Skip to comments.Fiscal Cliff: Why Congress Might Have to Mess with the 401(k)
Posted on 11/29/2012 11:20:58 AM PST by Perdogg
One of the earliest fears about tax-favored savings accounts like IRAs and 401(k) plans was that when this pool of savings grew large enough Congress would not be able to resist tapping it to help solve the nations debt problems. Were about to find out if those fearspersistent for decadeshave been justified.
Everything including the sacred mortgage deduction is on the table as lawmakers wrestle with the fiscal cliff, a year-end avalanche of scheduled spending cuts and tax increases. With a combined $10 trillion sitting in IRAs and 401(k) plans, retirement accounts make a juicy target. Some of this money has never been taxed, and under current law never will be.
(Excerpt) Read more at business.time.com ...
Go flat tax with no deductions.
Who? Those of us who took advantage of our employer 401(k) plans or the legislators who want to tax it?
She said “spread the wealth”.
The people who voted for 0bama and Dems.
The Federal govt already mandates minimal 401K withdrawals after age 70(?) or impose a penalty.
They have their sticky fingers on money earned, money saved, money invested and inheritances to children.
You didn’t earn that - someone else deserves it - and we’ll decide who and how much.
I believe Time is incorrect. There’s closer to $17 trillion in retirement accounts.
They’re going to take your 401(k).
It’s not fair that worked your ass off and saved your money and will get something for it, when so many sat on their asses playing WoW and won’t get anything.
Or the ‘Rats?
They do not have to do anything with them but, they do want to steal as much of them as they can.
Rush is covering this big time...
Many trial balloons are being floated with all of the hot air in D.C.
Keep it up Obama!...The second civil war is coming!
Just say the Bush’s tax cuts on the rich expire at the end of the year. There is the tax hike.
If Democrats and the MSM say it impacts everyone, remind them that that’s what they ran on for the last 8 years. Tax cuts for “Only” the rich.
And if they lied about that, did they also lie about WMD’s since they are blaming the intelligence community for its failure, is this the same intelligence community that reported on Iraq?
And on and on.
Notice they’re referring to IRAs as well as 401k’s.
They’re going after the retirement savings of the diligent in order to pay for Baraqoclaus gifts to their choice recipients.
Now, demographically, who’s going to be “giving” and who’s going to be “receiving”, do ya think.
Google “rhetorical question” before you answer.
The takers don’t have a big 401k, so neither should you, so sayeth Jaime Foxx’s lord and savior, Barack Obama.
If they want it, they’ll take it, and there’s not spit you can do about it.
Elections have consequences. But, as I’ve been hammered with the last day or so... Romney would do the same thing. Right?
Why Congress Might Have to Mess with the 401(k)
Confiscation of 401K and leave a promissory note?LOL.
Let them do it, and guaranteed there will be a violent revolt in arms all across the country.