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Fiscal Cliff: Why Congress Might Have to Mess with the 401(k)
Time ^ | 11/29/12 | Dan Kadlec

Posted on 11/29/2012 11:20:58 AM PST by Perdogg

One of the earliest fears about tax-favored savings accounts like IRAs and 401(k) plans was that when this pool of savings grew large enough Congress would not be able to resist tapping it to help solve the nation’s debt problems. We’re about to find out if those fears—persistent for decades—have been justified.

Everything including the sacred mortgage deduction is on the table as lawmakers wrestle with the fiscal cliff, a year-end avalanche of scheduled spending cuts and tax increases. With a combined $10 trillion sitting in IRAs and 401(k) plans, retirement accounts make a juicy target. Some of this money has never been taxed, and under current law never will be.

(Excerpt) Read more at business.time.com ...


TOPICS: Breaking News; Business/Economy; News/Current Events; Politics/Elections
KEYWORDS: 0bamanation; 112th; 401k; apieceoftheaction; bho44; corruptbastards; debt; fairness; ghilarducci; nationalization; pension; pigford3; redistribution; retirement; savings; spending; spreadthewealth; taxandspend; theft; waivethis
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Suckers.......
1 posted on 11/29/2012 11:21:01 AM PST by Perdogg
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To: Perdogg

Go flat tax with no deductions.


2 posted on 11/29/2012 11:23:43 AM PST by DonaldC (A nation cannot stand in the absence of religious principle.)
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To: Perdogg

Who? Those of us who took advantage of our employer 401(k) plans or the legislators who want to tax it?


3 posted on 11/29/2012 11:24:15 AM PST by rarestia (It's time to water the Tree of Liberty.)
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To: Perdogg

She said “spread the wealth”.


4 posted on 11/29/2012 11:24:40 AM PST by massgopguy (I owe everything to George Bailey)
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To: rarestia

The people who voted for 0bama and Dems.


5 posted on 11/29/2012 11:26:11 AM PST by Perdogg (Rep. Tom McClintock (R-CA4) for President 2016)
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To: Perdogg

The Federal govt already mandates minimal 401K withdrawals after age 70(?) or impose a penalty.

They have their sticky fingers on money earned, money saved, money invested and inheritances to children.

You didn’t earn that - someone else deserves it - and we’ll decide who and how much.


6 posted on 11/29/2012 11:26:38 AM PST by sodpoodle (Life is prickly - carry tweezers.)
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To: Perdogg

I believe Time is incorrect. There’s closer to $17 trillion in retirement accounts.


7 posted on 11/29/2012 11:27:08 AM PST by DoughtyOne (Hurricane Sandy..., a week later and over 60 million Americans still didn't have power.)
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To: Perdogg

They’re going to take your 401(k).

It’s not fair that worked your ass off and saved your money and will get something for it, when so many sat on their asses playing WoW and won’t get anything.


8 posted on 11/29/2012 11:27:10 AM PST by Tzimisce (What do you do when every every branch of the government is corrupt and aligned against you?)
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To: Perdogg

Congress?

Or the ‘Rats?


9 posted on 11/29/2012 11:27:18 AM PST by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both)
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To: Perdogg

They do not have to do anything with them but, they do want to steal as much of them as they can.


10 posted on 11/29/2012 11:27:18 AM PST by Ratman83
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To: Perdogg

bkmk


11 posted on 11/29/2012 11:27:36 AM PST by Sergio (An object at rest cannot be stopped! - The Evil Midnight Bomber What Bombs at Midnight)
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To: Perdogg

Rush is covering this big time...


12 posted on 11/29/2012 11:28:12 AM PST by GSP.FAN (Some days, it's not even worth chewing through the restraints.)
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To: Perdogg

Many trial balloons are being floated with all of the hot air in D.C.


13 posted on 11/29/2012 11:28:37 AM PST by frogjerk (Obama Claus is coming to town!)
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To: sodpoodle

Keep it up Obama!...The second civil war is coming!


14 posted on 11/29/2012 11:28:37 AM PST by AngelesCrestHighway
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To: DonaldC

Just say the Bush’s tax cuts on the rich expire at the end of the year. There is the tax hike.

If Democrats and the MSM say it impacts everyone, remind them that that’s what they ran on for the last 8 years. Tax cuts for “Only” the rich.

And if they lied about that, did they also lie about WMD’s since they are blaming the intelligence community for its failure, is this the same intelligence community that reported on Iraq?

And on and on.


15 posted on 11/29/2012 11:28:37 AM PST by EQAndyBuzz (George W. Bush is the Emmanuel Goldstein of the modern era.)
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To: Perdogg

Fairness...


16 posted on 11/29/2012 11:28:46 AM PST by Eric in the Ozarks (In the game of life, there are no betting limits)
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To: Perdogg

17 posted on 11/29/2012 11:29:28 AM PST by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: Perdogg

Notice they’re referring to IRAs as well as 401k’s.

They’re going after the retirement savings of the diligent in order to pay for Baraqoclaus gifts to their choice recipients.

Now, demographically, who’s going to be “giving” and who’s going to be “receiving”, do ya think.

Google “rhetorical question” before you answer.


18 posted on 11/29/2012 11:29:36 AM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: Perdogg

The takers don’t have a big 401k, so neither should you, so sayeth Jaime Foxx’s lord and savior, Barack Obama.

If they want it, they’ll take it, and there’s not spit you can do about it.

Elections have consequences. But, as I’ve been hammered with the last day or so... Romney would do the same thing. Right?


19 posted on 11/29/2012 11:30:02 AM PST by brownsfan (Behold, the power of government cheese.)
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To: Perdogg

Why Congress Might Have to Mess with the 401(k)
>>>>>>>>>>>>>>>>

Confiscation of 401K and leave a promissory note?LOL.

Let them do it, and guaranteed there will be a violent revolt in arms all across the country.


20 posted on 11/29/2012 11:30:53 AM PST by Candor7 (Obama fascism article:(http://www.americanthinker.com/2009/05/barack_obama_the_quintessentia_1.html))
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