Sort of like what the Hilde-beeste (Hillary) wanted when she wanted to take over people’s 401(k) plans. Give it back with just 3% interest and the government would keep the money.
Yes, that plan was actually proposed by Democrats in 2008 and has recently been revisited, with a few changes. The government wants to take over all current 401Ks and have the company matching share and the employee contribution, go directly to the government to be doled out later, with 3% interest added on. It would really hurt the stock market, not to mention the reduced rate of earnings. I guess if they pulled all the retirement savings accounts out of the stock market, you would be lucky to earn 3% on your savings.
Obama’s new plan, though, is his version of the Cyprus bank account seizures. He’s just warming up people to the idea. If he cannot get a tax increase on the wealthy, maybe he can persuade the public that the government should just force the wealthy to take their money out of the sheltered accounts and pay the taxes on them.