ago that taxes would likely be higher in the future due to increase gov debt, therefore one will pay more taxes in the future than they would now.

     My concern is that the libs may attack Roth IRA’s which grow tax free.

7. QUESTION:
   Your 401K, Obama has a plan to force you to take an annuity?
   Good idea or bad idea since he says that people can’t manage their money at retirement.
   Some people can’t – but some can.
   Would you pay for an annuity – which can cost 5% a year?
   Or do you hate the idea of the government telling you what to do?

   http://www.businessweek.com/investor/content/jan2010/pi2010018_130737.htm

   From bloomberg
   The idea has been around for a year now.

   • ANSWER:
     Mostly right wing propaganda.

     The ability to annuitize a retirement plan has always been around but very few people do it.

     Many retired people could have avoided the market meltdown if they would’ve purchased an annuity in their retirement account.

     There is a plan to educate people about this option. There is no plan to force people in to this option.

8. QUESTION:
   What should I do with my 401K’s before the Obama and democrats take over?
   I have 401k’s from previous employers. Would it be better protected from big government “help” if it were moved to an IRA or Roth IRA, or just take it out with today’s tax hit and penalties and invest somewhere? I’m concerned that the future government may “share the wealth” in a way that punishes me for saving in my 401k.

   • ANSWER:
     Wow, reading these posts it is amazing to see how uneducated and easily swayed the masses are with regards to party politics. Listen up people, if you have money and you worked hard for it, the Democratic party wants to take it away from you and give it to people who have made dumb decisions with their lives and/or have not worked nearly as hard or smart as you have to earn your wealth. Plain and simple. Republicans believe people ought to be able to keep the money they lawfully earn and the role of the government should be limited to the activities of protecting the common good: fair trade, law and order, protection of national interests, and protection of rights spelled out distinctly in the Constitution and Bill of Rights. Repeat after me: Democrats equals handouts, Replublicans equals keep what you make.

     Now that the lesson in American Politics is over, Obama will not be able to touch your 401k just as long as you don’t cash it. Your funds are grandfathered into an existing system, and the only thing that can change is the tax basis on which capital gains are levied when you withdraw them, or tax breaks on future contributions or the tax deferred status of employer contributions. Let it all sit in there until the masses get sick of having their taxes raised year after year to pay for Welfare folks so they can have a 40″LCD and an Escalade, and vote another Republican administration in that will restore your ability to keep your money, money you want to hold onto not because you are greedy, but because you want to have sufficient savings at retirement so you are not a burden on your government medically and finacially, unlike Milly who plans on complaining at 60 why her government is not taking care of paying for her meds because she didn’t save a dime all her life and her social security check goes to pay the 0k in credit card debt she has amassed (which is definitely not her fault!)….Nuff said

     For more straight talk with an edge, visit my blog at maanspace.blogspot.com

9. QUESTION:
   How Much of Your 401k Does Obama Figure You Should Give to Help His Plans?

   • ANSWER:
     Since oil stocks are heavily owned by pension funds, he feels that it is OK to reduce the return on them by taxing oil companies and then buy votes by redistributing the profits. Do some research. 51.2% of the cost of gasoline is the result of taxes on the oil companies at all levels.

     This is not an internet rumor, it is an economic fact. One of many the the media will not delve into because of their romance with the racist ex-crackhead Marxist the Democrats have nominated.

10. QUESTION:
    How has your 401K done since Obama took office on January 20th, 2009?
    Mine is up almost about 33%!!! Wow!
    Thank goodness he is getting us out of this hole that Republicans created.

    • ANSWER:
      Way better than the last 6 months of the Bush administration.

11. QUESTION:
    Why don’t Americans acknowledge that Obama has recovered most of their 401k losses under Bush?
    The Stock Market seems to love Obama even if some of us are not the biggest Obama fans at this time.

    • ANSWER:
      Cons are always on here when the stock market dips to castigate President Obama for it. Their claims therefore that he doesn’t deserve any credit for the good stock market sound a bit hypocritical.

