This is directly from Saul Alinsky’s playbook.
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 Saul Alinsky strategy.
The next step is to mandate a small percentage to be invested in “safe” government securities to protect against a potential market collapse. Then they will up the percentage until most private retirement funds are heavy into government debt. The FED can’t finance $85 billion a month forever.
1. The Federal tax code already caps IRAs and 401(k) accounts. What it doesn't do right now is cap the total value of a tax-deferred account, but it does limit the tax deductibility of contributions up front.
2. The $205,000 annual limit is based on Section 415(b)(1)(A) of the Internal Revenue Code, which limits the amount of money that can be paid out to a pensioner under a defined-benefit plan.
I don't think these changes will see the light of day, but it's hard to complain about changes in the tax code as they relate to a retirement system that is already heavily regulated and has enormous incentives under the tax code as it currently stands.