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.
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?
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
Should have to take rifles out of our hands first here.
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.
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.
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”.
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.
Link doesn’t work for me.
It’s hard to imagine this happening, IMO, because dems have all their savings in 401ks too. Not much would surprise me from the communist bastard occupier though. If this happens, all who support it should swing from a rope. Yep, dead freakin serious.
Nothing unexpected. This is what happens when an ignorant electorate vote for Marxists. Confiscation of property is on the front page.
Obama Begins Push for New National Retirement System
NOBODY SHOULD PANIC ON THIS AND DO STUPID THINGS LIKE IMMEDIATELY CASHING IN ALL THEIR IRAS & 401KS—AND TAKING THE IMMEDIATE & LARGE TAX HIT. If you are in a position to do so, you can begin (possibly gradually) to move any existing retirement funds from “traditional IRAs” to Roth IRAs. If your tax & financial situation allows it, try to put any new IRA contributions directly into Roth IRAs. If your 401K plan has a Roth 401K component, go that route for new contributions or as big of a percentage of your new contributions as you can. If your 401K plan doesn’t currently have a Roth component, lobby your employer to have one established—he/she could benefit also.