      If there were a Republican president, these same people would be praising that Republican president for the rise in the stock market. They would be bragging about how good Republicans are at economics, while we all know that in reality they are just terrible.

12. QUESTION:
    What is Obama’s position on 401K and IRA plans?
    Can someone provide a link. I would like to see what Obama himself has to say!

    • ANSWER:
      I wished such a place existed a link that is a legit and full honest stance with no backward strokes or mind changing..
      The last thing i want is for my retirment up for grabs…
      Taking a 30% kick in the A%%# has left me bare bones…

      You are now starting to hear talk about eliminating the tax deductability of 401(k)s.

      James Pethokoukis:

      House Democrats recently invited Teresa Ghilarducci, a professor at the New School of Social Research, to testify before a subcommittee on her idea to eliminate the preferential tax treatment of the popular retirement plans. In place of 401(k) plans, she would have workers transfer their dough into government-created “guaranteed retirement accounts” for every worker. The government would deposit 0 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return. Rep. Jim McDermott, a Democrat from Washington and chairman of the House Ways and Means Committee’s Subcommittee on Income Security and Family Support, said that since “the savings rate isn’t going up for the investment of billion [in 401(k) tax breaks], we have to start to think about whether or not we want to continue to invest that billion for a policy that’s not generating what we now say it should.”

      what bother me the most is i am not given a right to pass any amount over to my grandchildren..Whats up with that?

      Look at the issue however you will not find out unitll Obama signs the bill which is likely as he just dosent appear to me to be about

13. QUESTION:
    15% of the US Stock Market is Energy Companies Like Exxon. Do You Have Obama Takes that Money from Your 401k?
    … by raising corporate taxes, dividend taxes, capital gains taxes, and windfall taxes on the oil profits exxon made for you?

    Yes, Obama wants to nail that 15% of the average America’s 401k’s stock holdings. Is that good?

    • ANSWER:
      I’m still having trouble with how we repair the economy and become energy independent.

14. QUESTION:
    why is Obama determined to destroy the stock market and your 401k?
    the more he fights for you, the lower your 401k gets. May be he is fighting to destroy you. Does it seem that way to you?

    • ANSWER:
      He must hate you.

15. QUESTION:
    Would Obama Receiving Your 401k Statement Make it Easier for Him & Pelosi to Redistribute Wealth ?

    • ANSWER:
      forget your 401k STATEMENTS the democrats are trying to recieve your 401k

      http://www.workforce.com/section/00/article/25/83/58.php

16. QUESTION:
    Do you really think that Obama cares what happens to your 401K?
    Everyday, he trots out people like Geithner that scare the heck out of any investor. Even Bernanke was scary today, endorsing universal health care.

    These guys are lining the pockets of their political buddies at the expense of everyone’s retirement. And the are doing it with an unprecedented amount of pure pork spending. A thousand bridges to nowhere.

    Surprise! George Soros’ hedge fund is doing well. Guess he bet against America, but I bet he had inside information.

    • ANSWER:
      He doesn’t care. His retirement fund is set for life since he’s been an elected official. He just pretends to care so he can get what he needs to pay off his supporters. Oooo. I’m getting nasty now. I’m a tired girl. Time to go night, night.

      PS I hope that Mr. Soros remembers that what goes around comes around. It’s upsetting to honest people like myself and my husband that we are the ones who get screwed…makes me wonder what I did to deserve this. I do have faith, however, that our retirement fund will cycle back up, and then some, in time for our retirement.

17. QUESTION:
    Should I thank President Obama for the profits in my 401k plan?
    and if not, then who is responsible for the surge in the stock market?

    • ANSWER:
      The Stock Market has nothing to do with the President or the economy. The Market likes stability

18. QUESTION:
    Has Obama waived the early disburstment penalty on IRA’s and 401K’s?
    I am trying to find out if what Obama propose in October of 2008 which was to waive the penalty of 10% from using an early disbursement from your 401K if you were laid off or lost your job.

    • ANSWER:
      Unfortunately not at this time, loss of job is not one of the reasons for waiving the early withdraw penalty.

