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Is your 401K safe from the Democrats?
jackson jambalaya ^ | November 29, 2012 | Kingfish

Posted on 11/29/2012 12:07:28 PM PST by prplhze2000

Suddenly within 24 hours three articles appeared in the NYT, Atlantic Monthly, and Time discussing a Danish "study" about the tax breaks for the 401K plan. Naturally they all discussed whether the government should abolish the tax break for them. What was it they said about never wasting a crisis?


TOPICS: Business/Economy; Politics
KEYWORDS: 112th; 401k; fiscalcliff; retirement
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1 posted on 11/29/2012 12:07:32 PM PST by prplhze2000
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To: prplhze2000

There is a big difference between reducing or eliminating the 401(k) tax break and actually confiscating the assets in the 401(k).


2 posted on 11/29/2012 12:09:36 PM PST by FewsOrange
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To: prplhze2000

How about annuities? Will the Dems put JG Wentworth out of business and confiscate those too?


3 posted on 11/29/2012 12:10:11 PM PST by GeronL (http://asspos.blogspot.com)
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To: prplhze2000

Maybe the lazy taxpayer class will finally bestir itself when the IRS takes over their 401K accounts.....but not during football season, or baseball season, or basketball season.......


4 posted on 11/29/2012 12:11:16 PM PST by txrefugee
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To: prplhze2000

Answer: NO!!!

Don’t you want your savings stolen to buy cell phones for illegal aliens and welfare cheats?

They are going to take everything once they create 30 million new democrats and put super majorities in to complete the revolution.

And half the people will sit around not wanting to be a “racist”, blaming Bush, and hoping Obama spends their money more wisely than they could have.

I can’t even say what I think the reaction of the American people should be.


5 posted on 11/29/2012 12:12:06 PM PST by Williams (No Obama)
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To: FewsOrange

Agreed. St. Theresa wants to confiscate them. The study wants to abolish the tax break. Still a big huge deal.


6 posted on 11/29/2012 12:14:10 PM PST by prplhze2000
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To: prplhze2000

If John Boehner had a brain in his head, he would pull out of the budget talks, give every Republican congressman copies of these articles, and send them all over the country waving that red flag and declaring THIS is what Obama and the democrats really want, and THIS is why spending must be cut and NOW!

I said if.


7 posted on 11/29/2012 12:14:47 PM PST by Williams (No Obama)
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To: prplhze2000

All three rabidly marxist mags all at once? obviously the administration told them what to say. Obviously the mags all agree with seizure of honestly-earned assets.

Obviously, the USA is now a communist country.

When your friends complain of the seizure, are you going to ask if they voted democrat?

Actually forget that. Half of the country has its head up its a$$, and won’t know or care.


8 posted on 11/29/2012 12:24:28 PM PST by I want the USA back (Fascism is wrong even when practiced by the government.)
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To: prplhze2000
better include the RINO / CINO / GOP/e.

9 posted on 11/29/2012 12:27:47 PM PST by skinkinthegrass (Anger a Conservative by telling a lie; Anger a Liberal by telling the truth....RWR 8-)
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To: prplhze2000

either way they win.

you end your 401k to save it from government, you get taxed on it and a 10% penalty. they may not do anything yet take a big chunk of it.

you don’t and they actually may confiscate it.


10 posted on 11/29/2012 12:31:06 PM PST by Secret Agent Man (I can neither confirm or deny that; even if I could, I couldn't - it's classified.)
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To: prplhze2000

My 401K is not safe from the Democrats.

The current balance in my checking account is not safe from the Democrats.

The 37 cents in my left-front pocket is not safe from the Democrats.

The half-bottle of Heinz Ketchup at home in my refrigerator is not safe from the Democrats.

My car is not safe from the Democrats

My house is not safe from the Democrats

If we ever read through the entire Obamacare bill I’d probably find most of my vital organs aren’t safe from the Democrats.

They are like a plague of locusts, taking and devouring what they will.


11 posted on 11/29/2012 12:37:05 PM PST by Buckeye McFrog
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To: prplhze2000

No.


