Skip to comments.Which Executive order Allows the Gov't to Confiscate 401Ks?
Posted on 02/27/2011 8:23:52 AM PST by originalbuckeye
Which executive order will allow the Feds to take our savings?
Not law, but the democrat party parasites’ dream for years.
The House now stands in the way.
Here’s an interesting read:
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....
oops...I should have added that my link is from 2008.
Relax, that is not the case.
The discussion was originally here:
On the upside, folks, here is a Great Article about the U.S. today:
Ain’t happening....talk about political suicide. Attempting such a maneuver would permanently bury the ‘rat party forever.
Øbama beleives he’s too big to fall . . .
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.
That's for damn sure!
FDR confiscated gold using an executive order, I wouldn't doubt Sheik Hussein would try the same thing.
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.
Executive Order? We don’t need no steekin’ Executive Order...
IIRC, it was Executive Order 7.62
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.
Its sometimes referred to as the 2011 national budget.
If you mean, "That'll never happen here" then count me out.
This is going to go the way of student loans...You will deal with the government bank...Basically...another SS program.