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Fox: Government considering adding taxes 401Ks
Fox News Channel (live) | 4/23/12

Posted on 04/23/2012 6:14:59 AM PDT by pabianice

Per Stuart Varney, the "Government" is considering ways to tax some or all of your 401K to raise approximately $462M. This would be a new tax on top of whatever taxes you would already owe. Interesting.


TOPICS: Your Opinion/Questions
KEYWORDS: 401k; vanity

1 posted on 04/23/2012 6:15:02 AM PDT by pabianice
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To: pabianice

With a Republican majority in the House? Not very likely.


2 posted on 04/23/2012 6:16:53 AM PDT by proxy_user
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To: pabianice

It has been in the make for years. Another change being speculated is that IRAs will not be transferrable upon death. We stopped contributing several years ago.


3 posted on 04/23/2012 6:17:39 AM PDT by greatvikingone
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To: pabianice

No safe place from the tax man.


4 posted on 04/23/2012 6:20:33 AM PDT by baddog 219
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To: pabianice

462M? They’re pretty accurate when they have to be. Looks like another distraction.


5 posted on 04/23/2012 6:21:55 AM PDT by ILS21R (John Locke: When the social contract is broken, the people must revolt.)
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To: pabianice

They do that and it’s Civil War II.


6 posted on 04/23/2012 6:22:57 AM PDT by dfwgator (Don't wake up in a roadside ditch. Get rid of Romney.)
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To: pabianice

Taxing my 401K would turn it into a Roth IRA.


7 posted on 04/23/2012 6:23:15 AM PDT by rawhide
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To: pabianice

So much for the lie that anyone who makes less than $250,00(or was it $200,000) won’t pay a dime more in tax. I bet union run pension plans will be exempt from any new tax.


8 posted on 04/23/2012 6:25:57 AM PDT by The Great RJ
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To: The Great RJ

They’ll get waivers!


9 posted on 04/23/2012 6:30:24 AM PDT by Army Air Corps (Four Fried Chickens and a Coke)
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To: pabianice

The money grubbing feral hogs in Washington never sleep.


10 posted on 04/23/2012 6:31:47 AM PDT by Iron Munro (If Repub's paid as much attention to Rush Limbaugh as the Dem's do, we wouldn't be in this mess)
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To: pabianice

For only $462M? That’s a drop in the bucket...so why bother. Bet it’s more like $462 Billion, perhaps? Either way, they’re going to try and do whatever they can to confiscate more of America’s wealth. Never any mention, though, of cost cutting, correct?


11 posted on 04/23/2012 6:33:10 AM PDT by nfldgirl
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To: greatvikingone
“Another change being speculated is that IRAs will not be transferrable upon death. We stopped contributing several years ago.”

Smart.

How anyone in their right mind can put their trust in government is almost inconceivable.

That they think they have a right to your money underscores that they think they have a right to your time and efforts. Essentially, they think they own you. Tell me how that interpretation is incorrect.

The sustainability of the US as a nation has been largely predicated on the ability of individuals to jump socioeconomic class based on their own efforts. The resentful among us want this to stop.

12 posted on 04/23/2012 6:33:43 AM PDT by pieceofthepuzzle
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To: greatvikingone

Google “Teresa Ghilarducci” and learn why she’s been called The Most Dangerous Woman in America.

The eventual plan is to seize all 401K assets and replace them with a “guaranteed” Federal pension for everyone. One that is “fair”.


13 posted on 04/23/2012 6:35:20 AM PDT by Buckeye McFrog
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To: pabianice

They want to raise $462 Million? For what? You can’t even buy a baseball team with that. In the grand scheme of government spending, $462M is an awfully small, awfully specific number. The bailout alone was $700 Billion.

This is a trial balloon. It’ll never get past the House.

SnakeDoc


14 posted on 04/23/2012 6:37:05 AM PDT by SnakeDoctor ("I've shot people I like more for less." -- Raylan Givens)
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To: pabianice
to raise approximately $462M.

Wow! That's like $1.50 for every man, woman and child in the US! That's hugh! I'm series!

15 posted on 04/23/2012 6:39:44 AM PDT by Onelifetogive (I tweet, too... @Onelifetogive)
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To: pabianice

Investment killing government thugs...apparently they can’t see the unintended consequences of this nonsense. Or perhaps that’s what they’re counting on?


