Seriously, If the rats maintain control of the House and Senate after 2010 you can pretty much kiss your 401K/IRAs goodbye.
I have been posting about this for years here. Bastards. I will take my money out of my 401k if this even starts through congress. I will burn my goddamn money before I let them take it.
Is it time for the revolution yet?
There was a proposal posted here on FR before Obama’s inauguration that proposed taking 401Ks and resetting them to pre-crash levels. In exchange, the government could use that money and replace it with bonds.
Wow. Good thing I’m broke!
Actually, the much easier and quicker way to seize retirement money is to do what Russia and Argentina (and many other countries) have done, and that is to simply devalue the currency. In the US, I’d expect our currency to be worth 1/4 to 1/3 of what it’s worth now (in true buying value). Looked at another way, prices for items without US content (like oil and gold) will triple or quadruple, prices for the most everything else will at least double.
All this will happen once other countries decide that we have no capability to pay our debt (which is the case now), and one of them decides to pull the trigger and dump the dollar. Right now everyone’s standing on at the edge, hoping that monster behind them stays put, and no one is ready to take the jump. When will that happen? Anyone’s guess, but soon.
FR thread on the referenced Market Ticker article here:
http://www.freerepublic.com/focus/news/2424037/posts?page=1#1
Over my cold hard dead body will I let them do this...
link?
Seriously, If the rats maintain control of the House and Senate after 2010 you can pretty much kiss your 401K/IRAs goodbye.
It would be worth it to me to liquidate the whole 401K and take the tax hit now, in the long run I’d be money ahead.
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Its only a matter of time before they take your money.
Pitchforks anyone?
What I think they will do is raise the tax liability on all 401 K accounts.
401 K contributions are tax free until you take it out at retirement or under a hardship reason (10 % penalty).
It would not surprise me at all to see taxes as high as 75 % of accounts over a million and moving down to "only" 50 % on accounts over $100,000
After all, a large percent of the money in your 401 K is company matches which I'm sure will somehow morph into dem talking points that loss tax revenue the government didn't get in the first place
No such stuff will ever happen; this isn’t even a trial balloon......even out of control ‘Rats know better than to try stunts along this line.
Bump
It does not require any stretch of the imagination to believe that desperate money-hungry politicians in the future will not hesitate to vilify someone who worked hard and saved up a lot of money for retirement.
You can hear them now... “a person who hoards all of that money for themselves is selfish!”... “who needs more than $1,000,000 in retirement anyway?!”... “it’s so unfair that one person should retire in LUXURY and another should retire in poverty”... “everyone deserves a minimum standard of living in their golden years”... and on and on.
They will steal it in the name of “social justice” and as long as they can get 2 moochers to vote for them in order to cancel out the saver’s 1 vote, they will rob blind those who have worked and saved and then take credit for “leveling the field”.
That is what you get when a country is governed by mob rule. A land of men, not of laws.
It all started with the progressive tax code.
Taxes for thee, not for me.
Sickening!
investment ping
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.