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Which Executive order Allows the Gov't to Confiscate 401Ks?
2/27/11 | originalbuckeye

Posted on 02/27/2011 8:23:52 AM PST by originalbuckeye

Which executive order will allow the Feds to take our savings?


TOPICS: Government; Your Opinion/Questions
KEYWORDS: 401k; confiscate
I have been trying to determine the correct number for this overreach of power. There is so much rhetoric and double-speak that I cannot figure out if there IS an executive order allowing the Feds to take our 401K's 'if they need extra funds' (which would mean anytime they want). Does anyone know if there is one? Thanks.
1 posted on 02/27/2011 8:23:55 AM PST by originalbuckeye
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To: originalbuckeye
Not yet, this has been an internet rumor for a while based on one proposal by a congressman, but no laws regarding it have been passed, yet.
2 posted on 02/27/2011 8:26:49 AM PST by mnehring
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To: originalbuckeye

Not law, but the democrat party parasites’ dream for years.

The House now stands in the way.


3 posted on 02/27/2011 8:27:39 AM PST by FormerACLUmember (Character is defined by how we treat those who society says have no value.)
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To: originalbuckeye

Here’s an interesting read:

http://www.factcheck.org/askfactcheck/are_congressional_democrats_talking_about_confiscating_ira.html


4 posted on 02/27/2011 8:31:25 AM PST by Leaning Right (Why am I carrying this lantern, you ask. I am looking for the next Reagan.)
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To: mnehring
Not yet, this has been an internet rumor for a while based on one proposal by a congressman, but no laws regarding it have been passed, yet.

This isn't the first time the idea of taxing 401K's has come up. Back in '93 there was some talk of a one time 30% tax on 401K's, as well as an "imputed income tax". I've never had a 401K. I prefer to do it my own way. I've never thought the gubmint would be able to restrain itself from taxing "tax free" investment vehicles anyway. 60% of American households now have 401K's. I wonder what the reaction will be to a 30% tax on their futures? Nothing else thus far seems to rile people very much....

5 posted on 02/27/2011 8:32:20 AM PST by Thermalseeker (The theft being perpetrated by Congress and the Fed makes Bernie Maddoff look like a pickpocket.)
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To: originalbuckeye

oops...I should have added that my link is from 2008.


6 posted on 02/27/2011 8:33:11 AM PST by Leaning Right (Why am I carrying this lantern, you ask. I am looking for the next Reagan.)
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To: originalbuckeye

Relax, that is not the case.

The discussion was originally here:
http://www.freerepublic.com/focus/news/2127778/posts

On the upside, folks, here is a Great Article about the U.S. today:

http://www.freerepublic.com/focus/f-news/2680851/posts


7 posted on 02/27/2011 8:33:30 AM PST by foldspace (Barak Obama is still not a criminal...)
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To: originalbuckeye

Ain’t happening....talk about political suicide. Attempting such a maneuver would permanently bury the ‘rat party forever.


8 posted on 02/27/2011 8:33:37 AM PST by ErnBatavia (It's not the Obama Administration....it's the "Obama Regime".)
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To: originalbuckeye

Øbama beleives he’s too big to fall . . .


9 posted on 02/27/2011 8:33:56 AM PST by ▀udda▀udd (7 days - 7 ways Guero >>> with a floating, shifting, ever changing persona.....)
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To: FormerACLUmember

This balloon was first floated over a year ago, again 6 months ago, and last time about three months ago. Read this:

The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.

She doesn’t mention confiscation but it’s there.


10 posted on 02/27/2011 8:34:42 AM PST by OregonRancher (Some days, it's not even worth chewing through the restraints)
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To: originalbuckeye
I don't think it will happen, but it consistent with the Lefty idea that government should punish responsible people and reward irresponsible people.
11 posted on 02/27/2011 8:35:02 AM PST by E. Pluribus Unum ("If they bring a knife to the fight, we bring a gun." -- Barry Soetoro, June 11, 2008)
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To: Thermalseeker
....Nothing else thus far seems to rile people very much....

