Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

Skip to comments.

T'S OFFICIAL YOUR IRA's and 401K's ARE ABOUT TO BE CONFISCATED
Give Us Liberty 1776 ^ | 10-16-2010Give Us Liberty 1776 | MODELSHIPS

Posted on 10/16/2010 1:40:03 PM PDT by MODELSHIPS

T'S OFFICIAL YOUR IRA's and 401K's ARE ABOUT TO BE CONFISCATED

(Excerpt) Read more at giveusliberty1776.blogspot.com ...


TOPICS: Politics
KEYWORDS: 401k; blogpimp; ira; wearenotdeaf
BOHICA (Bend Over... Here It Comes Again).I gotta wonder just how much of this crap is being done under the "dark of the Moon" that we don't know about.
1 posted on 10/16/2010 1:40:05 PM PDT by MODELSHIPS
[ Post Reply | Private Reply | View Replies]

To: MODELSHIPS

blog pimp much? If you have a point to make, post it here. No one wants to pump up hits to your blog.


2 posted on 10/16/2010 1:42:24 PM PDT by Drango (NO-vember is payback for April 15th)
[ Post Reply | Private Reply | To 1 | View Replies]

To: MODELSHIPS

They can have MY MONEY when they pry my cold, dead hands from my wallet.

TC


3 posted on 10/16/2010 1:43:16 PM PDT by Pentagon Leatherneck
[ Post Reply | Private Reply | To 1 | View Replies]

To: Drango

I will.


4 posted on 10/16/2010 1:44:36 PM PDT by ez ("Abashed the devil stood and felt how awful goodness is." - Milton, Paradise Lost)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Drango

I will.


5 posted on 10/16/2010 1:44:43 PM PDT by ez ("Abashed the devil stood and felt how awful goodness is." - Milton, Paradise Lost)
[ Post Reply | Private Reply | To 2 | View Replies]

To: MODELSHIPS

“Those who are Unwilling to accept Government Run Retirement Accounts, will be Stripped of their Current Account Tax Benefits... You’ll be Forced to Pay Taxes on your Holdings, Automatically Wiping Out 35-45%of Your Money!”

Well, I set up my 401(k) as “after tax”. I figured by the time I retired, the tax rate would have gone up from when I first started putting it in 21 years ago.


6 posted on 10/16/2010 1:45:03 PM PDT by rickb308 (Nothing good ever came from someone yelling "Allah Snackbar")
[ Post Reply | Private Reply | To 1 | View Replies]

To: MODELSHIPS

Scariest article I’ve read and I read them all. So, they take IRA’s and promise 3% back in installments? Then, when you die they keep it?


7 posted on 10/16/2010 1:45:06 PM PDT by albie
[ Post Reply | Private Reply | To 1 | View Replies]

To: Drango

When it comes to this topic, I say the more the merrier that are getting word out; blogs or no.


8 posted on 10/16/2010 1:45:56 PM PDT by Michael Barnes (Guilty of being White.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: MODELSHIPS
If you liquidate your 401k and the ammount substantial, you immediately lose. Between cap gains and penalty, you might lose as much as 60%.

No need to panic.

9 posted on 10/16/2010 1:46:55 PM PDT by The_Media_never_lie
[ Post Reply | Private Reply | To 1 | View Replies]

To: rickb308
Well, I set up my 401(k) as “after tax”.

How did you do that? How can I find out if mine is set up for "after tax" or not? And if it's not, how can I change it?

10 posted on 10/16/2010 1:48:04 PM PDT by TaxPayer2000 (The United States shall guarantee to every state in this union a republican form of government,)
[ Post Reply | Private Reply | To 6 | View Replies]

To: MODELSHIPS

It’s not official. And screaming like Chicken Little is juvenile.


11 posted on 10/16/2010 1:48:12 PM PDT by Southack (Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
[ Post Reply | Private Reply | To 1 | View Replies]

To: MODELSHIPS
T'S OFFICIAL

Really?

Okay I'm doomed to destitution.

Now what blogger?

12 posted on 10/16/2010 1:48:15 PM PDT by EGPWS (Trust in God, question everyone else)
[ Post Reply | Private Reply | To 1 | View Replies]

To: MODELSHIPS
This has been rumored for awhile now, like the 'next election will be canceled' rumor of the Clinton years.

I'd be inclined to ignore it, but for the fact it is JUST the kind of idea that really would appeal to Obama and his fellow marxist travelers - the ultimate in income redistribution.

13 posted on 10/16/2010 1:49:27 PM PDT by skeeter
[ Post Reply | Private Reply | To 1 | View Replies]

To: MODELSHIPS

I know they have been eyeing this option, but in the blog there is no sources cited to the fact this is imminent or that the details given come from something we can all examine more carefully.


