" Don't worry. WE, and our families and staff
and Moslems, will NEVER be affected by this,
or any other, Law we impose."
Posted on 05/01/2013 5:21:22 AM PDT by SeekAndFind
MORE HERE FROM FORBES:
http://www.forbes.com/sites/nextavenue/2012/12/29/watch-out-your-401k-is-being-targeted/
Watch Out: Your 401(k) Is Being Targeted
EXCERPT:
While attending a terrific symposium recently on the retirement challenges women face, I came away with a stark realization: Washington has a bull’s-eye on every American’s 401(k).
The Women’s Institute for a Secure Retirement (known as WISER), a nonprofit dedicated to improve the long-term financial security of women, had brought together administration officials, the savviest Capitol Hill insiders and retirement analysts working at financial services firms and think tanks.
Speaker after speaker described how so many Americans – women in particular – lack the financial resources needed to retire, what Sen. Tom Harkin, a Democrat from Iowa, called “one of the most underreported crises” in America. We heard scary statistics, including that 48 percent of Americans have less than $10,000 in savings.
You might think this would be a moment when Washington would look for ways to encourage Americans to save. But “it’s not a good time to talk about incentives for savings when everyone is trying to cut spending,” Sen. Ben Cardin, a Democrat from Maryland, said at the retirement symposium.
The recurring underlying theme was this: Don’t be surprised if Congress and President Barack Obama make it harder to save for retirement starting in 2014.
Nutty, isn’t it?
Why would Congress and the president target retirement savings plans? Especially when they’re so highly valued by the American public. In a new Wells Fargo/Gallup Investor and Retirement Optimism Index survey of 1,024 adults with investable assets of $10,000 or more, 69 percent said it was extremely or very important that the president and Congress find ways to financially encourage every company to offer a 401(k) savings option and to financially encourage all Americans to participate in their employer’s 401(k) savings option. Similarly, 67 percent of those surveyed said it was important that leaders seek ways to enhance the role of the 401(k) as a retirement savings investment.
The answer, to paraphrase bank robber Willie Sutton, is because that’s where the money is.
CLICK ABOVE LINK FOR THE REST...
Sounds like the fuel of revolution.
And even more here:
http://www.nypost.com/p/news/business/obama_budget_clipping_rBTRDGwonfmWn4TvZ3eWZO
Obama’s budget clipping 401(k)s
Eyes $2.7M lifetime limit on contributions
EXCERPT:
President Obama’s new budget proposal aims to trim Americans’ nest eggs by setting a cap on lifetime contributions of 401(k)s at an average of $2.7 million and putting the policing of the limit on their employers.
The idea is supposed to simplify the tax code, but would actually make life much more complicated, says one expert.
“This required record-keeping will be very difficult for employers,” according to Jack VanDerhei, research director of the Washington-based Employee Benefit Research Institute (EBRI).
This proposal, if it becomes law, would be the first time there has been a limit on the balances one could build up in a defined contribution plan, such as a 401(k) or an IRA.
CLICK ABOVE LINK FOR THE REST...
And even more here:
http://www.nypost.com/p/news/business/obama_budget_clipping_rBTRDGwonfmWn4TvZ3eWZO
Obama’s budget clipping 401(k)s
Eyes $2.7M lifetime limit on contributions
EXCERPT:
President Obama’s new budget proposal aims to trim Americans’ nest eggs by setting a cap on lifetime contributions of 401(k)s at an average of $2.7 million and putting the policing of the limit on their employers.
The idea is supposed to simplify the tax code, but would actually make life much more complicated, says one expert.
“This required record-keeping will be very difficult for employers,” according to Jack VanDerhei, research director of the Washington-based Employee Benefit Research Institute (EBRI).
This proposal, if it becomes law, would be the first time there has been a limit on the balances one could build up in a defined contribution plan, such as a 401(k) or an IRA.
CLICK ABOVE LINK FOR THE REST...
" Don't worry. WE, and our families and staff
and Moslems, will NEVER be affected by this,
or any other, Law we impose."
