Sadly, I believe this is the first shot across the bow of confiscating our IRAs. While the latter idea has been bouncing around for a while, there was no real mechanism for doing so. Now I think they have it.
***I believe this is the first shot across the bow of confiscating our IRAs.***
Totally agree. The Socialists have surveyed the landscape of all privately held wealth - both business and private. Wealth that has already been taxed. The Government is looking to loot every cent from working & retired citizens; to pay for the paper funny money it is recklessly printing.
The Socialists looked at health insurance reserves and came up with an excuse to control those funds. The next item up- after IRA’s- will be life insurance policies.
Just received a notice that my Medigap premiums are going up because Medicare deductibles are being increased. Anyone who believes that Medicare coverage is ‘free’ is misinformed. Part A (hospital) deductibles are very punitive and Part B (physician services’) 20% co-insurance is not cheap. Additionally Medicare’s premiums for Parts B & D cost several hundred dollars a year.
For those retirees with IRA’s - who planned ahead and/or continue to work - the Government actually mandates that they make annual, minimum withdrawals ( I believe after age 70) another way to tax the proceeds.