Skip to comments.Mandatory Retirement Accounts in Sen.Bill - S. 3760 -Automatic IRA Act of 2010
Posted on 09/07/2010 3:27:53 PM PDT by Fred
FYI - I am not attempting to promote this organization. I used their article because it does an excellent job of describing the bill and the disaster this will be if passed.
September 7th, 2010, Fairfax, VAA new bill proposed by Senators Jeff Bingaman and John Kerry would force enrollment in automatic Investment Retirement Accounts, prompting Americans for Limited Government (ALG) President Bill Wilson to urge the Congress to reject it.
This legislation will force Americans into a government-mandated, one size fits all retirement account, Wilson said, adding that it would disproportionately impact younger and lower-income workers, who will now have less ability to save for new home purchases or pay off college expenses and debt, all of which occurs earlier in a workers career.
This is another attempt by government to tell individuals what they have to do with their own money, stripping them of the right to make their own personal investment and life decisions, Wilson added.
Wilson noted that the investment options that are offered will be defined arbitrarily by the Department of Labor in regulation.
(Excerpt) Read more at getliberty.org ...
Piss off, Lurch. You weary me.
One more way to loot the middleclass and our childrens future.
ripping off my hard earned money ping
They’ll probably even start making kids contribute to this and other taxes from Lemonade stands for crying out loud!
Ask his second wife’s first husband.
One more boondoggle that I as a small business person will have to comply with and deal with reporting, etc. It was bad enough when I voluntarily offered a non-matching 401-K for my employees and watched them one by one DROP participation until I was preparing paperwork for one $15.00 monthly transaction for ONE employee. If this passes and what with Obamacare’s compliance paperwork, 1099 reportings, etc, I might as well close the doors and join the ranks of the unemployed...oh,yeah, I don’t get unemployment benefits when my business closes. I get nada.
The overwhelming reason to renounce this legislation is that it involves stealth theft of retirement assets. The legislation creates a new government bond and government annuity. The rats will collect retirement accounts and new contributions, use the money for additional government spending, and then issue fake bonds. There will be no assets to support retirements. The rats will then demand that wealthy individuals forego their accounts or pay much higher taxes (same thing).
Isn’t that what social security is for?
Isn’t this what Social Security was supposed to be for? Namely retirement?
Yes but they stold all the money out of the social security "trust fund" so they need a new pot of our money to pilfer. It's just a backdoor way to raid private retirement accounts.
Let’s see, i’ll play.
1.The government steals and spends the money
2.Said government replaces the money with I.O.U.’s
Does that just about cover the “plan”?
That’s all Dimocrats know how to do - tax, regulate, and mandate. Freedom is an entirely alien concept to them.
The bastards ran the “Social Security” piggy-bank into the ground, so they’re seeking to develop another source of money for their vote buying schemes.
Bernie Madoff went to prison.
The Democrats who implemented Social Security are heros.
(Bernie should have gone into politics)
With the Republican plan, you the taxpayer had some control over your money and the account would be yours.