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Obama Begins Push to Confiscate IRAs & 401ks
Silver Doctors ^ | November 16, 2012 | The Doc

Posted on 11/16/2012 11:45:13 PM PST by rocksandbroncs

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The PutzOTUS will do anything to fund his big government tyranny. Keeping a diligent eye on our financial affairs is only one area that requires attention.
1 posted on 11/16/2012 11:45:24 PM PST by rocksandbroncs
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To: rocksandbroncs

More fearmongering from bullion peddlers?


2 posted on 11/16/2012 11:48:52 PM PST by eclectic (Liberalism is a mental disorder)
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To: rocksandbroncs
It was right in his 2008 campaign manifesto, long ago scrubbed.

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.

yitbos

3 posted on 11/16/2012 11:49:56 PM PST by bruinbirdman ("Those who control language control minds." -- Ayn Rand)
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To: rocksandbroncs

Has to pass the House.


4 posted on 11/16/2012 11:53:47 PM PST by cynwoody
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To: rocksandbroncs

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.


5 posted on 11/16/2012 11:54:35 PM PST by CCGuy (USAF (Ret.))
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To: rocksandbroncs

Not this again. Confiscation is not going to happen.


6 posted on 11/16/2012 11:58:16 PM PST by CatOwner
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To: cynwoody
Has to pass the House.

Not with an Executive Order that won't be over ridden by a compliant Senate. We don't need no stinking House.

7 posted on 11/17/2012 12:00:53 AM PST by fella ("As it was before Noah, so shall it be again,")
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To: cynwoody
"Has to pass the House."

If it were still America it would have to pass the House.

8 posted on 11/17/2012 12:04:36 AM PST by Obama_Is_Sabotaging_America (IMPEACH OBAMA)
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To: rocksandbroncs
It's real simple why Americans aren't saving as much as they should. The monetary policy has raised gas prices and food prices to double what they were in 2009.

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?

9 posted on 11/17/2012 12:05:38 AM PST by greeneyes (Moderation in defense of your country is NO virtue. Let Freedom Ring.)
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To: fella

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!


10 posted on 11/17/2012 12:07:45 AM PST by Obama_Is_Sabotaging_America (IMPEACH OBAMA)
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To: eclectic

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.


11 posted on 11/17/2012 12:14:30 AM PST by Nebr FAL owner
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Comment #12 Removed by Moderator

To: CatOwner

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.


13 posted on 11/17/2012 12:21:39 AM PST by Nebr FAL owner
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To: Nebr FAL owner

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.


14 posted on 11/17/2012 12:25:36 AM PST by CatOwner
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To: CatOwner

I believe it eventually will happen.


15 posted on 11/17/2012 12:26:24 AM PST by utahagen
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To: cynwoody

In January 2015 when the Democrats retake control of the House, it won’t be a problem.


16 posted on 11/17/2012 12:32:52 AM PST by Kickass Conservative (Win or lose, Impeach Obama Ben Ghazi...)
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To: Obama_Is_Sabotaging_America
They ( the left) will try to impose a tax on personal retirement accounts but I can only imagine the consequences.
17 posted on 11/17/2012 12:54:36 AM PST by ChiMark (America no more)
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To: rocksandbroncs

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.


18 posted on 11/17/2012 12:58:04 AM PST by AllAmericanGirl44 (Fluck this adminstration of misfits.)
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To: rocksandbroncs

“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


19 posted on 11/17/2012 1:02:12 AM PST by AllAmericanGirl44 (Fluck this adminstration of misfits.)
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To: ChiMark

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...........


20 posted on 11/17/2012 1:02:37 AM PST by goat granny
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To: rocksandbroncs

Should have to take rifles out of our hands first here.


21 posted on 11/17/2012 1:02:51 AM PST by Freedom of Speech Wins
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To: fella

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.


22 posted on 11/17/2012 1:34:05 AM PST by A.A. Cunningham (Barry Soetoro is a Kenyan communist)
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To: rocksandbroncs

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.


23 posted on 11/17/2012 2:07:17 AM PST by Makana
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To: greeneyes

Your words have iron in them.


24 posted on 11/17/2012 2:13:36 AM PST by onona (Don't mean nothin)
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To: CCGuy

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.


25 posted on 11/17/2012 2:14:25 AM PST by Safetgiver ( Islam makes barbarism look genteel.)
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To: eclectic

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.


26 posted on 11/17/2012 2:28:46 AM PST by agere_contra ("Government creates nothing" - Romney, 2012)
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To: greeneyes
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?

It isn't. I told a subcontractor to bill me more to cut profits. I'd rather it went there than to Obama.

