Obama and the Democrats are Coming After Your 401k

The Lonely Conservative ^ | May 4, 2010 | Human Events

[NY Hockey Mom]

Nothing is safe with these people running the show. I warned you back in October of 2008 that the Democrats wanted to do away with 401k accounts, to be replaced by “guaranteed retirement accounts.” Well, they’ve been busy wrecking the economy, passing trillion dollar health care bills and exploding the national debt. That doesn’t mean they’ve given up on their wish list. And it looks like our 401k accounts are right there at the top of that list.

[Ken H]

I think they'll get at your 401k through income taxes. If you have XX amount of 401k savings, your tax rate is the usual plus YY percent.

They will find a way to "even the retirement field" by penalizing those of us who have saved for retirement, while offering tax breaks to those who have not.

They may even be so bold as to adjust social security payouts according to an individual's 401k situation.

I think you're exactly right.

[19th LA Inf]

I have been withdrawing my fairly modest IRA funds to spend on restoration of my old farmhouse in order to remove the funds from possible vulnerability to seizure. This year my wife and I are being forced to contribute larger amounts to Medicare deductions from our Social Security income, due to our “higher income status”. Redistribution of wealth is here. They will get it one way or another.

[GOPJ]

Bad link. I’ll try later.

[mountainbunny]

Thank you both for posting this.

Scary stuff.

Since elected members of the GOP have shown no desire to actually cut programs along with taxes, my greatest fear is that the Republicans will make a show of complaining, then lay back and allow this to pass.

The net result would be more money in the treasury to spend as they like.

[kbennkc]

I knew it was a mistake to save in any such manner that could be taken from me . I am very glad I peed away most of my life's earnings on good times and fun toys . Even though my 401 k is small potatoes by successful Freeper standards , I think I will explore borrowing against it , or even getting an early withdrawal and paying the penalties . If Obambi , Turbo Tax Tim and their go-go booted thugs don't think I will do something totally irresponsible and untouchable with my dough they have not talked to any of my exes .

[PSYCHO-FREEP]

That IS their plan. They will treat this just like they treat Social Security. They will spend it for what ever they please. OF COURSE, they will pay it back......they will place little sticky IOU notes in the box, just like they did SS. And we all know how honest and sincere they are!

We will get about a 3% fixed interest rate on our retirements and what we don't use, when and if we are able to retire, and when we die, that money WILL go to the State and all those other noncontributing subsidized “poor” who will also get a retirement “share” through the plan.

And did you know that this will be sold as a “Deficit Reduction” measure? And the CBO will cook up the numbers to sell it to the Publik?

Get ready for it, it's soon coming to a media outlet near you for immediate sale!

[NY Hockey Mom]

Nice car! You might as well enjoy your earnings while you can.

[spintreebob]

I dont have a 401k; others do. Is that fair? :)

[A.A. Cunningham]

Actual title:

Obama Admin Still has Sites on Your 401k