This county will experience a uprising like you have never seen. I have saved and invested for 30 years in my 401K. They will not steal it from me.
Do this and it will be a Dead Duck session.
An open warning - anyone trying to "seize" my hard earned savings will be answered and dealt with - with extreme prejudice!
This couldn’t be constitutional.
So, not only would they steal our money from us, but they would stop the 401K system which allows for tax-delayed savings, and instead charge us another 5% tax on our total earnings without the 401K deduction. Makes demoncratic sense to me. /sarc
So my 401k which has gone up and down and up and down is to be “shared” while union pensions are to be bailed out. I get it. Private citizens get screwed when their savings plans blow out.
Pensions are a ponzi scheme. END ALL GOVERNMENT PENSIONS. Taxpayers can afford them.
I know that Christine O’D will take office immediately and can vote in a lame duck, as does Byrd’s replacement. Any others that can take office immediately should be hitting this issue hard.
“When in the course of human events.....”
The line in the sand can;t keep moving backwards, folks.
At some point, you have to say “Enough, and NO MORE!”
If we do not peacefully take back this country on November 2nd, it will be 1860 all over again.
Taxpayers CAN’T afford them.
They wont because the Republicans dont fight. They just sit there and let the Democrats define the issue. Every candidate should be repeating Newts line: Paychecks vs Food Stamps. I have not heard one candidate pickup on that. As you say, they should be hammering the Dems on the seizure of 401k issue. They dont.
Never EVER trust the government to do what they say they will do.
Only in the fevered minds of totalitarians, career politicians, unproductive bureaucrats and the insane could 401(k) plans be redefined as "taxpayer funded."
For the progressives reading this, and other feebleminded, 401(k)s are funded entirely by the wage earner with employer matching modest percentages of the regular payday amount, only not so much lately.
I understand that politicians and other criminals believe that if they haven't collected taxes on these amounts they have helped to fund the account.
That is exactly the same as the burglar and the mugger claiming that by refraining from victimizing you, he is subsidizing your lifestyle, no matter how modest it may be. The only difference is the thin veneer of legality, passing a law first to make it "legal" in one instance, but not in the other. The definition of "public servant" has gone "1984"
Did i mention that these elected criminals at all level of government got their COLAs this year?
The start of massive non-compliance at best, and all out war at worst.
It's all good and well to protest, rattle sabers and shout "from my cold dead hands", but the money's not in your hands, it's in the bank. No one from the gov't will show up at your door to steal your 401K. They'll get the banks to do it for them, and probably charge you a fee to do it as well. You may not even know about it until you try to draw some money out...
The only way to avoid confiscation is to take the substantial penalty and withdraw it now. That money has to go somewhere, and I figure a lot of it will go offshore.
They’ve done this before when they started including FICA tax revenues in the general budget.
Yep, if they are trying to start another civil war this would do the trick. I wonder what the government would do if everyone withdrew all their funds from their 401K? Would they send the IRS goons to all citizens front doors demanding the money. Only in a Democrats mind is this even considered.
Don’t worry, this will never pass.
-smartest people in the room talking about TARP
Don’t worry, it’ll never get through the Senate
-smartest people in the room talking about Obamacare
Don’t worry, that bill isn’t going anywhere.
-smartest people in the room discussing Financial Reform
Don’t worry, they’ll extend the Bush tax cuts.
-smartest people in the room
Don’t worry, this 401K grab will never happen.
-smartest people in the room right now
Unions are using threats in their ads....
I am tempted to cash out my ira and take the tax hit now.
Government can go to Hell.