12 posted on 11/29/2012 12:38:45 PM PST by sport
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To: Buckeye McFrog
WALLET 1
13 posted on 11/29/2012 12:46:07 PM PST by baddog 219
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To: prplhze2000
Is your 401k safe from the Democrats?

Nothing you own is safe from the democrats. They don't believe in private property rights. They are communists.

14 posted on 11/29/2012 12:46:24 PM PST by Sicon ("All animals are equal, but some animals are more equal than others." - G. Orwell)
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To: prplhze2000
Is your 401k safe from the Democrats?

Nothing you own is safe from the democrats. They don't believe in private property rights. They are communists.

15 posted on 11/29/2012 12:46:40 PM PST by Sicon ("All animals are equal, but some animals are more equal than others." - G. Orwell)
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To: prplhze2000
Is your 401k safe from the Democrats?

Nothing you own is safe from the democrats. They don't believe in private property rights. They are communists.

16 posted on 11/29/2012 12:46:55 PM PST by Sicon ("All animals are equal, but some animals are more equal than others." - G. Orwell)
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To: Sicon

Sorry for the multi-post...


17 posted on 11/29/2012 12:47:31 PM PST by Sicon ("All animals are equal, but some animals are more equal than others." - G. Orwell)
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To: prplhze2000

Periodically, you hear about how low the US savings rate is, and then how Social Security is going broke. If the government were smart (they aren’t - just look at your average Federal Worker) they would figure out that the solution could be to allow people to save even more tax free, so that WHEN social security dries up, people will have something to live on and won’t have to go on the dole.


18 posted on 11/29/2012 12:47:31 PM PST by The Sons of Liberty ( Fast and Furious , Benghazi - What's 0bama's current body count?)
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To: prplhze2000

Wasn’t it Hillary who wanted to hit all 401k’s with like a 15% tax on the total amount once, and then of course continue to tax you as you took the money out. So the gov’mint got a free 15% hit on your earnings while it was earning.


19 posted on 11/29/2012 12:49:23 PM PST by RetiredArmy (1 Cor 15: 50-54 & 1 Thess 4: 13-17. That about covers it.)
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To: FewsOrange

They have been coveting 401Ks since Hillary’s attempt to control the government before 1994 under her husband’s aegis. The government his further reinstituted ‘panel discussions’ and meetings on that very subject. Don’t be fooled they will stop at curtailing deductions.

The only source of cash that can do anythinga about the debt and allow them to keep up their 1-2 trillion dollar entitlement spending spree is to steal your cash retirement. Count on it.


20 posted on 11/29/2012 12:50:39 PM PST by Gaffer
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To: prplhze2000
Safe? No.

A few may need some high-speed lead poisoning to get across the idea that their theft isn't a good career move.

21 posted on 11/29/2012 12:51:38 PM PST by Dead Corpse (I will not comply.)
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To: Sicon

No problem. It was true all three times!


22 posted on 11/29/2012 12:54:05 PM PST by DesertRhino (I was standing with a rifle, waiting for soviet paratroopers, but communists just ran for office.)
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To: RetiredArmy

That was Laura D’Andrea Tyson.


23 posted on 11/29/2012 12:54:27 PM PST by massgopguy (I owe everything to George Bailey)
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To: Williams

why don’t we have dynamic leaders in the pub party?....fire and brimestone!


24 posted on 11/29/2012 12:55:19 PM PST by cherry
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To: Williams

why don’t we have dynamic leaders in the pub party?....fire and brimestone!


25 posted on 11/29/2012 12:55:32 PM PST by cherry
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To: Buckeye McFrog

Your half-bottle of Heinz Ketchup is probably safe. After all....that IS now part of how Hanoi John Kerry (who was in Vietnam) can afford his yacht.... while living off of Teresa’s ketchup profits.


26 posted on 11/29/2012 12:56:14 PM PST by XenaLee (The only good commie is a dead commie.)
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To: FewsOrange
There is a big difference between reducing or eliminating the 401(k) tax break and actually confiscating the assets in the 401(k).

