Posted on 02/07/2014 12:00:24 PM PST by Rusty0604
Last week in his State of the Union address, the President of the United States laid the groundwork for a new government program he calls “MyRA”.
As he explained to the American people, this program will allow US taxpayers the ability to loan their retirement savings to the federal government (which, according to POTUS, carries ZERO risk).
Given that US Treasury yields fall far below the rate of inflation, this is a big win for the government, and a big loser for the poor suckers who loan them the money.
The President then hit the road, touting his one-of-a-kind program. The Treasury Secretary hit the newspapers, encouraging Americans to enroll.
I can see this unfolding like a War Bonds campaign, appealing to Americans’ love of country to get them to loan their money to the government at sub-inflation yields.
In Italy they’ve already used football stars in patriotic appeals to get Italians to buy government bonds. In Japan they use teenage girl bands to entice wealthy Japanese businessmen to open their wallets for government bonds.
So let’s see how long it takes for George Clooney and Matt Damon to make the pitch for the MyRA program… and how long after that it becomes mandatory for all Americans.
Meanwhile, the IRS is doing its part.
One of the best solutions that we’ve discussed in the past to liberate your IRA from this destructive trend is to set up a particular type of self-directed IRA.
But the IRS has been intentionally making it more difficult to set up these structures over the past year. Now there’s even more roadblocks.
In order to set up this type of structure, it’s imperative to first obtain a tax ID number. But due to agency budget cuts, the IRS is no longer issuing tax ID numbers for domestic entities through its call center. They’re saying that now you HAVE to use the online system.
This is one website that the government actually got right. The tax ID application website is fairly straightforward, and it works great. EXCEPT if you are trying to set up this type of IRA.
So if you’re an individual trying to obtain a tax ID number for your new company, no problem. The online system works great.
But if you punch in that you are setting up a company to be owned by your IRA (or some other entity), then suddeny the system crashes and times out.
I had my staff ring up the IRS yesterday to demand an answer. After two phone calls, each with a 30+ minute wait time to reach a human being, we finally got an answer. Confirmation, actually.
The agent told us that yes, in fact, the online system has been programmed to intentionally reject tax ID number applications for companies that are owned by entities like an IRA.
So they have essentially eliminated the option to apply online. But they won’t let you apply over the phone either.
You can apply through the mail, but that will take 30-days, according to the agent. Or by fax, provided that you first cough up all sorts of other documentation.
It certainly begs the question– at a time when the President of the United States is whipping up excitement over this new program to loan the government your retirement savings, why is their tax agency putting up huge roadblocks for Americans who don’t want to become victims?
MyRA will be a failure. Americans will not be so stupid to give their money to the government at rates that will lose you money.
So it will be operational, but then when it ultimately fails - the purpose will be to lead into something else. I’m not sure exactly what that will be but it won’t be good.
If the little islamist is for it I’m against it.
If Clueless thinks it's such a great idea how about he show us how much he has invested.
If anyone has anything put away they should just keep it under the mattress since Obama intends to seize personal bank accounts at some point in the future.
Obamacare Healthcare Exchange seizing bank accounts to pay premiums, fines
In Uncategorized on December 17, 2013 at 10:46 AM
Obamacare Healthcare Exchange seizing bank accounts to pay premiums, fines
12/17/2013
Breaking News:
Recent trending of this story is breaking the airways right now with great magnitude. Vast masses of people are becoming aware and many are showing outrage as once again a runaway government is attacking it’s people and this time where it hurts the most, their purse or in this case banking accounts.
Reportedly the Obamacare Healthcare Exchange is erroneously debiting bank accounts in Washington State and across the nation, levying fines, suspending drivers licenses and placing liens on homes till their Obamacare debt is paid.
Initial reports are confirming that many are having their monthly premiums debited from their checking accounts not once but multiple times a month and having fines deducted from their accounts placing financial hardships on many Americans.
Take for instance the Bruner family on the news video below from Washington State. They enrolled and were hoping to pay their Obamacare premium in a few weeks when Josh Bruners next payroll check hit the bank but the deduction came 2 weeks early placing their bank account nearly 800 dollars in the negative forcing this family to postpone Christmas and seek alternatives to assist with feeding their family.
MyRA? SD Warned You in 2012: Obama Begins Push to Confiscate IRA’s & 401k’s
February 1, 2014 By The Doc
With last night’s announcement by President Obama of his new MyRA, the “No Risk, Guaranteed Return” Retirement Savings Bond Program, we thought it apropos to bring back AGXIIK’s November 2012 warning that President Obama had begun a push to confiscate Americans’ IRA’s & 401k’s, and force retirement assets into treasury bonds.
While many have scoffed, we have long warned at SD that Americans’ retirement plans are the last remaining bastions of wealth for the criminal banksters to pilfer, and that they will ultimately be confiscated via forced allocation into treasury investment vehicles.
With President Obama’s State of the Union speech on 1/28/2014, the process has officially begun.
As AGXIIK warned, Please realize that this is 100% about funding $1.5 TRILLION annual deficits using Americans’ retirement funds, as there is simply no other remaining pool of wealth able to soak up $1.5 Trillion in T-bills annually.
AGXIIK’s Full MUST READ 2012 Warning on Obama’s Plans to Confiscate 401k’s & IRA’s is below:
http://www.silverdoctors.com/obama-begins-push-to-confiscate-iras-401ks/
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