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Obama Begins Push to Confiscate IRAs & 401ks
Silver Doctors ^ | November 16, 2012 | The Doc

Posted on 11/16/2012 11:45:13 PM PST by rocksandbroncs

It may be time to take the tax hit and withdraw funds from private retirement accounts before they are forced into long term T-bonds.

The Obama administration is reportedly quickly moving on plans to nationalize private 401k and IRA retirement accounts, and replace them with government sponsored annuities(aka Treasury bonds that the Treasury currently can’t sell to anyone but the Fed).

National Seniors Council Director Robert Crone warns: “This whole issue is moving forward very quickly. Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employee’s paycheck would be automatically deducted and deposited into this account. If this passes, the government will be just one step away from being able to confiscate all these retirement accounts.“

(Excerpt) Read more at silverdoctors.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: 401k; confiscate; ira; nationalize; savings
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The PutzOTUS will do anything to fund his big government tyranny. Keeping a diligent eye on our financial affairs is only one area that requires attention.
1 posted on 11/16/2012 11:45:24 PM PST by rocksandbroncs
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To: rocksandbroncs

More fearmongering from bullion peddlers?


2 posted on 11/16/2012 11:48:52 PM PST by eclectic (Liberalism is a mental disorder)
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To: rocksandbroncs
It was right in his 2008 campaign manifesto, long ago scrubbed.

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.

yitbos

3 posted on 11/16/2012 11:49:56 PM PST by bruinbirdman ("Those who control language control minds." -- Ayn Rand)
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To: rocksandbroncs

Has to pass the House.


4 posted on 11/16/2012 11:53:47 PM PST by cynwoody
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To: rocksandbroncs

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.


5 posted on 11/16/2012 11:54:35 PM PST by CCGuy (USAF (Ret.))
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To: rocksandbroncs

Not this again. Confiscation is not going to happen.


6 posted on 11/16/2012 11:58:16 PM PST by CatOwner
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To: cynwoody
Has to pass the House.

Not with an Executive Order that won't be over ridden by a compliant Senate. We don't need no stinking House.

7 posted on 11/17/2012 12:00:53 AM PST by fella ("As it was before Noah, so shall it be again,")
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To: cynwoody
"Has to pass the House."

If it were still America it would have to pass the House.

8 posted on 11/17/2012 12:04:36 AM PST by Obama_Is_Sabotaging_America (IMPEACH OBAMA)
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To: rocksandbroncs
It's real simple why Americans aren't saving as much as they should. The monetary policy has raised gas prices and food prices to double what they were in 2009.

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?

9 posted on 11/17/2012 12:05:38 AM PST by greeneyes (Moderation in defense of your country is NO virtue. Let Freedom Ring.)
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To: fella

Also, the TAX we know as 0bamacare was started in the House.. Sort of.. When the Senate got a House Bill and gutted it then passed the new Bill. Could see the same Senate TRICK with this Bill. Is there a law that says the Senate can’t gut a House Bill then pass it as something entirely different? Should be!


10 posted on 11/17/2012 12:07:45 AM PST by Obama_Is_Sabotaging_America (IMPEACH OBAMA)
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To: eclectic

Don’t bet on that! This idea was first floated when Clinton was POTUS, they didn’t do it because they feared the populace would literally string up members of Congress from streetlights & tree limbs . If this gets passed Congresscritters getting shot by blue hairs at town hall meetings might be a good thing.


11 posted on 11/17/2012 12:14:30 AM PST by Nebr FAL owner
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Comment #12 Removed by Moderator

To: CatOwner

Not “confiscation” simply redefine what is allowed & what is allowed is YOU get to roll over you retirement account into Double E savings bonds by decree or else you get to pay extra high taxes on the accounts as a way to “nudge “ you to do what the junta wants you to do.


13 posted on 11/17/2012 12:21:39 AM PST by Nebr FAL owner
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To: Nebr FAL owner

They might implement this as part of future 401k/IRA investments, but I seriously doubt they will even present a bill to touch existing funding. This is one area where the people will rise up against their own.


14 posted on 11/17/2012 12:25:36 AM PST by CatOwner
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To: CatOwner

I believe it eventually will happen.


15 posted on 11/17/2012 12:26:24 AM PST by utahagen
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To: cynwoody

In January 2015 when the Democrats retake control of the House, it won’t be a problem.


16 posted on 11/17/2012 12:32:52 AM PST by Kickass Conservative (Win or lose, Impeach Obama Ben Ghazi...)
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To: Obama_Is_Sabotaging_America
They ( the left) will try to impose a tax on personal retirement accounts but I can only imagine the consequences.
17 posted on 11/17/2012 12:54:36 AM PST by ChiMark (America no more)
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To: rocksandbroncs

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.


18 posted on 11/17/2012 12:58:04 AM PST by AllAmericanGirl44 (Fluck this adminstration of misfits.)
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To: rocksandbroncs

“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


19 posted on 11/17/2012 1:02:12 AM PST by AllAmericanGirl44 (Fluck this adminstration of misfits.)
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To: ChiMark

You pay income taxes on your IRA when you withdraw from it..the crappy government now makes you withdrawl money bases on your protected life span....I have to draw out more than I need, so when my grandkids come around I give the 50 or 100 dollars...........


20 posted on 11/17/2012 1:02:37 AM PST by goat granny
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