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.
(Excerpt) Read more at silverdoctors.com ...
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...........
Should have to take rifles out of our hands first here.
Executive orders are subject to judicial review and can be declared unconstitutional. The caveat being that someone has to bring suit in order for that review to occur.
Reporter: “Why do you rob banks?”
Willie Sutton: “That’s where the money is.”
Attacking Savings in any of its forms seems a natural to this Administration. Gotta have more to spread around.
Your words have iron in them.
but my initial response is this has to be fake or exaggerated.....They’ve been trotting this out since the ‘80’s. Was Jesse Jackson’s baby for years. I think you’d have heard a lot more of this if it is imminent.
Your 401K consists of a series of 1s and 0s on a computer backed up by your legal system.
After MF Global it’s evident that your legal system doesn’t give a damn about assets if they don’t belong to the right people.
Sell your 401K. Buy physical gold and silver and stand over them with a gun.
It isn't. I told a subcontractor to bill me more to cut profits. I'd rather it went there than to Obama.
If we continue with Boehner's leadership, you are probably correct. Boehner is going to huff and puff over Fiscal Cliff negotiations and then fold and allow higher taxes. He will lose and throw away conservative support and then the Democrats will win.
More fearmongering from bullion peddlers?Bingo!
Great advice! If one lives in a high tax state, cashing in the 401K is probably going to cost one close to 50% in taxes and penalties. That will require gold to double from current levels to break even on paper. If PM's drop by 50%, one will be out 75%..
If it were still America it would have to pass the House.
I never fell for the bait and simply saved money in my own accounts.
All of you have to keep in mind......if a plan is even mentioned in government circles, no matter what.....IT WILL EVENTUALLY BECOME LAW.
Executive orders are subject to judicial review and can be declared unconstitutional.
Have you looked at the “stacked” Supreme Court lately? Are these the judges you are speaking of?
What part of “the president has the power of kings” don’t you understand?
The percentage of “the people” who have significant private retirement savings is relatively small. We are the Kulaks. The who plan of the Marxist-Alinskys is to isolate us middle-class savers and small business owners and destroy us.
“The People” who will rise up will not be a large enough number to stop this. All that “rising up” will accomplish is to identify the kulaks and counter-revolutionaries so that their heads can roll.
It has been mentioned even before Bush was Prez - I still haven’t felt the need to liquidate my IRAs so I get a double benefit of having my cash and dining on government “cake”.
the “whole plan” not “who plan”
PMs will only drop when there is someplace BETTER to put the resource. There won’t be until Zero andhis minions are gone. He can rig elections but he can’t rig reality. Or “Money talks bullcrap walks”.
Exactly! Not confiscation. They are merely “guaranteeing” your retirement account. By making you put it all into T bills that the Fed buys...
....anyone know how the Roth is affected....thanks in advance
He won’t need to rig reality. If you reach a certain level of stupidity on the part of the people, class warfare talk can shift enough of the levers of power (he’s already stacked the lower levels of the judiciary) such as to permit him to stop rigging and start using force, i.e., to stop the Alinsky-ite subterfuges and just nakedly seize power.
I think you might add that getting .10 % interest on your CD’s is not conducive to saving either.
I don’t see them taking existing 401k’s or IRA’s. If it’s attempted, a uprising would likely be quite successful because those that would be enforcing such a takeover have them too, unless they exempt federal employee 401K’s.
If we have another market sell off, nothing is immune. Gold rebounded nicely from the last one, but that is no guarantee of future behavior..
Link doesn’t work for me.