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New Democrat Plan To Tax The Rich, Taxing Assets. Will It Work?
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<blockquote data-quote="bacha29" data-source="post: 5743785" data-attributes="member: 58386"><p>On 3 separate occasions just this first quarter century the American people learned the hard way that FICA retirement contributions are the only retirement contributions that are federally insured. </p><p>As we've discussed before Bush 43 wanted to privatize SS as he stated in his state of the union address. Everybody was very much excited about it until:</p><p></p><p>1. Estimated transition costs.....almost 2 trillion</p><p>2. Banks announced that it would be charging service and management fees on retirement account balances </p><p> due to the likelihood that a number of people would be drawing the money back out as fast as they were putting it in.</p><p>3. Thanks primarily due to the repeal of Glass-Steagall billions in UNINSURED retirement savings were lost in the 2007-2008 </p><p> collapse.</p><p></p><p>And BTW, my retirement portfolio is above the average.</p></blockquote><p></p>
[QUOTE="bacha29, post: 5743785, member: 58386"] On 3 separate occasions just this first quarter century the American people learned the hard way that FICA retirement contributions are the only retirement contributions that are federally insured. As we've discussed before Bush 43 wanted to privatize SS as he stated in his state of the union address. Everybody was very much excited about it until: 1. Estimated transition costs.....almost 2 trillion 2. Banks announced that it would be charging service and management fees on retirement account balances due to the likelihood that a number of people would be drawing the money back out as fast as they were putting it in. 3. Thanks primarily due to the repeal of Glass-Steagall billions in UNINSURED retirement savings were lost in the 2007-2008 collapse. And BTW, my retirement portfolio is above the average. [/QUOTE]
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