Brilliant! Transfer more money from the productive to the non-productive sector!
If word gets out, he’ll lose the 50+ vote altogether.
Leni
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
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!
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.
‘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?
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
Lenin would be so happy.
Arrgghhh! My eyes!
Too early for such a horrible sight.
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.[1]
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.
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.
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!
Note the FUNDING for this bill includes
• change the treatment of individual retirement account distributions after death, resulting in $4.648 billion from FY 2014 - FY 2022.
The Georgetown Climate Center provides an excellent 18-page section-by-section summary.
Page 16
http://www.georgetownclimate.org/sites/default/files/GCC%20MAP21%20Summary%5B1%5D.pdf
Title III-–Revenue Provisions
This title provides the $10.5 billion needed to fill the gap between the $109 billion total authorization and $97.5 billion available from the HTF. The bill would”
• authorize $3 billion to be transferred from the leaking underground storage tank trust fund (LUST) to the HTF immediately, as well as $683 million of future LUST fund revenues (over 10 years);
• provide for a transfer of $698 million (over 10 years) from the gas guzzler tax from the general fund to the HTF;
• increase penalties for tax delinquency by authorizing the revocation or denial of passports in case of certain unpaid taxes or tax delinquencies, resulting in approximately $743 million (over 10 years);
• prohibit the claiming of cellulosic biofuels credit for certain unprocessed fuels, resulting in approximately $1.6 billion (over 10 years);
• allow the Treasury to levy up to 100 percent of the payment to a Medicare provider to collect unpaid taxes, resulting in approximately $841 million (over 10 years);
• allow the transfer of future import tariffs on automotive products, resulting in $4.52 billion from FY2012-2016;
• change the tax treatment of securities of a controlled corporation that are exchanged for assets as part of certain types of corporate reorganizations, resulting in $244 million (over 10 years);
• enable the internal revenue service to levy a federal employee’s thrift savings account to satisfy tax liabilities, resulting in approximately $25 million (over 10 years); and
• change the treatment of individual retirement account distributions after death, resulting in $4.648 billion from FY 2014 - FY 2022.
MAP-21 Moving Ahead for Progress in the 21st Century Act
http://epw.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=20f89548-8b2e-4498-89f7-c9f4ff22484f
is headed to the House after clearing the Senate last month
This bill has everything they need to confine us to the cities. This bill and the recent EO about infrastructure http://en.wikisource.org/wiki/Executive_Order_13604
and the previous one dated March 15 about cities
http://theintelhub.com/2012/03/21/obama-executive-order-the-takeover-of-municipalities-drowning-in-debt/
Agenda 21
Buy less house than you can afford and choose not to use it as an ATM for toys and vacations you can't afford?
We'll take your money and pay off other people's mortgages.
Saved for your retirement instead of spending every dime you ever made?
We'll tax your savings and if you still have any left, we'll 'means test' Social Security and give you less than someone who made the same amount as you, but was irresponsible.
Why don’t they just come out and admit they want ALL the Money and No One Else can have any? Why don’t they admit they want to enslave the western world into the communist-like islamic caliphate that they dream about being some of the Top *officials of. They get it ALL and the rest are slaves.
(Note: I couldn’t think of anything more insulting then the word officials as I didn’t want to insult dogs, clowns, sloths or slobs.)
Flash stock market crash and bank run. After the market crashes, the funds will only be worth half their previous value if that. This is like the government confiscating people’s homes and then being surprised when they’ve been destroyed or burned down before actually taking possession.
I have taught my children to follow my example and stay away from government “sponsored” retirements such as IRA’s and 401K plans. Just invest the money (after taxes) themselves...you cannot trust the government to not steal this money down the road, they have no morals and no ethics. Stay independent! That means (for you anti-Romney “conservatives”) stay away from the government as much as you possibly can.