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The Stock Market Goes Up and Down: Who Knew? Will We Follow the Swedish Model?
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| L Income | $14.0856 | -0.0155 | +1.48% |
March 21, 2010
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TSP Costs Are Low Because:
DoD
Tue Oct 28, 2008 12:47 PM
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I once found and saved "Thrift Savings Plan (TSP) Private Accounts: What's good enough for Congress is not what American workers will be receiving, A Viewpoint by the National Committee to Preserve Social Security and Medicare (NCPSSM) at their website. (It is no longer there.) It quoted Francis X Cavanaugh, the 1st TSP Exec Director, as stating that "virtually all of the costs of administering TSP are absorbed by the individual gov't agencies' HR Depts and paid for through each agency's budget. He went on to predict ongoing admin costs of $46 billion annually otherwise.
It's Just a Opening Gambit
Oaklandon Road
Tue Oct 28, 2008 2:52 PM
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As in most proposals they have to start somewhere. That just was their first proposal out of the box. It should not come as any surprise that dems favor the lower wage earners and non-earners. That's where they get their votes. What I like is at least this is going to benefit an actual wage earning worker and not a non-tax paying moocher that get the benefits under the earned income tax credit. (It still baffles me how this was enacted during a republican administration.)
They like to chip away little-by-little. Give them credit where it is due. They don't give up. Gay marraige didn't start all at once. It started with marches and demonstrations. Then they ran like-minded candidates and elected them. And appointed like-minded judges. Just like rust--slooooowly it eats away when we are not looking. Or if we do see it we are not alarmed until Bammo!! It's rusted beyond repairability.
Re: It's Just a Opening Gambit
DOE
Wed Oct 29, 2008 12:05 PM
Did you not catch the part about removing the tax break for TSP contributions? 401k plans will become a thing of the past (along with the matching 5%) and replaced with a measly 5% deduction from your pay check that will be given to the Government to manage. If you want to see how that will turn out, look at the current state of our social security system.
And what this has to do with a civil rights issue is beyond me.
A stroke of the pen
USDA
Wed Oct 29, 2008 12:25 AM
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It is amazing but not unexpected that the democrats want take away any free choice when it comes to how one invests money in a 401K or TSP and eliminate the incentive of tax deferred savings all with the "stroke of a pen". This is just another theft perpetrated on the United States of America and it's citizens.
Anytime a democratic congress observes some money they can confiscate from the citizens they will pass laws and justify the confiscation of that money. It is confiscation when congress changes the laws in order to create another social security look alike. I understand congress wants to eliminate the right of survivor's inheritance with the proposed new mandatory participation "3% bond" fund. All i have to say is, keep your hands off our hard earned money. In the case of the TSP one knows the risks of the stock funds and anyone who does not like risk can use the G fund. I had rather save my money myself and invest it myself than throw it in a new mandated "black hole".
Congress's attack on 401K plans
NA
Sat Nov 1, 2008 9:06 AM
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Great. So we have one government plan (social security) that will bankrupt by 2041 and a successful 401K plan, and Congress wants to get rid of the successul plan and replace it with a second government plan which I can image will also go bankrupt. Stupid. There's many reasons why the New School plan is flawed which I won't go into.
This is one more attempt to go after the middle class' money and spread their savings. Every year, more and more of the middle class is moving into Alternative Minimum Tax (AMT). AMT takes away the following tax benefits: writing off property taxes, wirting off state and local taxes, and writing off other smaller taxes (business related). This takes away one of the last possible write-offs the middle class has. What's next, taxing 529 plans and mortgage interest payments? This plan penalizes those that have saved and rewards those that have not.
What the Democrats are Expecting...
USMC
Sun Nov 2, 2008 9:52 AM
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To All,
The Liberal side of the Democratic Party is starting to learn that folks like you and me will adjust their actions as a result of their actions.
That is, if they raise the income tax we will behave to reduce the tax burden. To use myself as an example: I was promoted in 1993. I should have received a very large pay increase to go with my very large increase in responsibilities. However, that was the year of the tax increase for the rich – which President Clinton was required to impose on ALL taxpayer, ahem. Thus, I actually lost $40 per pay period.
What.
Did I do nothing? Nope. Got mad. I had no debt other than a car payment. I started aggressively managing my tax burden. And, I started aggressively funding my 401(k) plan (TSP).
I got my pay increase, and I funded my retirement better.
The Federal government actually got LESS money from me.
Now, folks, the Liberal Wing is starting to realize this. And, they want to take that option away from you.
Where did all the money go to?
DoED
Mon Nov 24, 2008 11:09 AM
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I'm really stupid when it comes to the TSP.
Right now, I figure all the money the govenment matched me over the years is what's gone out of my account. So who's the looser?
I'm so tired of the TSP that I'm ready to bail out. Who needs it? When I do get to it, I'm not worried about paying the fee- that was all from the govenment in the first place- now they want it back- feeling stupid again.
My money either goes to banks or taxes these days. What do I have left?