Finally, a voice of sanity.

Everyone is running around like a chicken with their head cut off, screaming "THEIR GONNA TAKE YOUR 401K!!!ELEVEN!!". Even Rush Limbaugh is falling for this.

The most Congress can do without causing a panic in the financial markets is change the rules for future contributions. If Congress tries to make retroactive changes for prior contributions, there is going to be a huge flight of capital out of these accounts, and it will shake the financial markets to the core. It will make the mortgage crisis looks like a hiccup.

27 posted on 11/29/2012 12:57:30 PM PST by justlurking (tagline removed, as demanded by Admin Moderator)
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To: justlurking
The most Congress can do without causing a panic in the financial markets is change the rules for future contributions. If Congress tries to make retroactive changes for prior contributions, there is going to be a huge flight of capital out of these accounts, and it will shake the financial markets to the core. It will make the mortgage crisis looks like a hiccup.

What makes you think that isn't the goal of the Marxist in the White House?

28 posted on 11/29/2012 1:00:11 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: abb
What makes you think that isn't the goal of the Marxist in the White House?

Let him try. It will expose him to the people that still think he isn't a Marxist.

The Republicans may be waffling about the taxes now, but I'll bet this is one line in the sand they will not let him cross.

29 posted on 11/29/2012 1:04:26 PM PST by justlurking (tagline removed, as demanded by Admin Moderator)
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To: justlurking

I hope you’re right. The GOP could use a dose of spine about now.

But never forget, elimination of the entire concept of private property and private capital is the goal of Marxism. Always has been, always will be.


30 posted on 11/29/2012 1:09:48 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: prplhze2000

I guess I’m the only one here who thinks credits should be eliminated before deductions.


31 posted on 11/29/2012 1:22:37 PM PST by andyk (I have sworn...eternal hostility against every form of tyranny over the mind of man.)
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To: prplhze2000

Yes, and the idiots are discussing a “wealth tax” too.

There’ll be a whole lot of folks yanked off of their thrones, before these things happen.

Might be surprised at what you find floating in the water at the next tea party.


32 posted on 11/29/2012 1:28:27 PM PST by G Larry (Which of Obama's policies do you think I'd support if he were white?)
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To: andyk
I guess I’m the only one here who thinks credits should be eliminated before deductions.

Especially the tax credits given to Hollywood by various governmental entities that are supposed to entice 'movie making' in their area.

33 posted on 11/29/2012 1:29:51 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: justlurking

A couple of democrats want to take the money in your 401k and replace it with a government bond paying 3%. They technically dont want the account, but the cash amount you have
accrued over the years.


34 posted on 11/29/2012 1:43:15 PM PST by lucky american (The Democrats will follow the big "D"even if it means going over a cliff.)
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To: prplhze2000

401ks are racist. /s


35 posted on 11/29/2012 1:43:24 PM PST by PJammers (I can't help it... It's my idiom!)
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To: Sicon
Sorry for the multi-post...

It was worth repeating.

OBTW: "Four legs good ... Two legs beh-eh-eh-eh-ttter-r-r-r-r

36 posted on 11/29/2012 1:48:23 PM PST by ArrogantBustard (Western Civilization is Aborting, Buggering, and Contracepting itself out of existence.)
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To: justlurking
If Congress tries to make retroactive changes for prior contributions, there is going to be a huge flight of capital out of these accounts, and it will shake the financial markets to the core. It will make the mortgage crisis looks like a hiccup.

The goal of the 0bama Regime is to destroy the United States of America.

37 posted on 11/29/2012 1:50:00 PM PST by ArrogantBustard (Western Civilization is Aborting, Buggering, and Contracepting itself out of existence.)
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To: Sicon
Sorry for the multi-post...

Some things bear repeating.

38 posted on 11/29/2012 2:06:28 PM PST by Disambiguator (America chose...poorly.)
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To: lucky american
A couple of democrats want to take the money in your 401k and replace it with a government bond paying 3%. They technically dont want the account, but the cash amount you have accrued over the years.

