Skip to comments.T'S OFFICIAL YOUR IRA's and 401K's ARE ABOUT TO BE CONFISCATED
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 ...
blog pimp much? If you have a point to make, post it here. No one wants to pump up hits to your blog.
They can have MY MONEY when they pry my cold, dead hands from my wallet.
“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.
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?
When it comes to this topic, I say the more the merrier that are getting word out; blogs or no.
No need to panic.
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?
It’s not official. And screaming like Chicken Little is juvenile.
Okay I'm doomed to destitution.
Now what blogger?
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.
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.
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)
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).
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.
Oh, but he should pimp his blog. It’s a very important blog. It must be. Look at how he SHOUTS at us.
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.
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!”
I didn’t see the source for his assertions. Don’t trust the author.
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.
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."
I canceled my IRA and put the money in an investment without the IRA tag when the subject of confiscation was first raised.
More accurately, it is an attempt to delay the collapse a little while.
Well, Obama has to get money for his muzzie bros from somewhere doesn’t he??
BILLIONS FOR JIHAD
Obamas 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 Obeys 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
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.
“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!
“Youll 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!)
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.
Crap - another freaking blog pimp?
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...
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.)
This would be a call to arms.
I thought the government’s “health care reform” and death panels would’ve been a call to arms too .....
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.
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