14 posted on 10/16/2010 1:49:43 PM PDT by Secret Agent Man (I'd like to tell you, but then I'd have to kill you.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: MODELSHIPS

There is nothing “official” in this blog post at all! It is an OPINION...crap. I don’t think this belongs on the “news/activism” page...put it in the blog/chat area as an “IMO”. (in my opinion)


15 posted on 10/16/2010 1:51:39 PM PDT by tuckrdout ( A fool vents all his feelings, but a wise man holds them back. Prov.29:11)
[ Post Reply | Private Reply | To 1 | View Replies]

To: TaxPayer2000

I guess it all depends on your company. If you go through your work for your 401(k). If it’s through your company, call your benefits coordinator. If not, call whomever administers your 401(k).


16 posted on 10/16/2010 1:52:43 PM PDT by rickb308 (Nothing good ever came from someone yelling "Allah Snackbar")
[ Post Reply | Private Reply | To 10 | View Replies]

To: albie
I guess the liberal/progressive/socialist congress critters have figured that since the social security lock-box got broken into without going to jail they can do the same with the IRA and 401s.

However, this is one massive difference between the two - the money in social security are orphans - they belong to everyone and no one. hence, in 1960, the Supreme Court said there was no contract between an individual and the government. But the IRA and 401 funds are individually own and this can be documented from start to finish via both private and federal paperwork.

This means every IRA and 401 account is private property since every cent is individually accountable. Any attempt, and IMHO there will be, to steal that money will be defeated in the courts just like the recent defeat for ObamaCare in the Florida federal courts.

If the judges are pressured into accepting the federal position of its its fair or income imbalance needs to be addressed the judges will be the first to see tar and feathers.

17 posted on 10/16/2010 1:55:51 PM PDT by Nip (A COIN carrier since 1975.)
[ Post Reply | Private Reply | To 7 | View Replies]

To: Drango

Oh, but he should pimp his blog. It’s a very important blog. It must be. Look at how he SHOUTS at us.


18 posted on 10/16/2010 1:57:38 PM PDT by Responsibility2nd (Yes, as a matter of fact, what you do in your bedroom IS my business.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: MODELSHIPS

19 posted on 10/16/2010 1:58:26 PM PDT by stormer
[ Post Reply | Private Reply | To 1 | View Replies]

To: skeeter

Well that’s right. But, to call it ‘official”....irresponsible. We need to warn people to vote the dems out; because this is one of the things they COULD do...if they continue on unchecked and with total power. I can not help but think these elections are going to be rigged. The dems are too calm. I think they plan on
“winning” no matter what. They are going to pull a Christine Gregoire.


20 posted on 10/16/2010 2:01:43 PM PDT by tuckrdout ( A fool vents all his feelings, but a wise man holds them back. Prov.29:11)
[ Post Reply | Private Reply | To 13 | View Replies]

To: MODELSHIPS

From Zerohedge-January 2010—

snip—”In a short conversation this noontime ... Rick Santelli was talking about a potential to effectively force money into the Treasury market.

Where would they get this?

From your 401k and IRA accounts!...

Let me tell you what this is - it is an attempt to prevent the collapse of the Treasury market!”

http://www.zerohedge.com/article/converting-401k-and-ira-funds-steady-payment-streams


21 posted on 10/16/2010 2:16:03 PM PDT by Mortrey (Impeach President Soros)
[ Post Reply | Private Reply | To 1 | View Replies]

To: MODELSHIPS

I didn’t see the source for his assertions. Don’t trust the author.


22 posted on 10/16/2010 2:18:13 PM PDT by gitmo ( The democRats drew first blood. It's our turn now.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Mortrey
snip—”In a short conversation this noontime ... Rick Santelli was talking about a potential to effectively force money into the Treasury market.

Where would they get this?

From your 401k and IRA accounts!...

There are far easier ways to do that than to confiscate the accounts outright. How about requiring 401k administrators do the "responsible" thing by investing a mere 25% of their assets into treasury bonds. Who can argue with diversification away from stocks? And if you are already invested in bonds it won't really change anything anyway. Oh, yeah, that percentage will go up to 30% two years from now and 35% two years after that.

I think the rumors of confiscation are a smokescreen for the 'Rats to threaten to steal everything outright and then let you keep the account in your name even though they now have the cash. Beware of them taking half the loaf when everyone is focused on keeping them from stealing the whole loaf.

