Posted on 01/28/2014 8:12:10 PM PST by Rusty0604
I think the IRS was going to process the accounts and John Corzine was going to be in charge of the funds.
The MyRA isn’t even tax deductible.
That’s MY IRA (that’s mine!)
That's why this scheme has no tax benefit. Small return on after tax money.
Libs always work on the long term. This is the seed they’ll plant to eventually take our 401Ks and IRAs. You can, er, bank on it.
how about not giving tax returns ro illegal criminals
Yep, hand over your Money to an Entity that’s $17,000,000,000,000 in Debt.
That’s the Ticket.
MyRA! MyRA! MyRA! MyRA! MyRA!
-PJ
Nut-job Conspiracy Theory Ping!
To get onto The Nut-job Conspiracy Theory Ping List you must threaten to report me to the Mods if I don't add you to the list...
Then 401ks get rolled into it. And then the levels of required investment keep increading, until finally Atlas shrugs. But it keeps the game going for a little longer.
Get your money out of the Matrix.
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Vince, let’s say, hypothetically, that a guy has $500,000 in a 401K.
If he takes it all out, where does he put it to be safe?
Serious question.
"That's as good as money, sir. Those are I.O.U.'s."
I thought that I did this during and after WWII when we all bought US Savings Bonds, where we were guaranteed an interest rate with a tax deferred income stream??
So, Zer0, what’s new from 50-60 years ago. Maybe it’s your attempt to suck up some of the excess, unneeded, $1.8 trillion that your Fed has parked at the big banks, and are paying interest on to the banks to not unleash these trillions into the active money supply to try to contain inflation!
Now, how you be getting out of this here mess????
After taxes the guy would only have about 250K. I would suggest land and metals (precious and lead).
Let's say that your $500,000 in your 401K is in the form of Apple stock. Now what happens? Will the government force you to sell the stock so they can convert the cash to bonds? If they force you to sell, who is the forced buyer? And at what price, the current market price or a "government" discounted price?
And then what happens to Apple, who was counting on that stock value for their capital projects for R&D?
If your 401k is held in corporate stock and the government seizes your 401K, is that a de facto nationalization of the company that was represented by your stock?
Maybe it's not Apple, it's Exxon. Seizing all the retirement Exxon stock would be nationalizing Exxon, wouldn't it?
-PJ
After taxes the guy would only have about 250K. I would suggest land and metals (precious and lead).
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Thanks for the reply, Rusty0604. ...50% tax would be a huge hit, but the guy wouldn’t lose it all. I guess he could just bury the rest in his yard.
If he takes it all out, where does he put it to be safe?
When I suggest to get out of the Matrix, what I mean is to get it out of any electronic account that can be closed and raided on a whim by the government, and into something that can't be reached. And I am not suggesting anything illegal.
Collectible art is going up right now, and for 500K you may be able to get something worth owning. Gold and silver are fine, but be careful that the government doesn't put taxes on them when you convert it back. Collectible coins might be better. Jewelry, diamonds, etc might be good. Or put it into some sort of business. You can even just withdraw the cash, or convert it into foreign currencies.
Real estate is a bit tricky, because I expect that governments will raise property taxes on it. This was specifically mentioned by the IMF when considering wealth confiscation, because real estate is not very liquid and people can't flee the tax easily. But if you buy a productive asset that can generate rent, it might be a good investment.
There are hundreds of things you could do, and maybe just do a little of one thing, a little of another.
Most importantly, study how these governments are hunting down money. What is done in one country will be done in a lot of countries.
Argentina's Economy Is Cratering, Again
Bundesbank's Stunner To Broke Eurozone Nations: First "Bail In" Your Rich Citizens
The "Muddle Through" Has Failed: BCG Says "There May Be Only Painful Ways Out Of The Crisis"
IMF Discusses 'One-Off' Wealth Tax
Don't take any of this as specific investment advice. I am not an expert in art or real estate. But there are many things people can do rather than just have their money sit around in a low interest account, waiting for it to be taken. Personally, I am hoping to be able to start a business with just myself, and be able to work it after business hours, while keeping my day job. That for me would be the ultimate security.
Thank you for your thoughtful reply, PJ.
It mirrors somewhat my thoughts, as I’ve been thinking that these curious financial proposals seem to be aimed toward nationalizing private business and the stock market as a whole.
That’s why I asked my original question about what one should do with the 401K $$$. Those funds heavily support the stock market. If the Feds were to essentially confiscate them, the market would crash as would the US and World economy. .......I believe even a threat to take the 401Ks would lead to a major coup de etat in the US.
Buffet and Soros are buying how many of these?
I’m sure they will be such a good deal that eventually IRA’s and 401K’s will be mandated to purchase them
As Drudge said “Have an exit plan”
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