16 posted on 04/23/2012 6:41:48 AM PDT by Mich Patriot (We can't have economic progress...there is a slug somewhere that needs to be saved. MP)
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To: pabianice

462 million is what, about an hour’s worth of interest accumulation on the Federal deb?


17 posted on 04/23/2012 6:42:46 AM PDT by circlecity
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To: proxy_user

Not sure on that. The Pubbies are just as money hungry as the Democraps. I stopped contributing to my 401K for some time now. I rather do my own saving than having the government do it for me.


18 posted on 04/23/2012 6:43:42 AM PDT by Patriot Babe
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To: pabianice

They’re already using the postal workers’ retirement funds as a source of money to support the Congress’s lack of fiscal discipline, endangering the future of the US Postal Service.


19 posted on 04/23/2012 6:44:17 AM PDT by Colonel Kangaroo
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To: pabianice

This is something that they have been talking about for a while. I didn’t know about making the IRA’s non transferrable upon death though. We have been watching and have considered pulling the money out and paying the taxes on it if they are going to do it anyway.


20 posted on 04/23/2012 6:45:48 AM PDT by she geek
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To: pabianice
prior thread from Sunday on NY Post article.

Plus Wall Street Journal article on it.

21 posted on 04/23/2012 6:46:33 AM PDT by PapaBear3625 (In a time of universal deceit, telling the truth is a revolutionary act. - George Orwell)
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To: pabianice

this all-out war for 462 million?


22 posted on 04/23/2012 6:48:19 AM PDT by Principled
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To: Principled

They’re just floating this,
but they will try to do anything, as the time grows short,
to keep their balls in the air to milk out as much money and power from the people as possible.

I heard an interview with a guy that cashed out all of his retirement and put it 100% into junk silver coins, anticipating a total economic collapse.


23 posted on 04/23/2012 6:51:48 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: pabianice
The eventual plan is to seize all 401K assets and replace them with a “guaranteed” Federal pension for everyone. One that is “fair”.

****************

I've been waiting for them to try this for years.

The pool of money in 401(k) and IRA accounts is ginormous. There's no way the looters in D.C. can avoid thinking and dreaming about such a treasure chest.

But they won't make their grab directly. That would draw too much heat.

Instead, they'll tack an amendment onto a "mom-and-apple-pie" type of bill, or a Defense appropriations bill, then we'll wake up one morning with the bill already signed and the trucks backing up to our financial institutions.

Vigilance.

24 posted on 04/23/2012 6:57:33 AM PDT by DNME (A monarch's neck should always have a noose around it. It keeps him upright. — Robert Heinlein)
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To: DNME
The pool of money in 401(k) and IRA accounts is ginormous.

What do you think has been propping up the stock markets?

25 posted on 04/23/2012 6:59:54 AM PDT by central_va ( I won't be reconstructed and I do not give a damn.)
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To: DNME

All they have to do to steal all that money is inflate and default the currency.

There’s no reason to take it through taxation or anything else that anyone understands.


26 posted on 04/23/2012 7:00:41 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: central_va

Ah... “Rich Dad’s Prophecy”.


27 posted on 04/23/2012 7:01:17 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: pabianice
401K
28 posted on 04/23/2012 7:02:13 AM PDT by A.A. Cunningham (Barry Soetoro is a Kenyan communist)
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To: The Great RJ
I bet union run pension plans will be exempt from any new tax.

Nice crystal ball you have there.

Actually Donna Shalala, Clintons Secretary of HHS, suggested this around 1993. Clinton, who was no political Kamikaze, told to STFU about it, and she did for the next eight years. Romney should tie this to Obama, no matter how tenuously, if he wants to win the whitebread suburbs. Nothing will peal off white collar twits as fast as messin' with their nest eggs.

29 posted on 04/23/2012 7:02:58 AM PDT by Lonesome in Massachussets (Queeg Olbermann: Ahh, but the strawberries that's... that's where I had them.)
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To: pabianice

I saw a similar article over the weekend. Not that I wouldn’t put it past a liberal Democrat to want to seize 401(k) monies, they did not name names in the reference. The did that the the “government” and “Uncle Sam” wanted to get their hands on our 401(k)s. Who, specifically?


