Skip to comments.Dems push automatic IRA bill
Posted on 01/24/2015 9:57:28 AM PST by Rusty0604
Congressional Democrats are pushing a new bill to make it easier for workers to sock money away in retirement accounts.
Sen. Sheldon Whitehouse (D-R.I.) and Rep. Richard Neal (D-Mass.) said Thursday that they were introducing legislation that would set up automatic payroll deductions for contributions to Individual Retirement Accounts.
(Excerpt) Read more at thehill.com ...
Well, they have already looted Social Security funds, they have to find the ‘next big thing’ to loot. (As if Taxes weren’t Enough, Already.
“Workers” can’t do this themselves?
Don’t you know that you are not competent to handle your own money. Its better to let the govt do it for you.
Step one - create IRA accounts
Step two - mandate IRA accounts
Step three - require IRA accounts put a small portion into US bonds
Step four - require larger and larger portions of IRAs be used to purchase US bonds
We already have 401, IRA, HSA and probably 10 others.
If DC wants to make our lives easier, let us invest in whatever we want out of our 401k.
****We have a winner****
You are spot on!
So they can loot them all again?
5) Nationalize the accounts.
6) Raid accounts
Fine. Take my Social Security "contributions" and put them in an IRA with my name on it. Let me OWN that money.
If they won't do that (and they won't) then Social Security is obviously a simple tax on workers, and not at all a retirement account. We already know that, but it would be nice if they'd just make it real clear.
When our central bank has no more tricks to play, we will all be forced into a “bail in” just as in the EU.
They will take a portion of savings.
When that fails, they will come for our 401Ks and IRAs and any private savings we’ve put aside for retirement.
Count on it.
Some advocates just combine steps two and three into one: require that 100% be used to purchase US bonds.
They argue that it is the only safe investment.
Step five: confiscate IRA accounts to help pay .gov’s bills (predominantly the wages, benefits, and pensions of the government-sector communionists.)
The bigger danger is that as a means of keeping Social Security solvent they start means-adjusting it; I can’t believe that those socking money away for retirement aren’t going to get screwed out of it in the end (even if they get their IRA but just a pittance for SS).
This is especially something childless young workers should keep in mind as they try to (legally) shield income from taxation (since they often don’t have mortgage deductions either).
“If DC wants to make our lives easier, let us invest in whatever we want out of our 401k”
Some of the ‘DC allowed’ 401k investment options:
START A BUSINESS, BUY A FRANCHISE
BUY PART OF A BUSINESS
BUY A PARTNERSHIP INTEREST / FORM LIMITED PARTNERSHIPS
FUND LIMITED LIABILITY COMPANIES / CORPORATIONS
CORPORATE STOCK, FOUNDER SHARES, VARIOUS INVESTOR SHARES
PRIVATE PLACEMENTS (PRIVATE COMPANY STOCK INVESTMENT OR LOANS)
LEND MONEY, EARN INTEREST ON MORTGAGES / NOTES/PRIVATE LOANS
UNSECURED LOANS, SECURITY AGREEMENTS AND NOTES, AUTO PAPER
REAL ESTATE: RESIDENTIAL RENTAL PROPERTIES, MULTI-UNIT BUILDINGS, COMMERCIAL, STORAGE FACIITIES, BOAT SLIPS, MARINAS, TIME SHARES FOR RENTAL OR RESALE, FOREIGN REAL ESTATE
LAND PARCELS, LOTS, ACREAGE, TIMBERLAND, RV PARKS, OTHER INCOME PRODUCING LAND
REAL ESTATE LLCS, LLPS, TENANTS IN COMMON ARRANGEMENTS, PARTNERSHIPS
TAX LIEN CERTIFICATES
OTHER CREATIVE INCOME PRODUCING REAL ESTATE INVESTMENTS
OPTIONS ON INTELLECTUAL PROPERTY
STOCKS, BONDS AND MUTUAL FUNDS (TRADITIONAL INVESTMENTS)
CERTIFICATES OF DEPOSIT
COMMODITIES / FUTURES
LEASES, EQUIPMENT LEASES
CONTRACTS OF SALE
ACCOUNTS RECEIVABLE FINANCING
It isn’t that simple (and politically fatal); instead it is just more likely that the money will be de-valued. YOur IRA will pay out $3K per month, which will buy two weeks’ worth of groceries/gas. The recent drop in gas prices is a real anomaly in the long-term trend of rising prices for just about everything else. Social Security will also depend on this for solvency; everyone will get paid, but the inflation adjustments will be constantly understated.
There are immediate consequences to this in NJ; retirees are forced out of their homes by high taxes (mostly school taxes, though even their grandchildren are out of the schools), and there are no young Americans willing to assume responsibility for the high tax bill who would buy the home. Instead we have a de facto amnesty, and the housing stock is filling with illegals instead. They can’t buy the homes, but someone else will that will turn a one-family home into three units and rent them all out; the homes aren’t housing young American families anymore.
Creating more loot for the taking when the time comes.
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