" Don't worry. WE, and our families and staff
and Moslems, will NEVER be affected by this,
or any other, Law we impose."
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.
" Don't worry. WE, and our families and staff
and Moslems, will NEVER be affected by this,
or any other, Law we impose."
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.
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.
Well the vast majority of people in this country have abandoned the concept of private property rights so when it happens they will deserve it. They just thought the government would leave theirs alone while taking from the rich.
I thought then that he was crazy, because to take other people's money would be theft.
Right?
Funds will be deposited into a pooled GRA.
Wonder what bills will be passed in the summer months when onbody is looking at 3:00am.
“•Government will automatically deduct 5%-6% out of your earnings. Those funds will be deposited into a pooled GRA”
I would call BS on this and would say that it is impossible, that the people would never allow it, then I remember last July when John Roberts decided that forcing me to purchase a product from a private company was now constitutional and I remember that everything is now on the table and the people still don’t care.
Jesus had it right: "Render unto Caesar what is Caesar's." That includes tax-deferred accounts, government bonds, public pensions, and even the Federal Reserve Notes in one's wallet. One's assets need to be elsewhere, if one wishes to shelter them from the coming storm.
Seems like everyone’s focused on the military cuts, but this morning’s local Fox affiliate brought up the fact that Obama’s new budget includes a plan to go after retirement savings, so I think it appropriate to remind everyone of this piece from last year.