27 posted on 11/17/2012 2:40:02 AM PST by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: rocksandbroncs

REVENGE
28 posted on 11/17/2012 2:42:39 AM PST by LibWhacker
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To: Kickass Conservative
"In January 2015 when the Democrats retake control of the House, it won’t be a problem."

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.

29 posted on 11/17/2012 2:47:32 AM PST by Truth29
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To: rocksandbroncs
It seems anything in print can be posted here. The result is a lot of wasted time and energy
30 posted on 11/17/2012 3:02:52 AM PST by paul51 (11 September 2001 - Never forget)
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To: eclectic
More fearmongering from bullion peddlers?
Bingo!
31 posted on 11/17/2012 3:10:30 AM PST by MN Doc
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To: agere_contra
Sell your 401K. Buy physical gold and silver and stand over them with a gun.

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%..

32 posted on 11/17/2012 3:36:56 AM PST by EVO X
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To: Obama_Is_Sabotaging_America

If it were still America it would have to pass the House.


You are absolutely right! This is not the America I grew up in and the Constitution is now a “living Constitution” based upon any changes the Fabian socialists wish to make to advance their cause.


33 posted on 11/17/2012 3:51:14 AM PST by DH (Once the tainted finger of government touches anything the rot begins)
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To: rocksandbroncs

401k/IRA investments


The minute they came up with this idea I knew that some day the government would come back to “reap the harvest” just like they did when they raided Social Security.

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.


34 posted on 11/17/2012 3:57:46 AM PST by DH (Once the tainted finger of government touches anything the rot begins)
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To: A.A. Cunningham

Executive orders are subject to judicial review and can be declared unconstitutional.


What a naive thought.

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?


35 posted on 11/17/2012 4:03:28 AM PST by DH (Once the tainted finger of government touches anything the rot begins)
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To: CatOwner

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.


36 posted on 11/17/2012 4:04:33 AM PST by Houghton M.
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To: rocksandbroncs

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”.


37 posted on 11/17/2012 4:04:42 AM PST by trebb (Allies no longer trust us. Enemies no longer fear us.)
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To: Houghton M.

the “whole plan” not “who plan”


38 posted on 11/17/2012 4:05:02 AM PST by Houghton M.
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To: EVO X

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”.


39 posted on 11/17/2012 4:05:52 AM PST by wastoute (Government cannot redistribute wealth. Government can only redistribute poverty.)
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To: Nebr FAL owner

Exactly! Not confiscation. They are merely “guaranteeing” your retirement account. By making you put it all into T bills that the Fed buys...


40 posted on 11/17/2012 4:07:20 AM PST by wastoute (Government cannot redistribute wealth. Government can only redistribute poverty.)
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To: DH; All

....anyone know how the Roth is affected....thanks in advance


41 posted on 11/17/2012 4:08:00 AM PST by spokeshave (The only people better off today than 4 years ago are the Prisoners at Guantanamo.)
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To: wastoute

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.


42 posted on 11/17/2012 4:10:19 AM PST by Houghton M.
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To: greeneyes

I think you might add that getting .10 % interest on your CD’s is not conducive to saving either.


43 posted on 11/17/2012 4:25:01 AM PST by Venturer
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To: spokeshave
....anyone know how the Roth is affected....thanks in advance

http://www.irs.gov/publications/p590/ch02.html

44 posted on 11/17/2012 4:25:23 AM PST by EVO X
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To: rocksandbroncs

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.


45 posted on 11/17/2012 4:26:13 AM PST by redfreedom (The spineless RINO's have made themselves irrelevent and lost the country for us.)
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To: CatOwner
People will rise up, the same people that get all their news from Pravda, the same people that put O back in office?
Nay they won't rise up, they will be told its’ good for the them, elderly & children. They will be told they are racist if they don't agree with it. They will be told they are greedy etc etc etc.
46 posted on 11/17/2012 4:31:50 AM PST by Strutt9
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To: CatOwner
People will rise up, the same people that get all their news from Pravda, the same people that put O back in office?
Nay they won't rise up, they will be told its’ good for the them, elderly & children. They will be told they are racist if they don't agree with it. They will be told they are greedy etc etc etc.
47 posted on 11/17/2012 4:32:05 AM PST by Strutt9
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To: Obama_Is_Sabotaging_America
Welcome to Omerika!
48 posted on 11/17/2012 4:32:46 AM PST by Darteaus94025
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To: wastoute
PMs will only drop when there is someplace BETTER to put the resource.

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..

49 posted on 11/17/2012 4:34:22 AM PST by EVO X
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To: rocksandbroncs

Link doesn’t work for me.


50 posted on 11/17/2012 4:37:39 AM PST by airborne (MY HEROES DON'T WEAR CAPES. MY HEROES WEAR DOG TAGS ! ! !)
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