Obama Begins Push to Confiscate IRA’s & 401k’s

Silver Doctors ^ | November 16, 2012 | The Doc

[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.“

[spokeshave]

....anyone know how the Roth is affected....thanks in advance

[Houghton M.]

He won’t need to rig reality. If you reach a certain level of stupidity on the part of the people, class warfare talk can shift enough of the levers of power (he’s already stacked the lower levels of the judiciary) such as to permit him to stop rigging and start using force, i.e., to stop the Alinsky-ite subterfuges and just nakedly seize power.

[Venturer]

I think you might add that getting .10 % interest on your CD’s is not conducive to saving either.

[EVO X]

....anyone know how the Roth is affected....thanks in advance

http://www.irs.gov/publications/p590/ch02.html

[redfreedom]

I don’t see them taking existing 401k’s or IRA’s. If it’s attempted, a uprising would likely be quite successful because those that would be enforcing such a takeover have them too, unless they exempt federal employee 401K’s.

[Strutt9]

People will rise up, the same people that get all their news from Pravda, the same people that put O back in office?
Nay they won't rise up, they will be told its’ good for the them, elderly & children. They will be told they are racist if they don't agree with it. They will be told they are greedy etc etc etc.

[Strutt9]

People will rise up, the same people that get all their news from Pravda, the same people that put O back in office?
Nay they won't rise up, they will be told its’ good for the them, elderly & children. They will be told they are racist if they don't agree with it. They will be told they are greedy etc etc etc.

[Darteaus94025]

Welcome to Omerika!

[EVO X]

PMs will only drop when there is someplace BETTER to put the resource.

If we have another market sell off, nothing is immune. Gold rebounded nicely from the last one, but that is no guarantee of future behavior..

[airborne]

Link doesn’t work for me.

[BunnySlippers]

The OP couldn’t even put it in “Bloggers”. It should be pulled IMO.

[Mich Patriot]

It’s hard to imagine this happening, IMO, because dems have all their savings in 401ks too. Not much would surprise me from the communist bastard occupier though. If this happens, all who support it should swing from a rope. Yep, dead freakin serious.

[kenmcg]

Nothing unexpected. This is what happens when an ignorant electorate vote for Marxists. Confiscation of property is on the front page.

[Library Lady]

Obama Begins Push for New National Retirement System

http://www.nationalseniorscouncil.org/index.php?option=com_content&view=article&id=89%3Aobama-begins-push-for-new-national-retirement-system&catid=34%3Asocial-security&Itemid=62

[House Atreides]

NOBODY SHOULD PANIC ON THIS AND DO STUPID THINGS LIKE IMMEDIATELY CASHING IN ALL THEIR IRAS & 401KS—AND TAKING THE IMMEDIATE & LARGE TAX HIT. If you are in a position to do so, you can begin (possibly gradually) to move any existing retirement funds from “traditional IRAs” to Roth IRAs. If your tax & financial situation allows it, try to put any new IRA contributions directly into Roth IRAs. If your 401K plan has a Roth 401K component, go that route for new contributions or as big of a percentage of your new contributions as you can. If your 401K plan doesn’t currently have a Roth component, lobby your employer to have one established—he/she could benefit also.

[grobdriver]

Executive orders are subject to judicial review and can be declared unconstitutional.

By the same court that saved Obamacare?

[Caipirabob]

Has to pass the House.

O RLY?

/ONLY HALF JOKING

[Tonytitan]

Not with an Executive Order...

All tax laws and tax policies originate in the House. No President can issue an Executive Order affecting tax policy. If one could, what would stop him from issuing an Order to make the current tax rates top out at either 65% or 15% depending on who was President?

Obama cannot carry out this scheme without a compliant Congress.

[Alberta's Child]

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.

This dingbat really believes this?

The U.S. law regarding 401(k) plans actually prevents such plans from operating this way. For one thing, the total amount of annual contributions is capped for any individual participant in a plan. Also, employers have to pass a "income test" for their 401(k) plans, under which highly-compensated employees lose the tax deductibility of their contributions if the company doesn't have enough low-wage and middle-income participants in the plan.

The second point is an interesting one because it drives some companies to be very aggressive in encouraging participation in their 401(k) plans. Many companies now have a process in place whereby new employees are automatically enrolled in the plan with some nominal contribution (4% or 5%) unless the employee opts out.

[bert]

If the President changes rules to adversely affect the people, the people can change rules and adversely affect the President.

If rules change, then rules can change