Skip to comments.Obama Begins Push to Confiscate IRA’s & 401k’s
Posted on 11/16/2012 11:45:13 PM PST by rocksandbroncs
It may be time to take the tax hit and withdraw funds from private retirement accounts before they are forced into long term T-bonds.
The Obama administration is reportedly quickly moving on plans to nationalize private 401k and IRA retirement accounts, and replace them with government sponsored annuities(aka Treasury bonds that the Treasury currently cant sell to anyone but the Fed).
National Seniors Council Director Robert Crone warns: This whole issue is moving forward very quickly. Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employees paycheck would be automatically deducted and deposited into this account. If this passes, the government will be just one step away from being able to confiscate all these retirement accounts.
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More fearmongering from bullion peddlers?
Obama stated that anyone with enough money for a retirement account didn't need a tax subsidy (tax free IRA).
The proposal was that to qualify for tax free exemption, the account must contain equal amounts of U.S. treasury bonds.
Has to pass the House.
I will watch this VERY closely, but my initial response is this has to be fake or exaggerated.
If this is true this is THE FINAL STRAW before the government owns us. It will change everything and all the rules will be re-written.
It is completely unacceptable if true.
Not this again. Confiscation is not going to happen.
Not with an Executive Order that won't be over ridden by a compliant Senate. We don't need no stinking House.
If it were still America it would have to pass the House.
Income has dropped under the Obama economy. Some states have raised taxes. Obama has raised some taxes. People have no income left to invest after they pay their bills.
Those people who do have a little money are paying down debt before the dollar implodes and the USA defaults on its debt.
Individual IRA and 401k are the only means the middle class has of making up for the failure of the Social Security System to provide adequate retirement income.
If that dumb bell thinks it favors the rich, slap a restriction on the rich dudes they'll find a way to make money anyway.
Poor people may not have money to invest, but with redistribution they seem to do ok when it comes to fancy cars, cell phones, big screen TVs, medicaid, food stamps/food.
Maybe if they would restore the work requirement, people would work and draw less welfare and the people supporting them could keep some of the money they make instead of redistributing it.
How is it fair for someone to work 16 hour days, and have the government take that money for politicians to give out to buy votes?
Also, the TAX we know as 0bamacare was started in the House.. Sort of.. When the Senate got a House Bill and gutted it then passed the new Bill. Could see the same Senate TRICK with this Bill. Is there a law that says the Senate can’t gut a House Bill then pass it as something entirely different? Should be!
Don’t bet on that! This idea was first floated when Clinton was POTUS, they didn’t do it because they feared the populace would literally string up members of Congress from streetlights & tree limbs . If this gets passed Congresscritters getting shot by blue hairs at town hall meetings might be a good thing.
Not “confiscation” simply redefine what is allowed & what is allowed is YOU get to roll over you retirement account into Double E savings bonds by decree or else you get to pay extra high taxes on the accounts as a way to “nudge “ you to do what the junta wants you to do.
They might implement this as part of future 401k/IRA investments, but I seriously doubt they will even present a bill to touch existing funding. This is one area where the people will rise up against their own.
I believe it eventually will happen.
In January 2015 when the Democrats retake control of the House, it won’t be a problem.
I distinctly recall that dingbat Liz Warren yapping about this years ago. If I can find a link to it, I’ll share.
Just talked to my FA today about this crap and the advice for now is, do nothing.
Much of the push toward 401(k)s was not driven by ordinary workers. It was driven by CEOs looking for tax protection in order to maximize the value of their retirements. If you read the legislative history of the 401(k), it’s clear this was a tax break for the folks who made lots and lots of money. That’s the irony. What it was designed for and what it’s being put to use for are totally different from each other. Elizabeth Warren
You pay income taxes on your IRA when you withdraw from it..the crappy government now makes you withdrawl money bases on your protected life span....I have to draw out more than I need, so when my grandkids come around I give the 50 or 100 dollars...........