That's for damn sure!

12 posted on 02/27/2011 8:35:08 AM PST by Ron H. (America cannot afford the socialist Impostor!!!)
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To: mnehring
...no laws regarding it have been passed, yet.

FDR confiscated gold using an executive order, I wouldn't doubt Sheik Hussein would try the same thing.

13 posted on 02/27/2011 8:37:32 AM PST by Fresh Wind (TOTUS knows how to give a speech. Obama knows how to read.)
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To: originalbuckeye

Oh to be sure, they are being confiscated, not by some law that would rile the masses, but by inflation.

Got to pay for those union retirements somehow.


14 posted on 02/27/2011 8:40:57 AM PST by farmguy
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To: originalbuckeye

Executive Order? We don’t need no steekin’ Executive Order...


15 posted on 02/27/2011 8:41:45 AM PST by WKUHilltopper (Fix bayonets!)
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To: originalbuckeye

IIRC, it was Executive Order 7.62


16 posted on 02/27/2011 8:41:50 AM PST by 2nd Bn, 11th Mar (The "p" in Democrat stands for patriotism.)
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To: originalbuckeye

See, here’s the thing: they don’t NEED law, or even an executive order.

We all already know that the stock market is being propped-up by nothing but Bernanke’s QE and “liquidity” games. They already have the power. Here’s how it will go down, if they decide they want your 401k:

1) Bernanke leaks to Bankster insiders that he’s going to pull liquidity and stop QE. Since we already know this and this alone is what is propping up the stock “market”, insiders will start running for the door before individual “investors” and 401k holders know what’s going on.

2) As a result of #1 above, the market will tank ~10% overnight. Individuals with private trading accounts won’t want to be left holding the bag, so they’ll sell and short everything they can. But people with 401k’s will start to panic again, since they have no simple mechanism to get their money out.

3) Uncle Sam, who planned this all along, steps in with a convenient plan to save everyone’s 401k: they offer an alternative where you can quickly and easily trade (at a discount of course), your 401k funds for government-backed retirement plan with a “guaranteed benefit”, with no penalty.

4) Most people will jump at this offer of “security” rather than watch the value of their funds plummet as the people who are able to actually cash out, do.

5) Voila. They’ve now got your money AND they also now own a huge percentage of the private economy, obtained at a discount. All you’ve got is another Social Security “promise”.

I bet they they have the power to this tomorrow, if they wish.

They won’t get me though: I cashed out my 401k last year and bit the bullet on the penalty, but offset much of it by buying a house with all the cash and taking the homebuyer’s tax credit, as well as the credit for buying a eligible bio-mass heating system (pellet stove).

Since I’m now living inside my 401k, they’re going to have to come take me out of it by physical force if they want it.


17 posted on 02/27/2011 9:00:28 AM PST by Zeddicus
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To: originalbuckeye
Which executive order will allow the Feds to take our savings?

Its sometimes referred to as the 2011 national budget.

18 posted on 02/27/2011 9:07:29 AM PST by Don Corleone ("Oil the gun..eat the cannolis. Take it to the Mattress.")
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To: ErnBatavia
Ain’t happening....talk about political suicide.

If you mean, "That'll never happen here" then count me out.

19 posted on 02/27/2011 9:07:31 AM PST by unixfox (Abolish Slavery, Repeal The 16th Amendment!)
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To: originalbuckeye

This is going to go the way of student loans...You will deal with the government bank...Basically...another SS program.


20 posted on 02/27/2011 9:08:53 AM PST by Sacajaweau
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To: Zeddicus
2) As a result of #1 above, the market will tank ~10% overnight. Individuals with private trading accounts won’t want to be left holding the bag, so they’ll sell and short everything they can. But people with 401k’s will start to panic again, since they have no simple mechanism to get their money out.