23 posted on 10/16/2010 2:40:51 PM PDT by KarlInOhio (Grblb blabt unt mipt speeb!! Oot piffoo blaboo...)
[ Post Reply | Private Reply | To 21 | View Replies]

To: Mortrey
What are the chances, with QE2 already priced into the market that on Nov.3 the boy king has a temper tantrum and cancels QE2? Then the markets collapse and they can point to it and say we have a better idea. A guaranteed return. Just turn over your 401k to us. Perhaps there would even be some kind of incentive offered to do so.
24 posted on 10/16/2010 2:44:59 PM PDT by SHOOT THE MOON bat (Hey White House liar. Truth comes out a little at a time.)
[ Post Reply | Private Reply | To 21 | View Replies]

To: MODELSHIPS
A Stock Market Crash is Eminent!

Imminent.

and maybe not. So long as the dollar is driven down the price of equities rises nominally even while not changing in real value. A QE2 should set stocks off on another "rise."

25 posted on 10/16/2010 3:34:21 PM PDT by arthurus (Read Hazlitt's "Economics In One Lesson.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: rickb308

I canceled my IRA and put the money in an investment without the IRA tag when the subject of confiscation was first raised.


26 posted on 10/16/2010 3:36:46 PM PDT by arthurus (Read Hazlitt's "Economics In One Lesson.")
[ Post Reply | Private Reply | To 6 | View Replies]

To: Mortrey
it is an attempt to prevent the collapse of the Treasury market!”

More accurately, it is an attempt to delay the collapse a little while.

27 posted on 10/16/2010 3:39:41 PM PDT by arthurus (Read Hazlitt's "Economics In One Lesson.")
[ Post Reply | Private Reply | To 21 | View Replies]

To: MODELSHIPS

Well, Obama has to get money for his muzzie bros from somewhere doesn’t he??

BILLIONS FOR JIHAD
Obama’s 2009 Supplemental Appropriations for Iraq, Afghanistan, Pakistan, and Pandemic Flu was revised and “passed by the full committee.” Not sure what the next step is, but based on the summary, it gives billions of U.S. taxpayer dollars to countries and entities that support Sharia law and/or harbor, hide and support those who want to destroy the U.S. and our allies. http://creepingsharia.wordpress.com/2009/05/13/obamas-supplemental-bill-passes-gives-billions-to-enemies/

Read the summary from David Obey’s office that was quietly released last week with nary a word from any media.

• $3.6 billion, matching the request, to expand and improve capabilities of the Afghan security forces

• $400 million, as requested, to build the counterinsurgency capabilities of the Pakistani security forces

• Afghanistan: $1.52 billion, $86 million above the request

• West Bank and Gaza: $665 million in bilateral economic, humanitarian, and security assistance for the West Bank and Gaza

• Jordan: $250 million, $250 million above the request, including $100 million for economic and $150 million for security assistance

• Egypt: $360 million, $310 million above the request, including $50 million for economic assistance, $50 million for border security, and $260 million for security assistance

• Pakistan: $1.9 billion, $591 million above the request

• Iraq: $968 million, $336 million above the request

• Oversight: $20 million, $13 million above the request, to expand oversight capacity of the State Department, USAID, and the Special Inspector General for Afghanistan to review programs in Afghanistan, Pakistan and Iraq

• Lebanon: $74 million

• International Food Assistance: $500 million, $200 million above the request, for PL 480 international food assistance to alleviate suffering during the global economic crisis

• Refugee Assistance: $343 million, $50 million above the request, …including humanitarian assistance for Gaza. Funding for the UN Relief and Works Agency programs in the West Bank and Gaza is limited to $119 million (Note: Gaza = Hamas)

• Disaster Assistance: $200 million to avert famines and provide life-saving assistance during natural disasters and for internally displaced people around the world, including Somalia, Zimbabwe, Ethiopia, the Middle East and South Asia

• Peacekeeping: $837 million for United Nations peacekeeping operations, including an expanded mission in the Democratic Republic of the Congo and a new mission in Chad and the Central African Republic

• Department of Justice: $17 million, matching the request, for counter-terrorism activities and to provide training and assistance for the Iraqi criminal justice system

The mainstream media remains silent on this but the International News has now picked up the story — and then there

OBAMA GIVES YOUR TAX DOLLARS TO REBUILD MOSQUES AROUND THE WORLD
http://www.freerepublic.com/focus/f-news/2577890/posts

Obama administration will give away nearly $6 million of American tax dollars to restore 63 historic and cultural sites, including Islamic mosques and minarets, in 55 nations. See the State Department document here.

This is an outrage! Our country is broke. And can you imagine what the ACLU and others on the secular left would say if these monies had been spent to repair Christian churches? They would be screaming “separation of church and state!” Funding Islam on foreign soil with American taxpayer money? Not a whimper.

The latest taxpayer givaway includes $76,000 for a 16th century mosque in China, $67,000 for a mosque in Pakistan, $77,000 to restore minarets in Nigeria and Mauritania, and $50,000 for an Islamic Monument in India.