19. QUESTION:
    How do you feel about Obama looking into co-opting private 401k & IRA money to create a public “guaranteed”?
    steady-stream retirement fund like Europe is planning?

    • ANSWER:
      And before he could do it people would pull all of their money out of the market even if they had to pay a hefty fee to do so.

      Then the market tanks…

      God he’s full of brilliant ideas, isn’t he ??

20. QUESTION:
    Has your 401k seen about enough of Obama for a lifetime or two?
    Obama is an Obamination!

    • ANSWER:
      what 401K…. it’s pretty well gone – can’t see a thing!

21. QUESTION:
    What should I do with my 401K money if Obama becomes president? ?
    I don’t want to share it!

    • ANSWER:
      Take it out and send it overseas. Or just move to Canada for 4 years when he gets out of office and/or gets impeached.

22. QUESTION:
    Why does Obama laugh on 60 Minutes about your 401K’s being half what they used to be?
    Is that a nervous tick of is he just clueless?
    He has got a perverse sense of humor. He laughed about the Special Olympics kids also.

    • ANSWER:
      I guess from where he is sitting it’s pretty funny that the people that voted for him are now unemployed, losing their retirement money, and possibly their homes while he has every amenity known to man.

23. QUESTION:
    is there still a proposal for early withdrawls from 401k plans since obama is now president?

    • ANSWER:
      I’m assuming you meant for the waiver of early withdrawal penalties. Not yet

24. QUESTION:
    Please tell me Obama hasn’t mentioned taking away the 401K Tax Deferment?
    Please tell me he doesn’t support that idea, I know some Democrats too and that would be one of the dumbest moves ever. Why would someone even consider nationalizing 401K’s? If I want to take the risk in the stock market shouldn’t I be allowed to?

    • ANSWER:
      It’s not Obama that’s pushing for it, it’s George Miller (D-CA) and Jim McDermott (D-WA). Found a bunch of details on it in the article I’m citing.

25. QUESTION:
    Does anyone care that B Hussein Obama and Pelosi want to tax our 401K?
    I am shocked, but they want to tax 401K as well. Not to mention the high tax on gas….raising the price higher.

    • ANSWER:
      That’s true! the dividend tax rate will go from zero to 39.6% YIKES! That is just the tip of the iceberg, I’m afraid, that will sink this country.

26. QUESTION:
    Will my savings and 401k be safe when obama switches us to socialism?

    • ANSWER:
      Are they safe now?

      If you want to define socialism (incorrectly) as “spreading the wealth,” so be it – but by that definition you’re also calling Warren Buffett, Ronald Reagan, John McCain, and Sarah Palin socialists as well.

      Why?

      - Warren Buffett has come out publicly in support of Obama.
      - Ronald Reagan expanded the Earned Income Tax Credit (the single most wealth-redistributive policy in the history of our tax code); also, the highest tax bracket under Reagan was 50% – the highest bracket in Obama’s proposed plan is 39.6%.
      - John McCain has publicly supported the EXACT same tax policy that he is NOW calling “socialist.” Don’t believe me? See for yourself:

      - Sarah Palin imposed a windfall profits TAX on oil companies in Alaska, and cut a ,200 check to every Alaskan with the proceeds. If that’s not “SPREADING THE WEALTH,” I don’t know what is.

      John McCain is depending on the ignorance and intellectual laziness of the American people. Without it, he doesn’t stand a chance.

27. QUESTION:
    Will it Bother You if Obama Takes a Big Chunk of Your 401k & Life Savings to Pay for More Entitlements?

    At least he’ll deliver “change” to your life and your money. Right?

    • ANSWER:

28. QUESTION:
    401k is coming back a little Obama must be doing something right . .What you repudlicans got to say bout That?
    are you disappointed .

    • ANSWER:
      Page 2 of the pre-election economic report said the economy would rebound in the latter half of 2009, WITHOUT govt action.

      http://www.cbo.gov/ftpdocs/99xx/doc9957/01-07-Outlook.pdf

29. QUESTION:
    Has Obama said whether or not he will allow us to keep our 401k plans if he gets elected?
    I think the democrats have stated that all 401k plans should be merged into something more like social security because they could help many more people with that money.