New rules go into force on Monday. A 10% drop automatically puts the brakes on the market for 48 hours. Just kind of interesting you'd say #2 and I posted early this morning...On Monday, new restrictions on short selling with go into effect. Under the new rules, the circuit breaker will kick in with a 10 percent price decline...

All kinda freaky...

21 posted on 02/27/2011 9:10:28 AM PST by EBH ( Whether you eat your bread or see it vanish into a looter's stomach, is an absolute.)
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To: OregonRancher

I think that’s what I was remembering. Pelosi discussing how the GRA would work. My reaction was ‘I already had a GRA. It was called Social Security and you Legislators spent it ALL’.


22 posted on 02/27/2011 9:14:01 AM PST by originalbuckeye
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To: Sacajaweau

Isn’t the Nationalization of the Student Loan Program in the Obamacare Act? And wouldn’t it be nullified with the repeal of Obamacare?


23 posted on 02/27/2011 9:16:16 AM PST by originalbuckeye
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To: originalbuckeye

If the Dems grab 401s then they might as well commit Harry Kerry! That would be an exceptional over-reach!


24 posted on 02/27/2011 9:23:23 AM PST by timetostand (Ya say ya wanna revolution -- OK!)
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To: originalbuckeye
They are working on it to be sure. Also I would not doubt they would also confiscate your savings accounts at your bank. Nothing stops communists.
25 posted on 02/27/2011 9:24:56 AM PST by Logical me
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To: originalbuckeye

Hussein might have made a sly reference to this in his state of the union address—something about protecting the assets of seniors from the vagaries of the stock market. A friend suggested that this could have been just a preventive statement warning about privatizing Social Security a la George W. Bush, but I don’t think so. It’s hard to know when vague statements are made. I think they are setting us up for the big grab.


26 posted on 02/27/2011 9:40:05 AM PST by firebrand
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To: originalbuckeye

27 posted on 02/27/2011 9:42:36 AM PST by rlmorel (How to relate to Liberals? Take a Conservative, remove all responsibility...logic...)
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To: originalbuckeye

There are only two PR strategies that would work for the government to confiscate 401k money.

1. this is untaxed money therefore to make things “fair” to everyone, something needs to be done. Everyone needs to pay their fair share. No more tax loopholes for the rich.

2. to protect people from poorly performing markets, the 401k accounts shall be converted to IRA accounts. At some future date, IRA accounts must be merged with FICA to preserve social security for future generations. Its the right thing to do for america.


28 posted on 02/27/2011 9:51:30 AM PST by mamelukesabre (Si Vis Pacem Para Bellum (If you want peace prepare for war))
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To: originalbuckeye

Will the second amendment be used for its intended purpose if the government even tries this?


29 posted on 02/27/2011 10:00:34 AM PST by meyer (We will not sit down and shut up.)
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To: OregonRancher

It’s been discussed at the Dept. of Labor; I don’t know if everything they do would have to go through Congress.


30 posted on 02/27/2011 10:06:20 AM PST by Rusty0604
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To: originalbuckeye

The same one that allows Obama not to defend the Defense Against Marriage Act...


31 posted on 02/27/2011 10:06:28 AM PST by GOPJ (http://hisz.rsoe.hu/alertmap/index2.php - It's only uncivil when someone on the right does it.- Laz)
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To: WKUHilltopper

Executive Order not needed the banks and wall street did a good job of making 401’s worth drop like a rock.


32 posted on 02/27/2011 10:17:38 AM PST by Vaduz
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To: originalbuckeye

“Which executive order will allow the Feds to take our savings?”


Let me add one more worry to your day...

Several federal judges have ruled that Social Security payments are not guaranteed.

It might take take a Congressional vote instead of an Executive Order, but the federal government does have the authority to suspend Social Security any time it pleases.