Point me to the proposal of the "couple of democrats". I want to see the specific details, not the equivalent of an urban legend.

Yes, I'm aware of one loony consultant that made a presentation to a committee, and was all but disavowed by both parties. She doesn't count.

If there is a concrete proposal from an elected Democrat that is still in office, show it to me. Otherwise, stop trying to scare people over something that is only a figment of your imagination, or the imagination of someone that you quoted.

39 posted on 11/29/2012 2:07:45 PM PST by justlurking (tagline removed, as demanded by Admin Moderator)
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To: ArrogantBustard
The goal of the 0bama Regime is to destroy the United States of America.

As I said above, let him try. Then, there will be no doubt.

As long as the Republicans hold the majority in the House, no confiscation of privately-held retirement accounts is going to happen. I'll bet on it.

But, I'd really like to see Congressional Democrats try. They won't, because they aren't that foolish. Have you forgotten how much campaign money they get from the financial services industry?

40 posted on 11/29/2012 2:10:49 PM PST by justlurking (tagline removed, as demanded by Admin Moderator)
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To: prplhze2000
There is no safety in paper assets. There is even less safety in paper assets that are denominated electronically.

This includes stock certificates, bonds, bank accounts, and, in the end, paper fiat money.

There were two huge financial developments last week that got little play in the US press. Mark Carney, head of the Bank of Canada (Canada's central bank) was tapped to head the Bank of England. Carney is a superstar central banker, but it is highly unusual for a reserve currency central bank to appoint a foreign national as its head. Imagine a foreign national being appointed head of the Federal Reserve. Either the B of E is in real trouble or they expect a lot of problems dead ahead, or both. In any case, this is the first time in their 300+ year history that a foreign national has been appointed to head it.

Also last week, the Australian and Canadian dollars have been approved as "reserve currencies". They join the august ranks of the US dollar, the Japanese yen, the Swiss franc, the Euro, and the UK pound.

41 posted on 11/29/2012 2:10:49 PM PST by Former Proud Canadian (Obamanomics-We don't need your stinking tar sands oil, we'll just grow algae.)
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To: cherry

I’d settle for smart, sincere, bright. I really don’t think we have that either.


42 posted on 11/29/2012 2:15:01 PM PST by Williams (No Obama)
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To: justlurking
"The Capitalists will sell us the rope with which we will hang them."
-Vladimir Ilyich Ulyanov
43 posted on 11/29/2012 2:18:35 PM PST by ArrogantBustard (Western Civilization is Aborting, Buggering, and Contracepting itself out of existence.)
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To: justlurking

They don’t care about a panic. “Eliminating the tax brake” brings in a few billions against a deficit of over a trillion. It doesn’t even amount to a rounding error compared to the national debt.

But if they plunder the IRAs and 401K, there are trillions in there - enough to make a nice one time bump.

BTW: THEY ARE talking about eliminating 401Ks and replacing them with government secured annuities for what this is worth. Naturally, of course, they’ll have to find some way to redistribute the retirment funds to the “poor” to make it “fair.”


44 posted on 11/29/2012 2:20:16 PM PST by Little Ray (Get back to work. Your urban masters need their EBTs refilled.)
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To: prplhze2000

Hmmm...
We have nearly $90Trillion in debt and liabilities...
The IRS collects $2.5Trillion per year... All of which is now eaten by entitlements...
$5Trillion are in 401k plans - that’s two whole years of IRS income...
Obama voters do not have 401k’s for the most part....

What do you think?

The writing is on the wall...


45 posted on 11/29/2012 2:23:05 PM PST by Bon mots (Abu Ghraib: 47 Times on the front page of the NY Times | Benghazi: 2 Times)
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To: prplhze2000
In 1999 I was at a wedding with one of the main proponents of Gay Marriage in Hawaii.

I thought he was nuts.

As a progressive they never give up no matter what the cause.

Now Gay Marriage and soon Medial Ganja and after 100 yrs now the start of Socialized Medicine, via Obamacare.

