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Feds eye retirement-fund tax to cut $16 trillion-plus deficit (Obama's war on savers)
NY Post ^ | 4/22/12 | REGORY BRESIGER

Posted on 04/22/2012 4:44:53 AM PDT by jimbo123

click here to read article


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1 posted on 04/22/2012 4:44:57 AM PDT by jimbo123
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To: jimbo123

Brilliant! Transfer more money from the productive to the non-productive sector!

If word gets out, he’ll lose the 50+ vote altogether.


2 posted on 04/22/2012 4:48:01 AM PDT by St_Thomas_Aquinas (Viva Christo Rey!)
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To: jimbo123
Who is dat?

Leni

3 posted on 04/22/2012 4:50:18 AM PDT by MinuteGal
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To: jimbo123

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.)

IMHO


4 posted on 04/22/2012 4:51:45 AM PDT by ripley
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To: St_Thomas_Aquinas
My thought is just the opposite. After being in any retirement account for more then 10 years any money in there should be tax free.

Giving people a huge incentive to save for retirement.

5 posted on 04/22/2012 4:52:47 AM PDT by riverrunner
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To: MinuteGal

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.

http://afp.google.com/article/ALeqM5g6evsfTuYtN0gWlilNg2Y6DZD50A


6 posted on 04/22/2012 4:53:03 AM PDT by jimbo123
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To: jimbo123

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!


7 posted on 04/22/2012 4:56:38 AM PDT by rawhide
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To: MinuteGal

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

http://www.telegraph.co.uk/finance/financialcrisis/8932687/Portugal-raids-pension-funds-to-meet-deficit-targets.html


8 posted on 04/22/2012 4:58:58 AM PDT by jimbo123
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To: riverrunner

SAVING MONEY IS COUNTERREVOLUTIONARY.


9 posted on 04/22/2012 5:00:22 AM PDT by ichabod1 (Cheney/Rumsfeld 2012)
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To: rawhide

Mitch McConnell and John Boehner also support the 401K raids. It will happen next year under Obama or Romney.


10 posted on 04/22/2012 5:00:59 AM PDT by jimbo123
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To: St_Thomas_Aquinas

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


11 posted on 04/22/2012 5:01:40 AM PDT by silverleaf (Funny how all the people who are for abortion are already born)
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To: St_Thomas_Aquinas

50+ don’t vote much for Zero anyhow. Makes them a likely target for stealing their retirement funds or cutting off their healthcare.


12 posted on 04/22/2012 5:02:36 AM PDT by HangThemHigh (Entropy's not what it used to be.)
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To: jimbo123

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.


13 posted on 04/22/2012 5:03:04 AM PDT by illinifan (Vote Everyone Out!)
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To: jimbo123

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!

http://www.cbsnews.com/8301-202_162-57415544/argentinas-oil-takeover-riles-investors/

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.


14 posted on 04/22/2012 5:03:24 AM PDT by tired&retired
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To: St_Thomas_Aquinas

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?


15 posted on 04/22/2012 5:05:13 AM PDT by ronnie raygun (B B)
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To: jimbo123

‘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?


16 posted on 04/22/2012 5:06:36 AM PDT by AlmaKing
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To: illinifan


Mitch McConnell and John Boehner support the proposed 401K raids as well as the elimination of the mortgage interest deduction.
17 posted on 04/22/2012 5:07:15 AM PDT by jimbo123
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To: St_Thomas_Aquinas

They are still looking to steal more rather than cut the size and scope of the monster Federal government. Sick.


18 posted on 04/22/2012 5:07:20 AM PDT by SaraJohnson
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To: tired&retired

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.


19 posted on 04/22/2012 5:07:39 AM PDT by tired&retired
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To: jimbo123

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


20 posted on 04/22/2012 5:08:33 AM PDT by The Working Man
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