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.
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.
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.
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.
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!
"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!
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.
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.
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.
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)!
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?)
#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.
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.
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.
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.
#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!
Conservatives have a rare moment of opportunity right now. Liberalism has discredited itself through overreach and incompetence. Most Americans think the country is headed in the wrong direction under liberal rule. Gallup shows 78 percent of the public dissatisfied with the state of the country. Trust in government is at a staggeringly low 19 percent according to the Pew Research Center. Health care was supposed to be the issue that made Americans return to the big-government fold. Instead, Obamacare has had exactly the opposite effect, confirming people’s suspicions about the ability of government activism to improve their lives. To seal the deal
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