    • ANSWER:
      It’s pretty clear to me that the Dem agenda, no matter how you cut it is to advance Marxist ideology, irrespective of their rhetoric. Not a good thing, trust me.

30. QUESTION:
    If Obama is elected, should he do away with 401k savings plans?
    Wouldn’t it be better if all the money was controlled by the government. If we did away with ways for people to build wealth individually, they would have to depend on the government. Imagine the country with no more rich people.
    Obama 2008 – Power to the Government.
    I just think that 401k savings plans and IRAs are hurting the Democratic Party. Just imagine how powerful Democrats could become if there was no ways for the people to save. We could finally have the Utopia we have been waiting for.

    • ANSWER:
      If I didn’t work hard save my money and pay my taxes on time then there wouldn’t be any welfare, or free health care for all of the lazy good for nothing oxygen theves out there. I have a 401k plan to take care of myself. Because the government will no do it for an individual who works for a living. I have too much self pride to let someone else take care of me and control my money. I am 30 years old and don’t make but 45,000 dollars a year but I consider myself to be the most wealthy man in america because I take care of my family. The government does not.

31. QUESTION:
    Does anyone know if Obama is allowing us to take loans from our 401K?

    My husband has been layed off and on for several years now we have over 100,000 in our annuity. We would like to take a large sum out and pay for my home so we dont lose it …I dont want to be taxed or penalized for money that is ours !!!

    • ANSWER:
      the president doesn’t make that decision ,the 401k provider does, usually they don’t, but if they do the money you will lose in fines for early withdrawn is so crazy that its not even worth it

32. QUESTION:
    Where does Obama stand on Pelosi’s plan to seize 401K’s and place them into the Soc Sec Trust Fund?

    No, Puma, I am not kidding. That’s what you idiots elected.

    • ANSWER:
      I believe the bill will be submitted within the first 30 days by Rep. Sen Barney Frank.

33. QUESTION:
    Is Obama going to make it so that people can withdraw ,000 from their 401k without penalty?
    when he was running for president he said he would do this. Is he still?

    • ANSWER:
      If he does, it will have income limits.
      He only wants poor people to benefit from benefits.
      Poor – less than 31,400 / year – poverty level.
      /

34. QUESTION:
    If Obama is elected again. Are you prepared to hand over your 401K ?

    http://www.thenewamerican.com/index.php/usnews/congress/4413-obama-needs-your-401k-to-balance-his-budget

    • ANSWER:
      From the article….

      “this happened to coincide also with a program being pushed by the Service Employees International Union (SEIU) called “Retirement USA” which would create a government-forced retirement program with assets being directed into special Treasury Retirement Bonds, or R-Bonds. “Retirement USA” is promoting the idea that all workers have a “right” to a government retirement account, in addition to Social Security and any private pension plans those workers already have in place. Others behind “Retirement USA” also support more government dependency for workers, including the AFL-CIO, the Economic Policy Institute, the National Committee to Preserve Social Security and Medicare and the Pension Rights Center. ”

      OH LOOK !! THe same SEIU that has free access to the White House anytime they’d like. The SAME SEIU that has been IN THE WH more often than anyone else since he ( Obama ) was elected.

      Looks like the Union vote is going to cost everyone in America that had the intelligence to save their OWN MONEY.

35. QUESTION:
    Obama and 401k withdrawals?
    Ok,now that Obama has been elected can anyone tell me when he might make it possible to remove money from our 401k without a penalty?I know he said he would do this when he takes office,I know that is in January-so will anyone guess and say when they think this will happen if at all?I also want to say how proud I am of the way John McCain handled last night.No matter who you supported he was a true gentleman.GOD-bless
    I did not say I believed him,I did not even vote for him,but the fact is he won.Now I just want to move on and make some decisions-thus the 401k question.I trust my credit union more than the stock market-so I want to remove my 401k funds and place them in my savings account.

    • ANSWER:
      It may not be a top prioirty and he won’t take office until Jan 20th. There has to be a bill written and argued over in both houses of Congress.

