Skip to comments.Feds eye retirement-fund tax to cut $16 trillion-plus deficit (Obama's war on savers)
Posted on 04/22/2012 4:44:53 AM PDT by jimbo123
Uncle Sam, in a desperate attempt to fix its $16 trillion-plus deficit, is leering over Americans retirement nest egg as its new bailout fund.
Capitol Hill politicians are assessing tax changes that could let the Internal Revenue Service lay claim to a portion of the $18 trillion sitting in 401(k) accounts and other tax breaks used by middle-class workers, including cutting the mortgage tax deduction.
(Excerpt) Read more at nypost.com ...
Brilliant! Transfer more money from the productive to the non-productive sector!
If word gets out, he’ll lose the 50+ vote altogether.
Looks like the bullies who take lunch money in the school yard are getting very, very restless. (There’s no telling where their exercise of power will end.)
Giving people a huge incentive to save for retirement.
Argentina to nationalize private pension funds
Oct 21, 2008
Argentine President Cristina Kirchner moved Tuesday to nationalize 30 billion dollars in private pension funds, saying it was necessary to protect retirees in the global financial crisis.
Does not matter what obamma wants! He is not going to get this as long as the Republicans control the House. No Executive Order will help him here!
Portugal raids pension funds to meet deficit targets
Portugal has raided 5.6bn (£4.8bn) of pension fund assets in a controversial scramble to meet its deficit targets.
02 Dec 2011
SAVING MONEY IS COUNTERREVOLUTIONARY.
Mitch McConnell and John Boehner also support the 401K raids. It will happen next year under Obama or Romney.
More like lose the 30+ vote.
They have the most to lose if their future retirement options become enlaved in yet another govt-mismanaged “trust fund” ponzi scheme.
Doe anyone still believe in that lockbox? Looked inside it lately?
Any govt that wants to confiscate wealth on this scale needs to be totalitarian, or trusted. Now where do you think our Congress and WH stand?
and oh, the word will get out. The stock market, real estate and financial industry will love this
50+ don’t vote much for Zero anyhow. Makes them a likely target for stealing their retirement funds or cutting off their healthcare.
They don’t want us to invest our own money so that we can be self sufficient. They want us beholden to them for the handouts that they deem are sufficient. That way they stay in power.
I can’t post the pic of her at this site.. Boy has she ever changed or the pic with O’Bummer was photo shopped...
Read the article below. O’Bummer is following her plan!
Argentina’s oil takeover riles investors... April 17, 2012
President Cristina Fernandez made Spain furious by decreeing that her government will recover YPF by expropriating Repsol’s majority stake in the company.
Fernandez, who already nationalized Argentina’s flagship airline and private pension funds, said her aim is nothing less than to recover her country’s sovereignty. She accused Repsol of provoking an energy crisis by exporting too much of Argentina’s oil and failing to invest locally even as it paid huge dividends abroad.
Re-nationalizing YPF is a gamble that could boost her popularity ratings, which dropped from 70 percent in January to 50 percent in April, according to the Poliarquia tracking poll, following a scandal involving her vice president, soaring inflation, a cooling economy, reductions in utility and transportation subsidies and a deadly train crash.
Crowds turned out Tuesday to cheer the move, including a group that briefly invaded a YPF plant in La Plata and replaced a Repsol flag with Argentina’s
“Argentina’s reputation is going to suffer a lot and many investments will be lost,” Berensztein predicted. “I don’t think Argentina has a socialist ideology like Chavez’s Venezuela but it is evidently becoming more radicalized and in both cases the state will continue to intervene in companies.”
The takeover comes after months of pressure on YPF to increase its Argentine oil and gas production. Provincial governments have rescinded YPF licenses in major oil fields, alleging the company broke its contracts by failing to invest more. Repsol denies this, saying it has invested billions in the fields over the years, and planned to ramp up production even more.
Energy-rich Argentina has gone from being a major exporter of natural gas and oil to a major buyer of expensive energy imports that erode its trade surplus, which has helped sustain Argentina’s high economic growth over the past nine years.
Repsol President Antonio Brufau dismissed the criticism and accused Fernandez of trying to cover up Argentina’s economic and social ills with the “unlawful” expropriation, which caused the group’s shares to plunge more than 7 percent on Tuesday. He said the company aims for compensation of at least $10.5 billion.
REMEMBER GULLABLE AMERICANS, IN EVER SPEECH HE IS FOR THE MIDDLECLASS. These criminals must be stopped and look who we have........................... The rino GOP are the rats in sheeps clothing. Where oh where does a conservative turn?
‘In other words, the employee and employer would no longer get a deduction under the Gale plan, they would qualify for a credit. And the credit would increase [government] revenues by about $458 billion, Gale says.’
An economist is making a prediction about how much money the gov’t is going to make off of us by introducing a new tax. I wonder if he accounts for the change in behavior we’ll make to counter his tax increase?
They are still looking to steal more rather than cut the size and scope of the monster Federal government. Sick.
Another excerpt from the article:
The measure is likely to win swift approval in Argentina’s congress, where Fernandez counts on a majority in both houses. But analysts say the government lacks the resources to pay what Repsol is demanding while also maintaining a populist spending spree. The state may turn to central bank reserves or state pension funds to pay off Repsol, but will likely need deep-pocketed partners to exploit its shale reserves.
The biggest loser besides the citizens who contribute to 401(k) plans is going to be Stock market aka “Wall Street”. They have become addicted to the biweekly or monthly infusion of cash from the 401(k)s. I expect the market to spiral down in flames if this comes to pass.
I am not thinking of just additional taxes on 401(k)s, I’m thinking of confiscation of the principle assets and the “conversion” to GIRA’s administered by the treasury, for our own good naturally./Sarc