MyRA isn’t confiscation (yet), it is just a scam.
But look for it to become mandatory, soon.
I don’t understand what it will offer that anyone cannot already get. You can put money into IRAs in CDs or fixed income accounts. What is the issue that IRAs are not available to lower income people - and/or - that the tax deductions for IRA contributions are not available to lower income earners? Or is this some deal where some percent of everyone else’s IRA contributions will be siphoned off to help the MyRA holders, to be sure that they get some guaranteed returns, and all the fund expenses are fully covered? (subsidized IRAs?)
I consider myself to be somewhat knowledgable about IRAs, but don’t understand how this MyRA will be anything other than an excuse to have more government employees and interference.
The feds knocked banks and lending institutions out of the student loans market a few years back. Is this MyRA deal going to just put another sector of the economy under government control?
(Sincere questions, BTW.)
Just another tax listed on your pay stub.