Secretary of State Hillary Rodham Clinton says the U.S. program to restore Islamic and other cultural sites in other countries is taxpayer money well spent.



28 posted on 10/16/2010 3:43:47 PM PDT by patriot08 (TEXAS GAL- born and bred and proud of it!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: rickb308

“I figured by the time I retired, the tax rate would have gone up from when I first started putting it in 21 years ago.”

You are probably going to be smiling while the rest of us dutifully pay 75% every time we take money out. You’ll have my permission to laugh out loud at me!

I wonder what historical trends have to say about your theory? It would be a complicated analysis to say the least!


29 posted on 10/16/2010 3:52:33 PM PDT by EEDUDE
[ Post Reply | Private Reply | To 6 | View Replies]

To: EEDUDE

“You’ll have my permission to laugh out loud at me!”

I would never do that.
It’s just that I never trusted the gooberment.
Thanks to my dad. May he rest in peace. (Thanks dad!)


30 posted on 10/16/2010 4:44:00 PM PDT by rickb308 (Nothing good ever came from someone yelling "Allah Snackbar")
[ Post Reply | Private Reply | To 29 | View Replies]

To: EEDUDE
I wonder what historical trends have to say about your theory? It would be a complicated analysis to say the least!

If you think your likely to be in a higher tax bracket when you retire, then the Roth 401K makes sense if your company offers it. Ours didn't until a couple of years ago when the program was made permanent. It had been set to expire this year.

31 posted on 10/16/2010 4:58:01 PM PDT by EVO X
[ Post Reply | Private Reply | To 29 | View Replies]

To: Drango

(Rolls eyes)

Right on!

Crap - another freaking blog pimp?


32 posted on 10/16/2010 5:33:57 PM PDT by ASOC (What are you doing now that Mexico has become OUR Chechnya?)
[ Post Reply | Private Reply | To 2 | View Replies]

To: skeeter
This has been rumored for awhile now

It's not a rumor, the SEIU had a website back in March lobbying for a "equitable retirement act" which basically has the Federal Government seizing all 401k's and redistributing retirement payments "fairly." They advocate a single-payer system for ALL retirement/pension payments. Given the SEIU has a major bug in Obama's ear thanks to Andy Stern, I wouldn't write it off so quickly...

33 posted on 10/16/2010 5:41:36 PM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
[ Post Reply | Private Reply | To 13 | View Replies]

To: skeeter; All
Here it is, just found it. I had to go back to my blog from March of this year to find it. This is the SEIU's sponsored website, Retirement USA

You can read all about the SEIU's plans for your and my retirement dollars.

They've since removed these "principles" but I captured them when they were on their website: The proposed retirement system would be operated under the following principles:

* Shared Responsibility. Retirement should be the shared responsibility of employers, employees and the government.(Gee, where have we heard this before?

* Required Contributions. Employers and employees should be required to contribute a specified percentage of pay, and the government should subsidize the contributions of lower-income workers. (More Government involvement in your life!)

* Pooled Assets. Contributions to the system should be pooled and professionally managed to minimize costs and financial risks. (No doubt managed by the Government!)

* Efficient and Transparent Administration. The system should be administered by a governmental agency or by private, non-profit institutions that are efficient, transparent, and governed by boards of trustees that include employer, employee, and retiree representatives. (Kind of like that same “transparent administration” of the Obama government?)

* Effective Oversight. Oversight of the new system should be by a single government regulator dedicated solely to promoting retirement security.

If you want to see the rest, send me a freepmail I'll send you the link to the entire article I wrote back in March of this year. This issue is only now starting to get the media's attention. (Note: I don't advertise on my blog, the content on it is purely my own with sourced links proving the information and opinions I write. I don't "steal" others content to make it my own like some do.)

34 posted on 10/16/2010 5:48:56 PM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
[ Post Reply | Private Reply | To 33 | View Replies]

To: usconservative

This would be a call to arms.


35 posted on 10/16/2010 6:00:21 PM PDT by skeeter
[ Post Reply | Private Reply | To 34 | View Replies]

To: skeeter

I thought the government’s “health care reform” and death panels would’ve been a call to arms too .....


36 posted on 10/16/2010 6:04:04 PM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
[ Post Reply | Private Reply | To 35 | View Replies]

To: usconservative
Those are bad enough. The state has been finding clever ways to fleece the public for decades, in a frog-in-the-pot kind of way.

But when the government resorts to OVERT and immediate theft as your info suggests, I predict people will have finally had it.

This administration has shown it does not understand the American people, and this would be a very grave mistake.

37 posted on 10/16/2010 6:16:33 PM PDT by skeeter
[ Post Reply | Private Reply | To 36 | View Replies]

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.

Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson