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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.
With a Republican majority in the House? Not very likely.
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.
No safe place from the tax man.
462M? They’re pretty accurate when they have to be. Looks like another distraction.
They do that and it’s Civil War II.
Taxing my 401K would turn it into a Roth IRA.
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.
They’ll get waivers!
The money grubbing feral hogs in Washington never sleep.
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?
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.
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”.
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
Wow! That's like $1.50 for every man, woman and child in the US! That's hugh! I'm series!
Investment killing government thugs...apparently they can’t see the unintended consequences of this nonsense. Or perhaps that’s what they’re counting on?
462 million is what, about an hour’s worth of interest accumulation on the Federal deb?
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.
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.
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.
this all-out war for 462 million?
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.
****************
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.
What do you think has been propping up the stock markets?
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.
Ah... “Rich Dad’s Prophecy”.
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.
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?
Either that, or he will implement by fiat, as he continues inventing “executive privilege”.
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?
“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.
Don’t do it.
The point is to get the camel's nose into the tent.
HF trading and bailout money?
I just buy junk silver. It’s getting bulky, though.
What % return do I get on a government-built bridge?
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.
It’s $462B. Sorry.
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?”
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.
Ironic—the thread number of this article is 2875401.....
$$$ 462 Million won’t run this government for one full day.
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.
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