And - if people ever stop buying US Treasury debt - Social Security will essentially suspend itself, and no election or court appeal will be able to bring it back.


33 posted on 02/27/2011 10:47:55 AM PST by zeestephen
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To: originalbuckeye

“Inflation” will steal it!!!


34 posted on 02/27/2011 11:07:07 AM PST by jacob allen
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To: originalbuckeye

The same as everything else Obama’s been doing: Executive Order # I-1.


35 posted on 02/27/2011 11:08:42 AM PST by Mountain Troll (My investment plan - Canned food and shotguns)
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To: originalbuckeye
The answer you seek is written on a piece of parchment locked in a chest at the end of the rainbow.

P.S. Any rainbow will do.

36 posted on 02/27/2011 11:10:25 AM PST by Walts Ice Pick
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To: RagingBull

401(k), 403(b), (Traditional) Roth, etc are not tax-free — they’re tax deferred. Once you start collecting, you’ll pay taxes (presumably at a lower rate).

But consider: those contributions lower your income tax, but they don’t lower your FICA taxes one bit. You pay full SS, but when it comes time to collect (if there’s anything left to collect), you’ll lose SS benefits because you saved for yourself.


37 posted on 02/27/2011 11:24:57 AM PST by RagingBull (Talent does what it can; genius does what it must)
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To: EBH
New rules go into force on Monday. A 10% drop automatically puts the brakes on the market for 48 hours. Just kind of interesting you'd say #2 and I posted early this morning...On Monday, new restrictions on short selling with go into effect. Under the new rules, the circuit breaker will kick in with a 10 percent price decline... All kinda freaky...

Of course. All part of the plan. The insiders get out before the 10% circuit breaker kicks in, leaving everyone else holding the bag. Said bag-holders are then even more nervous. Repeat this cycle a few times, and most of our iGadget-addicted American Idol generation will be begging Uncle Sam for a plan to "rescue" their 401k money.

38 posted on 02/27/2011 11:36:51 AM PST by Zeddicus
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To: Zeddicus

It is rather convenient the new rules go into effect just as the ME is going into revolution mode.

There are major market players here moving chess pieces we cannot see.

You are correct, the public will hand over their 401k, IRAs, etc. and never realize they did it at the point of the gun.

What many won’t realize it is a piggy bank of no return. It will go in, but will never come back out...no matter how badly you need YOUR money. The government will dole it out to you as they see fit. Not even after you retire will you gain any measurable access to your retirement funds. That life-long trip you wanted to take...forget about it...all your funds go into an annuity, doled out and managed by...government unionistas.


39 posted on 02/27/2011 12:06:28 PM PST by EBH ( Whether you eat your bread or see it vanish into a looter's stomach, is an absolute.)
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To: ErnBatavia

Really? The democrats got away with raiding the SS funds without much turmoil, didn’t they? Or am I thinking of something else?


40 posted on 02/27/2011 2:32:42 PM PST by doorgunner69
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To: doorgunner69
Yes, really.....you're talking apples - I'm talking oranges. Can you imagine ANY voter seeing his own, personal, banked stash plucked by the 'government' and putting up with it?

Yeah - ain't happening.

41 posted on 02/27/2011 2:48:19 PM PST by ErnBatavia (It's not the Obama Administration....it's the "Obama Regime".)
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To: originalbuckeye

sfl


42 posted on 02/27/2011 3:03:02 PM PST by phockthis
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To: ErnBatavia

I believe it would start a shooting war in this country. Theft cannot be made law and survive..democrats would be the first to go...


43 posted on 02/27/2011 6:34:30 PM PST by goat granny
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To: originalbuckeye; blam; Quix; Alamo-Girl; M. Espinola; whitedog57; stephenjohnbanker
The time to wake up is long over . . .

Cunfiscation is a Done Deal Ahready !

44 posted on 06/11/2012 4:30:27 PM PDT by ex-Texan (Ecclesiastes 5:10 - 20)
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