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RETIREMENT SECURITY
Boortz.com ^ | October 12, 2010 | Neal Boortz

Posted on 10/12/2010 12:08:39 PM PDT by Immerito

For 16 years I've been telling you that if the Democrats gained enough power in Washington, they would attempt to seize the money you have in your 401K, IRA and private pension plans. Many of you poo-pooed me, calling me "over-the-top" or unable to back up my claims.

Maybe you might be interested in knowing that just last Thursday, a Senate Health, Education, Labor and Pensions Committee held a hearing on retirement savings and security. WebGuy forwarded me lots of emails of people asking me to prove it. So here you go. You can watch the committee meeting right here ... and then you can be more entertained by turning to watch the paint dry on your walls. Or you can read this summary of the meeting from Connie Hair at Human events. The point of the meeting was to figure out ways in which private 401(k) plans could be more "fairly" distributed as taxpayer-funded pensions. Senator Tom Harkin, Chairman of the Committee, hand-picked the witnesses for the meeting. Who did he chose? People advocating "Guaranteed Retirement Accounts." Sound familiar? It should. I've been telling you about this plan for at least two years. It is a plan created by Theresa Guilarducci and it would seize private retirement accounts, set up an additional 5% mandatory payroll tax, and then use the money from the tax and seizure to distribute it "fairly" to Americans.

(Excerpt) Read more at boortz.com ...


TOPICS: Miscellaneous
KEYWORDS: 401k; boortz; communism; fascism; harkin; harryreid; ira; marxism; nancypelosi; nealboortz; obama; pelosi; pension; privatepension; progressives; retirement; revolution; senate; socialism; theft

1 posted on 10/12/2010 12:08:43 PM PDT by Immerito
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To: Immerito
Tom Harkin must go.

ASAP.

2 posted on 10/12/2010 12:12:48 PM PDT by E. Pluribus Unum ("The only stable state is one in which all men are equal before the law." -- Aristotle)
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To: Immerito

At some point, the shooting starts.


3 posted on 10/12/2010 12:12:56 PM PDT by ClearCase_guy
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To: ClearCase_guy

HOPEFULLY!! This would be the point !


4 posted on 10/12/2010 12:14:53 PM PDT by Renegade
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To: Immerito

Talk about suicidal. I’m one of the Freepers here who is quite certain that the American people would not stand for this. Interestingly, such a move would not sieze all that much money, but rather a huge stake in the stock markets. State ownership of the means of production anyone?


5 posted on 10/12/2010 12:15:03 PM PDT by east1234 (Cut, Kill, Dig and Drill!)
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To: Immerito

They are looking at those trillions as low-hanging fruit.


6 posted on 10/12/2010 12:15:35 PM PDT by AU72
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To: E. Pluribus Unum
There's a reason he's "Tommy the Commie".

Many of you are well enough off that the tax cuts may have helped you. We're saying that for America to get back on track, we're probably going to cut that short and not give it to you. We're going to take things away from you on behalf of the common good. Hillary Rotten Clinton

7 posted on 10/12/2010 12:16:55 PM PDT by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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To: Immerito

Talk about suicidal. I’m one of the Freepers here who is quite certain that the American people would not stand for this. Interestingly, such a move would not sieze all that much money, but rather a huge stake in the stock markets. State ownership of the means of production anyone?


8 posted on 10/12/2010 12:17:01 PM PDT by east1234 (Cut, Kill, Dig and Drill!)
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To: east1234

That’s why they do these things via stealth...like they did payroll witholding taxes on income.

Communism by the teaspoon...

“Oh you Americans! You’re so gullible! We’ll spoon feed you socialism until you’re Communists and don’t even know it. We’ll never have to fire a shot!”-Khrushchev


9 posted on 10/12/2010 12:20:35 PM PDT by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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To: WOBBLY BOB

I think America’s gullibility has come to an end, we shall see.


10 posted on 10/12/2010 12:23:09 PM PDT by east1234 (Cut, Kill, Dig and Drill!)
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To: east1234

I must disagree with you on this point. The natural response of most 401(k) account holders would be to get liquid as rapidly as possible and demand an immediate payout before the effectiveness of such a law without regard to the adverse tax consequences. In other words, this plan would be a recipe for the greatest stockmarket decline in history. 1929, 1987, and 2008 would pale by comparison. Very little would actually be seized because the accounts would be emptied preseizure.