      I would say, if it happens, it won’t be any sooner than March of next year.

36. QUESTION:
    Next will Obama bail out the Bond Market with your 401k pension money?
    Would Obama, Dems Kill 401(k) Plans?

    http://www.usnews.com/money/blogs/capital-commerce/2008/10/23/would-obama-dems-kill-401k-plans.html

    • ANSWER:
      It wont be used for the Bond Market but their has been talk of taking our 401k and other pension plans and use the money for Social Security. I put money in a 401k as did my employer and it has done very well and now that I an retired the monthly check helps to keep me above the poverty level. If the government should try to do something like that they will find one p—– off old man on their hands.

37. QUESTION:
    OK since we are doomed as a country when Barack Obama gets elected, how can I protect my 401K?

    I have heard that Cayman island bank accounts can protect you, is that true

    • ANSWER:
      When the last Democrat was elected, your stock portfolio skyrocketed.

      What is so different about Obama that has you so freaked out, or are you just BS’ing?

38. QUESTION:
    How much money can America give to Obama? How much does he want? Is your 401k safe?

    • ANSWER:
      No it’s not safe. The democrats will tap it as soon as they get a chance. mark my words.

39. QUESTION:
    Did Obama Go On Vacation Again? My 401k is About To Get Hammered?
    And the fraud sends out whipping girl to handle the Egypt situation. The Muslim president should use his Islamic influence to calm the situation there.

    • ANSWER:
      More and more, it is looking like just a big ego party for him.

      WOW! Metfan1′s comment is unbelievable! He cannot possible believe that himself! That is just and outragous comment. You could add their activities together and throw in Clinton’s and not reach the number of pleasure trips and events Obama partakes of.

40. QUESTION:
    My 401k the Obama way? ?
    If the goverment created social security and the 401k was my option, yet the goverment screwed up the social security, why would they now take my 401K under Obama’s plan – how do I know that they wont screw that up too?

    • ANSWER:
      Oh the democrats in office now are salivating thinking of getting to the 401k’s to screwed up & waste away.

41. QUESTION:
    Which Campaign would you trust with your 401K; Obama’s or McCain’s?

    • ANSWER:
      Obama. Look what he’s done with financing his campaign. He began his campaign as an unknown, yet he’s collected more money than any candidate in history.

42. QUESTION:
    Why is my 401K and private stock increasing under Obama; after taking a noise dive under Bush?

    • ANSWER:
      I laugh in the face of the Republican LIES! Too bad their DIRE WARNINGS were as false as the WMD’s in the Bush Admin. WOW! Would that make a GREAT BOOK? “All the Lies of the Republican Party over the last 20 years”. It would be a best seller but too huge to print. Prb be as big as the Health Bill, maybe bigger.

      But I have noticed the same thing. Business is better! NOT GREAT YET but better! There is an optimistic feeling all about the country finally. Not like the Dark Cloud feeling of the Bush Era.

      Let’s face it! Economic manipulation has VASTLY improved since the Depression of 1929. But, what is mystifying is how long can they keep this going before the evil Hyper Inflation begins?

      So far so good. Kudos for Obama. I am proud to admit that I voted for him but I also realize that he is a CFR member so we can’t expect a LOT from him. And he does seem to be following in Bush’s steps, but this is all the more PROOF that the CFR makes the decisions, NOT THE PRESIDENT!

      Wow! 1100 Stock market ! Been a while since that happened. NOW he just has to shore up the rip in the damn by getting the troops out of Afghanistan and trimming the Billion off the “war” budget and into the “country rebuilding” budget.

      We have NEW Obama overpasses being built on ALL the on ramps and off ramps on the Interstate 10 here locally. Every where I go I see signs of the Rebuild America Projects. This has GOT to be helping with jobs.

      It is SO NICE to live without FEAR as in the Bush Administration and what could have been the McCain Dynasty. Viva la difference!

