"HK" wrote in message
. ..
wrote:
On Sun, 27 Apr 2008 09:45:03 -0400, "Lu Powell"
wrote:

Anyone who passes this stuff on without checking the facts is nuts.
While I am no fan of Pelosi nor her socialist fellow-travelers, truth is
paramount. No one is well served by passing this trash around. See:
http://www.snopes.com/politics/soapbox/pelosi.asp


The fact still remains that the government is going to come after your
401k (and any other tax deferred investments) to cover their losses on
Social Security. When FDR proposed SS it was supposed to always be tax
free income. That is certainly not true now if you have any other
significant source of income.
The big lie on tax deferred investment was that your tax rate when you
cashed them in would be lower that it was when you invested the money.
I bet that won't be true unless you live well below the poverty level
in retirement.


It's not "their" losses, it is *our* losses. The upper cap on wages
subject to SS needs to be removed, and should have been removed decades
ago.

No, it is the pols fault that they turned it into a national retirement
plan. LBJ raised the payout and the tax rate to bring in a huge inflow of
$$$$$$$$ to the government. Knowing that eventually the payout would be
bigger than the income. But he and his Congress would not be around to have
to worry about it.