11 posted on 10/12/2010 12:23:43 PM PDT by p. henry
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To: east1234

You sure about that?

I don’t know thew numbers exactly but IIRC the number of people who have a significant amoiunt in private retirement plans is not that high.

Opposition may not be nearly as strong as you think it would be.


12 posted on 10/12/2010 12:28:35 PM PDT by webstersII
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To: p. henry
Unless the government locked the accounts.
13 posted on 10/12/2010 12:29:10 PM PDT by Excellence ("A person is smart. People are dumb, panicky, dangerous animals and you know it.")
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To: p. henry

Just a hint or rumor of this happening will destroy most mutual funds in a hurry.


14 posted on 10/12/2010 12:31:38 PM PDT by AU72
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To: Immerito

If you thought you actually own your IRAs - YOU WOULD BE WRONG!!!!

The IRS monitors and regulates IRAs to the extent of forcing retirees to make withdrawals/distributions on a fixed schedule - OR PAY TAX PENALTIES.

The Federal Gubmint owns everything!!!!


15 posted on 10/12/2010 12:31:40 PM PDT by sodpoodle (Despair; man's surrender. Laughter; God's redemption.)
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To: east1234; ClearCase_guy

I wouldn’t bet on a majority in that revolution.

By far most people are drastically underfundecd for their retirement.

So for most of them, this is a plus.


16 posted on 10/12/2010 12:34:10 PM PDT by Pessimist
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To: p. henry

>The natural response of most 401(k) account holders would be >to get liquid as rapidly as possible
This is happening already. Every year brokers make fortunes
‘re balancing’ holdings so that 100-age=%equities. The other factor is that like social security, due to the ever increasing number of unemployed that are eligible for pension/social they are becoming net sellers of securities.

Absolutely no method is in place to transfer shares so the shares are liquidated and transferred as dollars.

One method to postpone the social security crisis would be to transfer payments as shares in treasuries (like getting paid in savings bonds) or transferring payments as tax credits.


17 posted on 10/12/2010 12:36:15 PM PDT by updatedscreenname
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To: webstersII

You are correct!

That is why this is a “good” plan on their part. The name of the game is to divide people into groups, witht he majority on your side.

They’ll have that with this.


18 posted on 10/12/2010 12:36:19 PM PDT by Pessimist
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To: Immerito
"For 16 years I've been telling you that if the Democrats gained enough power in Washington, they would attempt to seize the money you have in your 401K, IRA and private pension plans."

I thought so more than 16 years ago. Why? Because that's where the money would be.

19 posted on 10/12/2010 12:37:10 PM PDT by decimon
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To: p. henry

Except for the coming 75% tax on preseizure assets.


20 posted on 10/12/2010 12:40:17 PM PDT by dartuser
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To: p. henry

they would just make their scheme retroactive.

tyrants have no qualms with things like that.


21 posted on 10/12/2010 12:42:30 PM PDT by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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To: decimon

Clever scheme , really.

Just the plan being floated out there is enough to get some to stop investing in their personal retirement. A bill in Congress would stop even more. Thus they realize their goal of even more people retiring and being dependent on the gubermint and increasing the AARP / Demonrat voting bloc.

And old farts are less likely to take up arms.( at least they used to be)


22 posted on 10/12/2010 12:47:23 PM PDT by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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To: webstersII

43% have less than $10k for retirement (Mar. 2010)
http://money.cnn.com/2010/03/09/pf/retirement_confidence/
Many Americans Not Saving For Retirement
http://www.savingwithoutabudget.com/retirement/many-americans-not-saving-for-retirement/

Two-thirds of Americans don’t save enough
http://www.bankrate.com/brm/news/retirement/oct_07_retirement_poll_results_a1.asp

I think you’re correct


23 posted on 10/12/2010 12:58:08 PM PDT by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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To: E. Pluribus Unum

It isn’t just Tom Harkin; it’s ALL of them! They all have this goal in mind, to a person. I am in a quandry about what to do. If they lose in November, they will likely implement this along with amnesty - very quickly. If they win...they may take a little more time. I am very seriously about quitting and retiring and completely cashing out my 401K (without age penalty) and taking the income hit. This is bad..they have been pushing this in the background since 1992 under Clinton...


