Any help on this?
I too have had no luck in sourcing this story however.
Sounds like some un-sourced rumor that Rush talked about on his show in 1990s,.
Good luck, it doesn’t sound real.
Still not a quotable source, but I tend to believe it:
use some of the key words in the article to search
If there is a video archived of it, I watch Dick Gephart on Washington Week (C-Span), during the clinton malaise, explain how the fed should takeover all retirement and 401K accounts for individuals because individual investors can’t manage their funds well enough for their retirement ahead. He was dead serious and even expalined that democrtas had a working plan on how to accomplish it and ‘secure the individual’s money for them’. The short guy with the round head who handles presidential debates sometimes was the C-Span interviewer. I cannot recall his name at this moment.
"However, Munnell seems to have changed her position since 1983. Now an assistant secretary at Treasury and a possible nominee for the Board of Governors of the Federal Reserve Board, she has recently attacked the tax deductibility of pension benefits by proposing as a source of new government revenue a 15 percent tax on all private pension funds.(71) "
71 refers to this (71) "The Ultimate Raid," Wall Street Journal, May 9, 1995, p. A20. See also Donald Lambro, "Risky Clinton Plan for Pension Funds," Washington Times, May 8, 1995, p. A22.
All these years I blamed Laura Tyson.. I could have sworn it was her.
BTW, I did not read all this but it looks to be very close.
Another oft-cited evidence of this is Congressional Committee testimony of Teresa Ghilarducci back in 2008, who wants to replace 401K's with mandated investment in government bonds. She's a "professor of economic-policy analysis at the New School for Social Research in New York". Do a little bit of research on this "university", and it will tell you all you need to know about her.
She claimed that the committee chairmen (Miller and McDermott) wanted to pursue her proposal. But, nothing has come of it. I suspect that cooler heads prevailed among the Democrats. They know what would happen if they tried to make that kind of change to 401K's.
BTW, did you know that McDermott is the only board-certified medical doctor in Congress that is a Democrat? All the others are Republicans. Even more interesting is that he is a psychiatrist -- the only one in Congress.
Obama stated it in 2008 before the election.
If they tax me now on my current 401K balance, and then forgive all taxes when the remaining balance is withdrawn in the future, then I might be okay with this?
It doesn’t matter if she’s actually said it already. Now that they want to tax savings in Cyprus, all the libs here will want to do it too.
I sometimes think the talk about taxing 401Ks is intentional rhetoric from “the powers that be” to scare people into pulling funds out of their 401...here’s why.
If you pull money out:
1. automatic 10 percent penalty
2. the money you pull out is taxed at the percentage of your tax rate for that year (but when you combine your regular income and the money taken from the 401K, your tax bracket has changed.
Plus
3. the money pulled raises your income, probably raising your tax bracket, and the money you earned that year is also taxed at that higher bracket, meaning you probably didn’t pay enough in and will owe more to the IRS on your regular earnings.
In other words, if you pull money from your 401K, you’ll probably end up paying a much higher percentage to the government than if they tried to set an across the board percentage for confiscation.
Not that I’m for any tax on the 401K, but I often hear people say they’ll pull their money from their 401 rather than let the gov’t have it...well, the gov’t has it, either way the scenario rolls.