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 ...
they would just make their scheme retroactive.
tyrants have no qualms with things like that.
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)
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
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...
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.
If I take out IRA money and pay off the mortgage, will they find a way to get their mitts on my house too?
LOL 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.
I dunno, I'd like to think so, but I thought the same thing back during the auto industry nationalization, as well as Obamacare.
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.
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.
Have you listened to the entire committee meeting? I am only 15 minutes in, and I am stunned.
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...
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...
You aren’t thinking about it hard enuff...
I believe you get taxed on that as income and in addition have to pay IRS penalties and such,too.
Yes, on income. No penalty....I’ve reached the age where penalties don’t apply.
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