24 posted on 10/12/2010 1:00:17 PM PDT by Gaffer ("Profiling: The only profile I need is a chalk outline around their dead ass!")
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To: east1234

I’m not so sure about your assumptions. The very ‘tying’ up of those assets, whether paper or not, would cause irreparable harm. Think about his, two years ago would you have envisioned a multiple thousand page Public Healthcare bill passing - not even read? Or, 4 years ago and Republicans (President and other ‘leaders’) trying to foist amnesty off on us? No, you wouldn’t. This is going to happen. Whether it starts a shooting war really depends. Most Americans will take this as they took the healthcare and other Obama nonsense - bide their time until the next election. My assertion is that this will be too late. I’m cashing out very soon.


25 posted on 10/12/2010 1:05:21 PM PDT by Gaffer ("Profiling: The only profile I need is a chalk outline around their dead ass!")
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To: Immerito

If I take out IRA money and pay off the mortgage, will they find a way to get their mitts on my house too?


26 posted on 10/12/2010 1:32:47 PM PDT by freespirited (This tagline dedicated to the memory of John Armor, a/k/a Congressman Billybob.)
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To: Immerito

LOL Anyone who still has $ where the gummint can get it’s hands on them deserves what happens...


27 posted on 10/12/2010 1:33:40 PM PDT by wastoute (Government cannot redistribute wealth. Government can only redistribute poverty.)
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To: wastoute
Anyone who still has $ where the gummint can get it’s hands on them deserves what happens...

I'd like to know where $$ is safe from out-of-control commiecrats.

28 posted on 10/12/2010 1:37:43 PM PDT by freespirited (This tagline dedicated to the memory of John Armor, a/k/a Congressman Billybob.)
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To: east1234
I think America’s gullibility has come to an end, we shall see.

I dunno, I'd like to think so, but I thought the same thing back during the auto industry nationalization, as well as Obamacare.

29 posted on 10/12/2010 1:40:01 PM PDT by Marathoner (At least Carter had a birth certificate)
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To: Immerito

When does this asset seizure include IRAs? What legal authority does the government have to seize a private asset owned by a citizen. They cannot just vote this in. This is deeply constitutional. If they do it, there will be people rioting. Period. A lifetime of savings seized? Really.


30 posted on 10/12/2010 1:55:15 PM PDT by John S Mosby (Sic Semper Tyrannis)
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To: freespirited
If I take out IRA money and pay off the mortgage, will they find a way to get their mitts on my house too?

Possibly. Another scheme congress has looked at involves "imputed income," which means if you own your home free and clear, they decide how much you could charge if you rented the house to somebody else, then they tax you on that amount as income, even if you never rent the house, because you "could have" that income if you wanted to. And no, I'm not kidding.

31 posted on 10/12/2010 2:13:57 PM PDT by Hoffer Rand (There ARE two Americas: "God's children" and the tax payers)
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To: Immerito

Have you listened to the entire committee meeting? I am only 15 minutes in, and I am stunned.


32 posted on 10/12/2010 3:17:13 PM PDT by sybilll
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To: east1234
nothing will be done except most of we worker bees would stop immediately donated to the cause....I stopped last year.....

if you're under 59 and 1/2 you are screwed...I suspect that even if you are able to get your money out, you're still screwed because they will figure out some way to make it all "even"....

watch for unions and govt workers be exempt from all of this....just watch...

33 posted on 10/12/2010 9:36:36 PM PDT by cherry
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To: WOBBLY BOB
unfortunately, if they promise to protect their govt workers, this will or could be a reality....when you have 50 to 60% of the people living off the other 40%, that is what happens....

stop working....apply for SSdisability.....get food stamps..divorce...develop an addiction....or rob banks I guess...

it does not pay to be frugal, to save, to postpone, to live within your means...

34 posted on 10/12/2010 9:40:41 PM PDT by cherry
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To: freespirited

You aren’t thinking about it hard enuff...


35 posted on 10/13/2010 3:58:31 AM PDT by wastoute (Government cannot redistribute wealth. Government can only redistribute poverty.)
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To: Gaffer
I’m cashing out very soon.

I believe you get taxed on that as income and in addition have to pay IRS penalties and such,too.

36 posted on 10/13/2010 8:02:52 AM PDT by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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To: WOBBLY BOB

Yes, on income. No penalty....I’ve reached the age where penalties don’t apply.


37 posted on 10/13/2010 8:20:21 AM PDT by Gaffer ("Profiling: The only profile I need is a chalk outline around their dead ass!")
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