Today's stagnant economy is the product of three factors: a massive loss of jobs due to taxes and regulation, a massive loss of interest in working due to a generous social "safety net" that far too many people choose as a hammock, and a massive movement into the underground economy by both sides (deadbeats who work under the table so they can still collect handouts, and entrepreneurs who work under the table so they can keep what they produce). A government grab for our private retirement accounts will push what's left of our formal economy over the cliff.
This is not a tax. This is seizure. And being done without so much as a warrant to support it.
Trampling on our right to speak is one thing, to take property without just compensation (and there are provisions to simply confiscate any deposits in these accounts above a certain level) moves from an assault on the First Amendment to the Fourth Amendment.
Have these people have no shame?
It is a terrible thing to succumb to the dark side.
No. As long as it starts out as only confiscating the 401(k)s of "the rich" and then only gradually impacts the middle class, the sheep will accept it. Our country has been conditioned to believe that nanny government will take care of them and that its OK for the government to grab private property to do it as long as "the rich" are hit hardest.
Not to change the subject, but there is an equal crisis developing in our jobs market - jobs are being outsourced.
Around the globe, jobs are being sent to China and elsewhere, yet the effect of outsourcing all these millions of jobs is not discussed.
We need to bring back US jobs now.
Don’t tell me “No”.
How are YOU going to react to outright theft?
RE: We need to bring back US jobs now.
I keep hearing this theme being echoed over and over again. Everyone agrees to it, but HOW do you do this?
There are some jobs where America just CANNOT compete in terms of salary. I don’t think they’re coming back anytime soon.
I can think of no better way to start CW-II.
I’m not making a comment about you personally. I am making a comment about how people will react generally. Americans have been reacting to outright theft by meekly accepting it for years, as long as it is gradual and hits the “rich” first and hardest. Obama trying to confiscate 401(k)s will be no different. 80 years of the Welfare State have conditioned a large chunk of the population to depend on government and to meekly accept it when the government grabs more and more private wealth.
RE: I can think of no better way to start CW-II.
Well, you’ll have to have events that preceded CW-I... like for instance... SECESSION?
Not to change the subject here, I am just replying to your post.
But we are seriously, seriously off track on trade.
America has been sold out. That is a (huge) problem. Nobody is discussing this because we still have a semblance of normalcy - but we are seriously damaged already.
We need to bring back all kinds of American jobs. Now.
I agree with Opinionated Blowhard on HOW the government will go about doing this.
Think of the word Obama used to get gay marriage accepted — “EVOLUTION”.
During the 2008 campaign, he said he was against gay marriage... now, he “evolved” and accepts it.
Same thing happened to abortion. First, it was limited to the early trimesters, now, even full term babies are being aborted ...
Things don’t change with a big bang, Freedom isn’t taken away immediately, the right to own firearms is not taken away at once... the changes creep in slowly, make people docile so that they can “get use to it”... until suddenly... it is too late.
Same thing will happen to your IRAs and 401K. They will attack the “very rich” first ( e.g. you can’t save more than $3 Million dollars in your IRA ). Then slowly but surely, the term “rich” evolves until YOU are the rich who gets targeted.
That has ALWAYS been the strategy.
Those who read Obama and Hillary’s mentor — SAUL ALINSKY would know this.
The same low information voters who put and kept Obama in power are also stupid with their money and ignorant of this country’s debt load. They believe that 50k in their retirement account, 15k (average) credit card, 150k (average) mortgage is all fine and dandy. They certainly have no problem with the Fed printing money and giving it to politicians to give it to them. Most of them would say “why should some guy get a large boat when I don’t have enough to retire?”
I agree and this frightens me. How are we going to compete with sweatshops in Asia and South America.
We are done until they get their own sets of unions and communism will never allow that.
I am truly frightened.
Exactly. On gay marriage, they show two gay men who appear to be nice, decent people and say “how can you deny these people the right to marry if they love each other.” Most uninformed people buy that argument. But then — and this is happening already — it quickly moves to “we will sue any private business that refuses service to gays for their weddings” and “we will deny tax exempt status to any church that does not marry a gay couple.
On the 401(k)s or any other economic issue, the Dems sell their grabs of private property as forcing the “rich” to pay their “fair share” and the lazy middle class accepts it because they want to live the good life off someone else’s dime. But then the Dems gradually reduce the threshold until it hits everyone. No one does a damn thing about it and we end up with government controlling everything.
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