Posted on 01/09/2010 9:46:42 AM PST by Captain Peter Blood
Retirement accounts worth trillons in untapped potential new taxes will be way to tempting for dems to pass up
Also it will not be a direct tax on income so the American public won’t know they have robbed until they retire and their nest egg all of a sudden is less than half thought it was
I would join the 401 K at the lowest contribution % simply because it gives you a head start on being vested
...uh ...actually no, vesting has nothing to do with contribution rates, only based on employment date and vesting schedule. You can decide not to save until you will be 100% vested, but you are ALWAYS 100% vested in your contributions and returns, so you should save from day one every dime you have to in order to get ALL of the Company matching, since that is FREE MONEY!! Even $0.25 per $1 match in money market will give you a 26% guaranteed return on your savings... not available elsewhere without much larger risk.... ymmv
They start this sh*t and we need to just start killing liberals. The time to be a candy-assed “get-along” weisel will be over.
I think you'll need something a little more serious than a pitchfork.
Yes it’s time for the revolt to start. I intend to liquidate my account and buy more guns, ammo and Silver!!!
We had to do that last year, anyway - construction related business. We had so little in there, it didn’t matter.
links are in the article. You will have to manually put them in.
I called this in 2008.
I think they’ll be more subtle, though. They’ll claim that new retirees are shocked and made financially unstable because they think they get everything in their accounts and, when they pay taxes, they have far less.
So, they’ll take half the taxes out right away, to reduce the “tax shock” (for our own good, you know, because we’re too stupid).
Once we get used to that, they’ll just say there’s a national emergency and they’ll move all private retirement accounts into the SS account of the holder’s name.
They’ll be able to spend that money as freely as they have squandered our SS accounts.
There is roughly $13 Trillion in investment accounts, yeah they won’t wait for taxes they will take it now and give us an IOU like they did for the Social Security Fund.
I was one of the ones predicting that that would be one of their “offers.”
It’s even more likely if they make the offer after hyperinflation. They’ll give us the dollar amount back, but it will be worth only a fraction of what it was. Most Americans won’t catch on to that, however.
Rather than being so direct as to purchase bonds with the confiscation, I think they’ll first take an early tax out on it (for our own good, because retirees are shocked to find they have to pay taxes on it) and then later roll the rest over into SS, which gives them easier spending access.
One of the ways they’ll “confiscate” some 30-40% of what you have in your account is if you get nervous or “rebel” and take it out, paying the taxes all at once and the early-withdraw penalty on top.
I don’t doubt that this is part of their plan.
The three precious metals I recommend everyone stock up on.
I think part of their plan is to float these ideas to make people panic so that they cash out their 401Ks and IRAs, paying both the tax and the penalty. If they can make a lot of people do this, they would get a nice spike in revenue.
If you take your money out, I’d convert quite a bit of it to any of the three precious metals (gold, silver, lead). Because when you dig it up the cash won’t be worth a fraction of what it is when you bury it.
Make no mistake whatever is being said in Public is not what is being said in Private. This is a very Far Left group that is rooted in Marxist Orthodoxy.
It’s all but a prelude to something else and will be presented in manner designed to fool us all.
The U.S.S.A. will confiscate your 401k and provide a graduated anninuity distribution until you die (later to fix the anninuity to a maximum allowable amount), then seize the remaining balance and provide wealth redistribution for those too stupid, too irresponsible, or poor to plan for their own retirement for themselves. 3rd plank of communist manifest: Abolition of all rights of inheritance.
We will be screwed -- comrades!
What’s the link to Stephen McIntyre’s original article?
Delay and deny!
Couple this with the new modified 2010 income tax tables and health care cost the standard of living in the US will dramatically decline in the very near future. With the Federal government sucking all available funds out of the economy to expand and fund new programs unemployment will remain high and families will continue to struggle to survive.
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