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 ...
ASAP.
At some point, the shooting starts.
HOPEFULLY!! This would be the point !
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?
They are looking at those trillions as low-hanging fruit.
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
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?
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
I think America’s gullibility has come to an end, we shall see.
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.
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.
Just a hint or rumor of this happening will destroy most mutual funds in a hurry.
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!!!!
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.
>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.
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.
I thought so more than 16 years ago. Why? Because that's where the money would be.
Except for the coming 75% tax on preseizure assets.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.