30 posted on 04/23/2012 7:22:58 AM PDT by Lou L (The Senate without a filibuster is just a 100-member version of the House.)
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To: proxy_user
With all of the stay home haters here at FR, Obama will have a House majority too.

Either that, or he will implement by fiat, as he continues inventing “executive privilege”.

31 posted on 04/23/2012 7:38:29 AM PDT by G Larry (We are NOT obliged to carry the snake in our pocket and then dismiss the bites as natural behavior.)
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To: pabianice

Look it cost money to support all the deadbeats scamming Social Security Disability in inner city neighborhoods... That money’s got come from somewhere... why not the savings of responsible people?


32 posted on 04/23/2012 7:40:31 AM PDT by GOPJ (Hoodies - because you can't kill a security camera for snitchin' - - freeper tacticalogic)
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To: G Larry

“With all of the stay home haters here at FR, Obama will have a House majority too.
Either that, or he will implement by fiat, as he continues inventing “executive privilege”.

Worth repeating.


33 posted on 04/23/2012 7:52:51 AM PDT by Optimom
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To: pabianice

Don’t do it.


34 posted on 04/23/2012 7:53:11 AM PDT by CPT Clay (Pick up your weapon and follow me.)
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To: Onelifetogive
Wow! That's like $1.50 for every man, woman and child in the US! That's hugh! I'm series!

The point is to get the camel's nose into the tent.

35 posted on 04/23/2012 7:55:02 AM PDT by dfwgator (Don't wake up in a roadside ditch. Get rid of Romney.)
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To: central_va

HF trading and bailout money?


36 posted on 04/23/2012 7:57:24 AM PDT by Axenolith (Government blows, and that which governs least, blows least...)
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To: pabianice

I just buy junk silver. It’s getting bulky, though.


37 posted on 04/23/2012 7:58:04 AM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: pabianice
Je$$ee Jack$on was pushing for this - to take all that "idle" money and "invest" it in "infrastructure".

What % return do I get on a government-built bridge?

38 posted on 04/23/2012 8:49:32 AM PDT by Mannaggia l'America
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To: pabianice

The problems is that if the Feds want this pot of gold, they will have to go through a minefield. Never mind the political and possible armed resistance to acheive such an aim. If nationalization is seriously considered, the market value of these investments will plunge, so there will be much less to confiscate. There would be a rush to pull out money from these funds and banks in general. Overseas investors would evaporate overnight. A stock market crash would also destabliize the currency, the government would have trouble borrowing money leading to inflation. Markets would be very unstable world wide and civil strife would ensue.
So if the government tries to tamper with these funds even in a small way, all hell will break lose.


39 posted on 04/23/2012 9:08:08 AM PDT by grumpygresh (Democrats delenda est; zero sera dans l'enfer bientot.)
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To: Onelifetogive

It’s $462B. Sorry.


40 posted on 04/23/2012 9:27:09 AM PDT by pabianice (ame with)
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To: grumpygresh

IMHO, if Barry gets a 2nd term, he’ll just seize the accounts via Executive Order.

The Obots will nod and say “thank you sir, may I have another?”


41 posted on 04/23/2012 9:27:49 AM PDT by TurboZamboni (Looting the future to bribe the present)
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To: MrB

I think you’re right. Inflation is the hidden tax and wealth destroyer that pols love best.

Close 2nd in popularity and usefulness to the big spenders in the District of Corruption would probably be income tax withholding from paychecks.


42 posted on 04/23/2012 9:36:52 AM PDT by TurboZamboni (Looting the future to bribe the present)
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43 posted on 04/23/2012 9:50:17 AM PDT by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list)
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To: pabianice

Ironic—the thread number of this article is 2875401.....


44 posted on 04/23/2012 10:16:48 AM PDT by ridesthemiles
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To: pabianice

$$$ 462 Million won’t run this government for one full day.


45 posted on 04/23/2012 10:18:02 AM PDT by ridesthemiles
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To: DNME

then we’ll wake up one morning with the bill already signed and the trucks backing up to our financial institutions””

NO trucks needed——electronic transfers only will be done.

Argentina took over $69 BILLION just about 3 years ago. Electronically over a weekend.


46 posted on 04/23/2012 10:30:35 AM PDT by ridesthemiles
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