State bailouts. F this!!!!!
I knew without a doubt the takeover of 401K and IRAs would come up again if Obama got reelected.
Wouldn’t it be adorable to hear a San Fran Lib b%^&ch about Obama taking away his hard-earned money and putting it into the Collective Trust?
Go for it, Obama. Can’t wait.
The theft-wing wants to make sure they can steal your money and that they “equalize” things.
God dammit! Go to HELL Barack! Go straight to Hell and enjoy boinking underage boys, you Marxist faggot.
Leave your hands off my 401(k), Roth, and investment accounts! I’ve been putting in for my own retirement for over 10 years, and I’ve got a fat portfolio thanks to shrewd investing. I am NOT paying for some lazy grubby-ass unemployed drug addict.
This straight up pisses me right off!
Seize my retirement accounts and I’m gonna kick-start CWII all by myself if need be...
Would not be surprised at all. Lots and lots of money in those 401k’s. I’m sure many in the Obama administration (including Obama) would just LOVE to roll them over into a “fairer” government-run pension system. One of Obama’s early cronies (forget her name) has written extensively on the advantages (her terms, not mine!) of a government guaranteed pensions over private sector investment.
We are living in interesting times, FRiends. And you know what the Chinese said about that...
Google Theresa Ghilarducci. They want to turn all that money into an annuity...and decide what you get. I will zero mine out. Over my cold hard dead body will they do this.
I know a great deal about this plan.
It involves setting up a mandatory retirement account, and funding it through payroll. The funds are then required to be invested in a special government backed security (investment guarantees). This security is illiquid and will have has less than market returns.
There are loopholes for individuals to avoid this scenario in the bill, but that is the direction this is headed.
Although government takeover of 401k accounts has been talked about it is not pat of the legislation. It would, however, be easy enough to force conversion of 401k accounts and IRA accounts into this system.
vintage hugo chavez, joe stalin
I have downplayed all the hot headed talk of secession and revolution, but by God if they try the Argentinian route of confiscating private retirement savings, I hope and expect to see everyone responsible hanging from a lamppost.
The whole article is speculation and spin. The National Seniors Council is a lobbying group looking for attention.
If you still have a "personal retirement account" (IRA, 401k, 403b, etc) declared to the IRS, it is as good as gone.
The opportunity to pay the tax and get something of value is going fast.
Along the same lines, posted yesterday.
[I wonder how many politicians would stop trying to get reelected or go into political life in the first place if dear leader pronounced:
“Due to our current economical situation, we can longer afford to extend all retirement benefits to current and former politicians.
This will only apply to political retirees with net worth of $200,000 or more. Current members will have their pay reduced by fifty percent and, out of fairness, those who are currently retired, their retirement check will be reduced by the same amount.
Health care will still be available for all members, past and present but will depend on their current financial status. If they are above the threshold established by government, there may be additional fees, taxes and charges.
ALL members, past and present, will be required to obtain their health care at designated health care facilities approved by government.
For those who attempt to obtain health care from private doctors or sources, will have all their government benefits canceled and may be subject to legal action.”
Possibility?
57 posted on Thursday, November 15, 2012 11:20:31 AM by RetSignman (”A Republic if you can keep it”....) ]
People will stop contributing all together. They'll invest somewhere else. Why save thousands just so the freeloaders can look forward to an awesomely comfortable retirement on everyone elses dime?
The reason it's not fair is because the freeloading poor never worked a day in their wasted lives to save anything for themselves. Why should that be everyone elses problem? It was their lifestyle choice.
Share the WORK, and the wealth will automatically share itself. Now THAT would be fair (notice how the left never mentions putting these people to work somehow. The idea of them actually working for a living never comes out of their mouths. The freeloaders don't have to be rocket scientists to pick lettuce!)
This is old news. This hearing happened several months ago--I have a copy of the transcript at my office however I am out of town and don't have access at the moment.
Doesn't mean that it won't happen--not only are these people active but Congressman Jim McDermott(D) from Seattle who is a member of Ways and Means has been pushing this issue for over four years.
I have heard that the office of the Deputy Secretary for Tax Policy is interested in the issue but that is loose gossip so far--your title implies the Administration has some current interest in action--I don't know of any; do you? Do you have a cite.
At present, Administration, Ways and Means, and the tax policy office all have a substantial workload in other areas. To the extent they stay occupied, this is likely to be a secondary issue in my judgment--if you see real current news to the contrary, please post it or send me a PM.
This is where the revolution will begin. When government seizes your assets and nationalizing industries, we have totalitarianism.
There is whole bunch of money in those accounts that the Obama gubmint wants to spend.
You are not entitled to any of it unless you share it with the Obamaphone creature. It ain’t fair you saved that.
Obama gon do so much more. Yee hah!