Thats why people have been cashing in their 401 (k)s and IRA’s, taking the penalties and moving their money off shore. Then if the government wants your money, they will have to sue in a foreign jurisdiction to get it.Most foreign nations would not enforce a US confiscation law like this one would be.
Not another slush fund for the WH mob?
Keep in mind, Professor Ohaha knows nothing about high finance. This is more evidence of Rahm Emanuel's backdoor conniving.
Emanuel came from Wall Street where looting retirement funds is their fave occupation. These Wall Street connivers know how to make money disappear faster than a cream puff at a Weight Watcher weigh-in.
It is the only way Obama’s debts can be paid. There is no other source other than buying more Weimar printers. They’re running all they have now full time and it’s not enough.
Yeah, yeah, I know, neither did O'Bummer's Death Care, but after Nov 2nd, I'm hoping they will no longer control both chambers which could put a Kibosh on this and many other programs/proposals that they would like to implement
As was spoken about before the election.
The author is a nutcase, or is pulling an inflammatory headline from a nutcase. No one is talking about, or implying, confiscation.
Check the primary sources:
U.S. Departments of Labor and Treasury to hold hearing on specific issues related to lifetime income options for retirement plansSUMMARY: The Department of Labor and the Department of the Treasury (the ``Agencies'') are currently reviewing the rules under the Employee Retirement Income Security Act (ERISA) and the plan qualification rules under the Internal Revenue Code (Code) to determine whether, and, if so, how, the Agencies could or should enhance, by regulation or otherwise, the retirement security of participants in employer- sponsored retirement plans and in individual retirement arrangements (IRAs) by facilitating access to, and use of, lifetime income or other arrangements designed to provide a lifetime stream of income after retirement. The purpose of this request for information is to solicit views, suggestions and comments from plan participants, employers and other plan sponsors, plan service providers, and members of the financial community, as well as the general public, on this important issue. DATES: Comments must be submitted on or before May 3, 2010.
well, I liquidated the 401k from my previous employer and plowed it all into a huge downpayment on the house we recently bought. So, if the government wants to get their hands on my “retirement funds”, they’re going to have to come take me out of here in a body bag.
Since all of this is just conjecture right now with the offerings of these concepts, would it be out of the realm of possibilities that this whole scam is a rope-a-dope?
In that, scare the people into liquidating their 401K’s and IRA’s so the government realizes a big influx of funds for the early withdrawal tax penalties? Add to it, the remaining funds withdrawn all of a sudden become part of the fluid economy as people are likely to spend it rather than find alternative avenues to keep it safe.
These people play on human nature alot and this could be a follow the pea under the walnut shell scam to get monies out of the safe havens and back into their hands without actually having to officially change anything.
The problem with "they are just talking about it" means, for this crowd, they've got a full time staff already writing the legislation. I've written DeMint and Wilson (no sense in trying to write Graham, he's probably plotting something with McCain). If I get anything back, I'll post it.
But this sounds like one we should get "noisy" about darned quick.
The news release link doesn’t work for me.
If the politicians were stupid enough to do that they would be tracked downed and hanged.
I can’t imagine anything that would get the people more on a rampage than this. Then again, those with their hands out don’t have any worries while those who don’t, have the most to lose. I still don’t think this would be a PEACEFUL action for the administration to try!