Posted on 09/11/2019 8:13:21 AM PDT by karpov
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[A]mong all the Democratic taxers and takers, no one would hit retirees harder than Sen. Elizabeth Warren.
Her “Accountable Capitalism Act” would wipe out the single greatest legal protection retirees currently enjoy—the requirement that corporate executives and fund managers act as fiduciaries on investors’ behalf. To prevent union bosses, money managers or politicians from raiding pension funds, the 1974 Employee Retirement Income Security Act requires that a fiduciary shall manage a plan “solely in the interest of the participants and beneficiaries . . . for the exclusive purpose of providing benefits to participants and their beneficiaries.” The Securities and Exchange Commission imposes similar requirements on investment advisers, and state laws impose fiduciary responsibility on state-chartered corporations.
Sen. Warren would blow up these fiduciary-duty protections by rewriting the charter for every corporation with gross receipts of more than $1 billion. Every corporation, proprietorship, partnership and limited-liability company of that size would be forced to enroll as a federal corporation under a new set of rules. Under this new Warren charter, companies currently dedicated to their shareholders’ interest would be reordered to serve the interests of numerous new “stakeholders,” including “the workforce,” “the community,” “customers,” “the local and global environment” and “community and societal factors.”
Eliminating corporations’ duty to serve investors exclusively and forcing them to serve political interests would represent the greatest government taking in American history. Sen. Warren’s so-called accountable capitalism raids the return that wealth provides to its owners, the vast majority of whom are present or near retirees. This subversion of capitalism would hijack Americans’ wealth to serve many new masters who, unlike shareholders, don’t have their life savings at stake in the companies that are collectivized.
After dividing retirees’ rightful earnings eight ways to serve the politically favored
(Excerpt) Read more at wsj.com ...
That is Warren’s plan to nationalize the larger corporations. But we all know, that’s only Square One. It would not be long before EVERYTHING was nationalized. If you can believe it, Fauxcahontas is one of the haters who are screeching about POTUS Trump being a NATIONALIST.
This woman made her bones on a fake background, books, flipping houses, and a Harvard class she taught @ $350K per.
She already HAS her “nest egg.” Then there’s her federal “work.”
My brain dead in laws on a fixed income from investments will vote for her simply because she has D behind her name.
She already HAS her “nest egg.”
“You may not use that word!”
https://www.youtube.com/watch?v=xdMilnKGJdA
The younger generations have been schooled in this view and know little about free enterprise and capitalism. They will be taken in.
Her candidacy will make holding on to the Senate all the more important for Republicans on the non-trivial odds that Trump won’t win re-election.
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As important is that the Senate confirm and have filled ALL the current over 100 VACANCIES in the federal judiciary. I can just imagine the views that would be held by the “comrades” that Warren would appoint to fill the vacancies.
Working tirelessly for the little guy.
Anassault on an entrenched position protected with barb wire and claymores will get you killed....... literally.
Gray Beaver will be lashed to a wagon wheel and slow roasted over a small fire in the Comanche fashion if she attempts to steal retirement money
Oh sweet mother of pearl, she's got the whole Corp world in a tizzy that she will be the candidate and become POTUS. I got to see a 2 minute Tweet w/ Jim Kramer where all his talking heads weighed in and they noted some are making moves now or will before she gets elected, specifically do MAA's before summer of 2020.
Worse, the big 3 had a pow-pow last week or so where they all signed some state based document with Witchmer our Governor, that mentioned "Stakeholders" bla-bla-bla and it was enough to make any shareholder's hair spontaneously combust. Holly Sheet Batman, they are playing the long game and we don't even see it. It is Pre-Dodd Frank all over again, all the subtle financial legislation that Frank got passed in 06' that only Glenn Beck saw before he... well you know...
If there is any chance she or any of the dems get the presidency, I have already decided to cash in my taxable IRAs at today’s tax schedule rates. Where the money will go I have not decided but I refuse to pay confiscatory rates on my earnings because some witch or warlock thinks “I owe a bigger share”. They can all GFTs.
I spend a fair bit of time hanging out in the dark places on the web where Leftists talk to one another.
They have been planning to do exactly THIS for at least a decade. It’s not something Grey Beaver just decided to blurt out on the fly during a debate.
It’s part of their master plan and they WILL implement it eventually.
I earned my retirement. Mess with it and my retirement plans will change. You won’t like the change.
The republican controlled house and senate worked wonders against Obama. Obama was really in a box. So much so he was able to launch a coup against our President. I wouldn’t put any faith in the republican party. They don’t fight a lick. Under a republican senate Warren will only get 2 trillion to fight climate change instead of the 3 she is asking for. Without Trump in place, people will have to take to streets or watch America collapse into communism.
Older Americans don't trust Warren's socialism to start with - throw this crap in and every senior will crawl over broken glass to vote democrats OUT of office.
Over the last year I have been working with my financial advisor as I near full retirement. I have a lot in regular IRA’s and 401k’s, but I have switched from contributions to 401k’s and IRA’s (pre tax contributions with tax on earnings at withdrawal) to Roth equivalents (post tax contributions and no tax on withdrawels). I am also converting non-Roths to Roths at the max allowable rates for my age. All in an effort to pay less in tax over the long haul. Depending on the sum of all your retirement incomes (savings, IRA’s, 401k’s, pensions, SS), it can amount to 10’s of thousands in savings.
Multi millionaire affirmative action witch.
Socialists claim the current crop of Politicians are not going far enough! They want total Ownership of the means of Production. But we know you do not have to Own the means of Production when you have regulation and taxation Controlling the means of Production. It’s the same enslavement!
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