You Won’t Believe What Congress Has Planned For Seniors’ Retirement Money
Our retirement plans are in jeopardy, and Congress is to blame.
The greedy pockets of Congress are getting deeper, and the money you worked hard for is at risk of being taxed more than it already is. How is that possible? Well, Congress plans to “Rothify” 401(k)’s by (basically) cutting their funding.
What is exceptionally abhorrent about this proposal is that it would not apply to the retirement plans of those in Congress. Yes, you read that correctly. Your plan is in danger of this tax reform, but the plans of those imposing this reform are not.
As this plan is in the works, Donald Trump and Ted Cruz are working together to create a term limit bill that would serve as a catalyst to “drain the swamp.” Congress — it’s actions like this that anger the American people. How dare you endanger our retirement plans while yours remain intact and free from jeopardization?
Representatives and Congress each have both a 401(k) and a traditional pension. Only 13% of Americans possess a retirement plan like this. Congress’ retirement plans are funded by the general public, and will remain free from the harsh taxes that are expected to impact the plans of the American people. (via The Federalist Papers)
While we fund Congress’s tax plans, they tax ours. This is altogether imbalanced, and entirely unjust. Donald Trump — drain the swamp, and drain it fast.
Bradford Campbell, law partner at Drinker Biddle & Reath, and Assistant Secretary of Labor under George W. Bush, stated, “If Congress goes after the tax advantages of private retirement plans, it should make matching cuts to its own system. It’d be very hard for them to justify not doing that.” (via Barrons)
Campbell is absolutely correct. The notion that Congress’s retirement plans are free from unnecessary taxation is beyond upsetting to the American Public.
The outrage in this is justified and necessary. A change needs to happen, and it needs to happen fast. The abominable swamp-creatures of Congress strike again, but the nation won’t go down without a fight. There’s no good reason they should get to keep their plans while we lose ours.
Jason Zweig, Wall Street Journal Columnist, stated “If you have a pitchfork in your garage, keep it handy, Your 401(k) might need defending.” (via Barrons)
There seems to be a correlation between how much the government takes away from us and how much they get to keep for themselves. Their prestigious retirement plans remain untouched, while ours are violated and taken from.
We won’t stand by and allow this to happen. We work much too hard for that.