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 ...
Does not matter what the law says! Obama is not going to be constrained by such meaningless notions. No "Constitution" will stop him here!
She has thyroid cancer.
It would also tank the equities markets. People would bail out in droves.
The man is insane.
Lenin would be so happy.
That’s what the Roth Ira does. I’m getting closer to retirement (probably early) but a few years away from that magic 59 1/2. I use my Roth for my some of my more speculative stock trades. If I have a big winner there, there will be no capital gains tax. I call it my ‘can’t touch this’ account. At least it is for now. And I watch any proposed legislation like a hawk on IRAs.
It has already started. The Department of Labor is extending their powers under ERISA laws in ways that were never intended. Congress could stop them but since the Dems still control the house nothing is happening.
Arrgghhh! My eyes!
Too early for such a horrible sight.
....reminds me of the old Vietnam War chestnut: "We had to destroy the village, to save it."
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 Argentinas high economic growth over the past nine years.
We don’t get our oil dependence problems solved by pumping our own oil without self serving conditions on the leases. That oil is sold on global market and there is no loyalty to Americans by oil companies. They are in business to make as big of a profit as they can, not help provide us with a reliable National source of oil supply.
They will sell the oil pumped here to whoever pays the most (China, India, Europe, Russia, etc.). We will still be trying to get oil from foreign sources. Argentina gets no advantage for the land rape and pollution pain in the watooey of the oil industry in their Nation.
Hear my prayer, oh Heavenly Father: May she die from it, Lord, in untold agony. May her days of suffering be long, and painful, and may she linger in the throes of agony for years, and years. Torment her, Lord, and take from her any peace and love and joy, as she has taken from her Argentinian countrymen.
Might be what it takes to get little old ladies armed and in the streets. Taxing retirement funds at a higher than agreed upon rate can destroty the lifestyles of those who planned for them with these monies.
Gerald R. Ford... August 12, 1974.
-—Read the article below. OBummer is following her plan!——
Let’s nationalize industry! Ok,, it hasn’t worked the last thousand times it’s been tried, but maybe this time.
Personally, I’d like to see them remove the mortgage tax reduction. But there is no way they can do it, for the same reason there is no way they can increase interest rates:
It would devastate a housing market that is STILL weakening.
They are stuck. Ultimately, the only way out of this mess will be to monetize the debt (i.e. enter hyperinflation).. that will cause WWIII, but no “austerity” or other measure will be politically doable.
The Roth Ira does that until the goverment changes the law and decides to grab some of it.
Just the thought of this could tank the Stock Market as retirement investing stops and there is a massive sell-off as 401k are cashed in now to better take the tax hit now then later when it could be worse.
All those with brains had been speculating for quite some time as to exactly when this would happen, not if.
I moved to a nice farm in Kentucky with a new house. If my entire house payment was interest (it’s not anywhere close to it) I would still take the standard deduction. The deduction for interest on home loans is only a selling point in blue counties where home prices went through the roof. And now that house prices are STILL tumbling in those areas and interest rates are flopping around on the floor, more and more people find themselves in the same position.
IOW, the interest deduction is looking more and more like a handout to the rich an upper middle class. I say that because compared to most people around me, I’m “rich”, yet my house payment, with interest, would have to triple or even quadruple to allow me to get more of a deduction than the standard deduction.
-—They will sell the oil pumped here to whoever pays the most (China, India, Europe, Russia, etc.).-——
-—We will still be trying to get oil from foreign sources.-—
Depends what the price is.
-—Argentina gets no advantage for the land rape and pollution pain in the watooey of the oil industry in their Nation.-—
No advantage? Energy independence is vital for any nation’s security. Additionally, oil exports produce foreign revenue.
Is pollution from oil a problem in the US? Why would it have to be in Argentina?
Earlier I heard “Don’t count on Social Security being there for you”. Now they want my 401K. All to feed a bunch of useless mouths who have never produced anything of value. F-— THEM ALL!