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  Topic: Does Government Want To
Drain Americans´ 401(k) Plan?
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Does Government Want To
Drain Americans´ 401(k) Plan?

Investors Business Daily, by Editorial

Original Article

Posted By:Pluperfect, 11/30/2012 5:01:33 AM

War On Wealth: As Washington debates what to do about the fiscal cliff that it foolishly created, many potential sources of new revenue will be thrown on the table. One of them is likely to be 401(k) plans. Retirement is an American´s reasonable expectation. We put money into investment plans so that our work today funds our hard-earned leisure of tomorrow. But many in Washington see our investment accounts not as the expressions of well-planned, disciplined decisions but as untapped reservoirs of wealth they can drain to fix the problems that they caused. The tax protection that 401(k)s

Comments:
This isn´t a new idea. Hillary Clinton wanted to do it back in the years of Bill´s presidency.

      


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Reply 1 - Posted by: PChristopher, 11/30/2012 5:12:41 AM     (No. 9040642)

It makes me want to fire everyone in my office who voted for Obama.

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Reply 2 - Posted by: TXspyder, 11/30/2012 6:09:39 AM     (No. 9040660)

This woman testified before George Miller´s house committee back in 2009.

http://www.youtube.com/watch?v=zuLfcROlrSg

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Reply 3 - Posted by: ROLFnader, 11/30/2012 6:44:44 AM     (No. 9040696)

For those who haven´t heard it, go find Mark Levin´s interview with the overly educated communist who began pushing this in 08. Mark´s intellect and cross examining skills are no match for this woman. But yet, I would not be surprised to find numerous entries of her name on the WH visitor´s list since then.

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Reply 4 - Posted by: NuGoddess, 11/30/2012 6:51:57 AM     (No. 9040702)

This just in from the Department of Duh: Of course they want to confiscate 401(k) accounts; they´ll just call it ´´protecting´´ the money for suckers, er, taxpayers. Naturally, it will be presented as a way to make things ´´fair´´ for those who were not able [read: too stupid] to save anything for retirement.

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Reply 5 - Posted by: dr.lakerman, 11/30/2012 7:10:22 AM     (No. 9040722)

When Bill Clinton was president, a young woman who was an assistant treasury secretary floated a proposal to take 15% of all pension fund assets as a way to eliminate the deficit. It was to be a one time hit, and after that, all would be perfect.

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Reply 6 - Posted by: Bjnealeigh, 11/30/2012 7:15:20 AM     (No. 9040732)

Has anyone suggested we tax the government politicians pension plans, healthcare plans and their exorbitant salaries? Those salaries that are paid for no results! Talk about waste. Actually, we could do with about half the politicians we have. They r useless, wasteful and complete boobs! Fire all of them!

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Reply 7 - Posted by: gewgaw, 11/30/2012 7:26:11 AM     (No. 9040752)

"the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years."
´
Right...I´ll gladly pay you Tuesday for a hamburger today´.

Politicians never give up...and will kill the goose that laid the golden egg .......Prayer!

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Reply 8 - Posted by: yourblueroom, 11/30/2012 7:31:46 AM     (No. 9040757)

I know folks in the gov´t want this badly, but my gut tells me that if they try this, there really will be blood in the streets. If they seize them without the choice to keep them privately held by the owner, it´s theft plain and simple.

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Reply 9 - Posted by: NancyD, 11/30/2012 7:53:27 AM     (No. 9040794)

Mark Levin´s interview with this nutjob was hysterical! She was too stupid to know or realize that he was making her sound like a socialist fool who thinks all money belongs in Washington.

We aren´t going to let the Gov´t take our 401K.

It´s OUR money that WE saved.

We will move that money now if necessary. The 1%´ers are being attacked by Gov´t. Their taxes are going up in every direction, the Gov´t is taking more and more "Because They don´t need it".

Let me tell you, we have to pay full price for College tuition. We do not get any deductions for taxes, the AMT KILLS us. We are paying over 50% of our income in taxes.

And then get DEMONIZED by our President, like being called GREEDY because we won´t GIVE them more!

I´m ready to explode! If the GOP doesn´t stand up for US, a new party WILL BE FORMED and the GOP will cease to exist.

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Reply 10 - Posted by: TheGrandWahzoo, 11/30/2012 7:57:38 AM     (No. 9040802)

If the commie´s try this I would consider it an act of war against the American people.

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Reply 11 - Posted by: devnull, 11/30/2012 8:30:06 AM     (No. 9040850)

And the 47% of Americans who have chosen the grasshopper lifestyle will agitate and call racist those of us who chose the ant lifestyle. They will get want they want. For a Republican congress-critter there is no downside to nationalizing 401k´s. They will be re-elected by the parasite class; their retirements are secure.