      I AM
      Dartagnon

43. QUESTION:
    Do you support Obama’s plan to tax profits from 401K savings and investments?.I support Obama’s plan because
    it is only fair that more wealthy Americans share the wealth of this nation with less fortunate Americans like people who live in the inner cities and the rural poors. People who have 401K are people who have jobs and make more than enough money to put into their saving plans,and then they profit even more by investing their saved money.It is unfair that those who have 401K making even more money from the amounts they already have.By taxing the profit from 401K plans,Obama can use that tax money to help less fortunate Americans who are just getting by.

    • ANSWER:

44. QUESTION:
    Who do you think is more likely to destroy your 401k, McCain or Obama?

    • ANSWER:
      Obama, undoubtedly. There’s consideration by the Democrats right now to eliminate the 401k tax break program. McCain wouldn’t let that see the light of day. What do you think the odds are Obama would veto it? Tons of details in the cited link.

45. QUESTION:
    Will Obama “merge” your 401K with the Social Security System to “spread the wealth”?

    • ANSWER:
      If this idea begins to get some serious traction with the Congress you are going to see a lot of people cashing in their 401K’s paying the taxes and penalty just to keep Governments hands off of the money.

      A major consequence of this will be that the increased selling pressure on the Stock Market will cause it to go a lot further down in the short term. And don’t think that the 401k’s will not be cashed in until the legislation gets passed and signed into law. The way Obama is talking about closing loop holes in the system, he might even try to put an additional penalty on people who cash in their 401K’s. So people will want to get out before any more laws are passed to hike up the penalties.

46. QUESTION:
    Do you have a 401K Retirement plan with your Employer that is stock based?
    If so, then Obama’s plan of raising the Capital Gains Tax will affect the buying of stocks. What happens to the Market and YOUR Stock based 401K(which is what 95 percent of 401K is based on) when Obama is elected? Do the math and cancel enrollment in your 401K if Obama is elected.

    • ANSWER:
      I dont think it will be that bad. I think long term cap gains are taxed at 15%, if it moved up a couple percent I would not be happy but could live with it.

47. QUESTION:
    What will we do for retirement if Barack Obama confiscates our 401K plans? ?
    Recent reports in the media indicate that Barack Obama considers our 401K plans to be too generous for us and unfair to those who do not have 401K plans.

    One of the proposals that is being considered is for Barack Obama to confiscate our 401K plans and redistribute the wealth in our 401K plans to people the Obama Administration considers to be less fortunate.

    What will we do for retirement if Obama follows through on those wealth redistribution plans, using our 401K plans as a source of money?

    • ANSWER:
      I suggest taking out your 401K plan before our future president spreads the wealth. Responding to those who say its a rumor,,, why don’t you go back and re-run his whole campaign? His whole quote was “spread the wealth”. And yes he is going to take it away by taxing your 401K plan!

48. QUESTION:
    Why does Obama want to further tax Americans 401k account?

    http://www.usnews.com/blogs/capital-commerce/2008/10/23/would-obama-dems-kill-401k-plans.html

    http://www.marketwatch.com/news/story/Worried-About-Your-401k-Start/story.aspx?guid={1680E611-F41A-45E3-A365-9F4B7EE7A845}

    http://www.americanshareholders.org/2008/04/what-president.html

    • ANSWER:
      Because he wants to redistribute the wealth, He believes the government is entitled to your money.

49. QUESTION:
    what’s the deal with obama and our 401k plans? ?
    i think he’s going to be a great president but my mom was telling me something about how his plan involves taking her 401k and the gov. having control over it. doesn’t seem right?

    • ANSWER:
      It’s not Obama, but it’s other Democrats. George Miller (D-CA) and Jim McDermott (D-WA) are proposing eliminating the 401k tax break system. Obama would undoubtedly let that pass without a veto, unlike McCain who wouldn’t let it see the light of day. Details on the plan are in the cited link.

50. QUESTION:
    Will Obama allow American’s to keep their 401k plans?
    401k plans are very dangerous to the democrat party because they let people rely on their selves instead of the government nipple.

    Maybe the democrats will merge people’s private 401ks into the bankrupt social security system to force people to share their wealth.

    • ANSWER:
      Obama will just tax them out of existance.