They are like sin, they never stop.

I take this 401k deal as serious as a Heart Attack, they will not stop, they just are getting it going.

Again like a said yesterday, this is also about destroying everything Reagan did to make us more like the self reliant image he portrayed. They must kill the Kemp / Roth 401k to do so...

46 posted on 11/29/2012 2:33:43 PM PST by taildragger (( Tighten the 5 point harness and brace for Impact Freepers, ya know it's coming..... ))
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To: Williams
If John Boehner had a brain in his head, he would pull out of the budget talks, give every Republican congressman copies of these articles, and send them all over the country waving that red flag and declaring THIS is what Obama and the democrats really want, and THIS is why spending must be cut and NOW!

Rush talked about this today...he said it would happen, too.
47 posted on 11/29/2012 2:35:10 PM PST by Miss Didi ("After all...tomorrow is another day." Scarlett O'Hara, Gone with the Wind)
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To: Little Ray
BTW: THEY ARE talking about eliminating 401Ks and replacing them with government secured annuities for what this is worth. Naturally, of course, they’ll have to find some way to redistribute the retirment funds to the “poor” to make it “fair.”

I'll make the same challenge I made above: Show me the proposal, instead of hand-wringing from someone with an over-active imagination.

I want to see an actual proposal from an elected Democrat in national office. Not some loony consultant, not some blogger with an axe to grind, and not some radio show host that wants you to tune in to hear what he says next.

Otherwise, stop trying to scare people over something that doesn't exist.

48 posted on 11/29/2012 2:43:28 PM PST by justlurking (tagline removed, as demanded by Admin Moderator)
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To: FewsOrange
There is a big difference between reducing or eliminating the 401(k) taxbreak and actually confiscating the assets in the 401(k).

Yes there is. That's why it makes the perfect incremental, first step toward the final goal of confiscation.

Just like implementing a law that allows police to issue a citation for an unseatbelted child only after having pulled a driver over for another, primary offense is a first step toward being able to pull over and ticket an un-seatbelted adult as a primary offense.

You have to boil the frog slowly.

49 posted on 11/29/2012 2:54:25 PM PST by Washi
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To: Williams
Republicans have been outmaneuvered, if that is the word, at every turn. The Republican failure to push on voting system integrity, without which elections are a charade, a meaningless ruse, since no counts would have relevance to a scientist or statistician, makes them an enemy of those who wish reform. The Republican party provides the false hope that some group is fighting for Constitutional values. We are effectively a one party nation. Having a Republican party gives the mistaken impression that there is an opposition.

Some presumed Republicans, like McCain, may be fully complicit with current leaders, using the Constitution for cover when it is convenient. It was, after all, Democrats, whose Senate bill 2678 (McCaskill/Obama) and then Senate Resolution 511 (McCaskill/Leahy) in the Spring of 2008, that made it possible for McCain to be Obama’s opponent, since Democrats had thoroughly proved McCain's legal ineligibility, right up through U of Arizona Professor Gabriel Chin's excellent legal analysis explaining McCain's ineligibility (this writer believes there should be an amendment to address McCain's insufficiency, or a Supreme Court interpretation, but none exists today) summarized in the WaPo and NYT>. The fact remains that McCain prevented any questions being asked in Congress about Obama's clear violation of article II, one he never, Obama, never denied. Obama has never once claimed to ba a natural born citizen.

A proposal that seems more and more sensible is for conservatives to join the Democrat party en mass. Calling one's self "independent" assures political impotence. There are Democrats who believe in The Constitution. Hispanics are traditional family types. Asians are architypical capitalists, striving for excellence and, at least in the US, wary of cronyism. Republicans have no hope, with the SEIU counting ballots and managing counting machines in most states, for winning even local elections. Republicans are legally prevented from observing at precincts if race is at issue. The Republican party is a side show. We need to become Democrat party members to change that group “from the bottom up.”, and to use the single party in power to fix our thoroughly meaningless election systems.

50 posted on 11/29/2012 3:15:07 PM PST by Spaulding
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