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Reply 12 - Posted by: bogeegolf, 11/30/2012 8:34:27 AM     (No. 9040857)

Exactly why I never believed in Roth IRA´s

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Reply 13 - Posted by: mws50, 11/30/2012 8:37:20 AM     (No. 9040865)

Because so many normal people have 401k´s and look at that money as their savings account, this could be the spark needed for US citizens to form a more perfect Union.

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Reply 14 - Posted by: ScarletPimpernel, 11/30/2012 8:38:15 AM     (No. 9040870)

Mark Levin interviewed Teresa Ghilarducci, the woman mentioned in the link provided by poster #2 above, a few years back. Mark replayed that interview on his show last night. LDotters should copy and paste the link and listen to it to get an idea of how these people think. Ghilarducci believes that managing your own 401k is like asking you to take on another job, so you should let the government do it for you. Nationalizing 401k´s means, among other things, that you can never pass that money on to your heirs. We must fight this attempted robbery.

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Reply 15 - Posted by: enuf8, 11/30/2012 8:58:11 AM     (No. 9040921)

Even talking about the 401Ks confiscation which Polosi started immediately after jugears took the reign I started moving mine at larger amounts, distributing to kids, etc. The idea of this is aimed at the middle class--------how many millionaires, multimillionaires and billionaires have the 401Ks, IRAs or comparable programs. They get their tax deductions in different ways and gains from their maximum investments many of us could only dream about.
So, along with obamacare (TAX) they want the Middle Class Savings for Retirement. This hit squarely at the Middle Class obama wants to help (Ha)!

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Reply 16 - Posted by: stablemoney, 11/30/2012 9:00:27 AM     (No. 9040927)

The government wants to drain your 401K, your bank account, take your salary and property. You can apply to the government for your needs.

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Reply 17 - Posted by: Holeymoses, 11/30/2012 9:01:20 AM     (No. 9040930)

Although this effects us all, I am especially gleeful that all those Democrat voters will get the shaft.

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Reply 18 - Posted by: Pepper Tree, 11/30/2012 9:38:25 AM     (No. 9040990)

Only an idiot would think Obama has any intent of lessening the national debt. Whatever property and money he confiscates will be used to create power for himself.

Besides, La´Sheequa and Quantavio ain´t got no 401Ks, no mortgages, and no concerns beyond they´s own skins. What they do have is Earned Income Tax Credits and SEIU union goons looking to organize their fast food jobs. (I wonder, is Obama planning on forcing us to eat every meal at government-owned Burger King?)

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Reply 19 - Posted by: SallyHerigstad, 11/30/2012 9:41:29 AM     (No. 9041002)

#13, as a CPA, I´m supposed to think Roth IRAs are wonderful. You don´t get a deduction now, but you get the increased amount tax free when you retire. Ha - I´ll believe that when I see it. Even if they don´t tax the Roth IRA deductions, they can use it to means test other tax benefits- the preferred back-door method of taxation. They may even use it to means test your social security benefits, I´ll bet.

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Reply 20 - Posted by: trappedinmn, 11/30/2012 9:51:49 AM     (No. 9041034)

They may never do this but just talking about it generates revenue. Everyone who starts pulling money out will pay taxes and penelaties on the withdrawal. Those who stop contributing will have higher taxable income- resulting in? Bingo- more revenue.
You just know somewhere in the administration this conversation has happened.

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Reply 21 - Posted by: nonsense, 11/30/2012 10:00:53 AM     (No. 9041056)

Of course this regime wants to get its hands on your 401Ks. This is their time. They have waited for 50, 60, 70 years to be in total control...and now they are. Nothing and no one will stop them. So why not go for broke since we already are, due to Demonrat policies of course.

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Reply 22 - Posted by: Chuzzles, 11/30/2012 10:01:00 AM     (No. 9041057)

When financial consultants started pushing these years ago, part of the sales pitch is making your retirement money nearly equal/equal to what you are making now while you are working. All these Obama voters who have 401K´s are going to be shocked to find their cushy retirement will in reality be about the same amount of money that most SS recipients get when the feds steal their money and dole it out back to them. Another thing, that lady president of Argentina has already done this to her countrymen a couple of years ago.

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Reply 23 - Posted by: cb, 11/30/2012 10:33:22 AM     (No. 9041144)

#13, exactly! That´s why I was wary of converting to Roth IRAs and we didn´t do it. Sure, right, pay the tax now and then receive it tax free later . . . unless the government decides to tax it again anyway!

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