Inquiring minds want to know!
They are going to start with changing the tax code to prevent any tax benefits. It takes time to stack the judiciary enough to accomplish their longer term goals.
You’ll find your average Marxist doesn’t give a rat’s ass about the law, and fairness.
And if you expect the courts to be on your side, all the messiah has to do is increase the size of the SCOTUS by a couple seats (like FDR did), and voila ... rubber stamping aplenty.
No more vanities! Ask your lawyer.
I do not see how they do this w/o pissing off a lot of people really bad, besides the legalities. I suppose they could make it optional.
By past court decisions, ex-post-facto only applies to criminal laws.
5th amendment “nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.” might provide some weak protection. Don’t get your hopes up.
No. Ex post facto refers only to criminal law. You cannot be prosecuted for doing something that was not a crime when you did it. It has nothng to do with civil law.
I'm not sure there is a proposal to seize the accounts as opposed to abolishing the tax treatment which makes them attractive.
No, I cannot believe it would be legal now, but if they stack the judiciary more, they might be able to get away with it from that perspective. However, I HOPE they try this. I can’t wait for them to attempt all their crazy ideas under the mistaken idea they have a Marxist mandate. They will kill their party.
Its not a taking if they follow Dr. Ghilarducci’s plan and give you a nice valuation for your 401k at August 08 levels as well as a tax credit. They aren’t going to seize the 401k plan per se, what they will do is remove the tax deferment for contributions and try to entice people to transfer their funds to GRA’s with high valuations. Employers will discontinue 401k matches and employees will see their income taxes rise because it will be figured into their ordinary income.
No ex post facto factor here.
Just look at national elections held over the past 2 cycles, democrat efforts to subvert republican victories by rewriting state election laws, and you will see the concept of “ex post facto” law has been thrown out the door.
The money in your 401k is not technically yours. It's being held for you in trust - except for any after tax money that you may have put in - that is yours.
The plans being discussed grandfather in current balances so you don't lose any money in which you have a nonforfeitable interest. They will transfer that money from a trust sponsored by your employer to a trust sponsored by the government.
I'm not saying I agree with this from a policy position, but technically they would not be taking money that is yours.
You are wrong in assuming marxists care about fine points of the law.
All they have to do is repeal the law which created 401ks.
they can pass a law repealing the social security act if they want to.
The simplest way for them to get a large chunk of it fast would be to end the Tax exempt status then you would be required to pay income taxes on your entire amount in 1 year since it would magically appear in your income for the year that the tax exempt status ended.
Where did you go wrong? when you said, “you cannot..”
If everyone’s gold can be seized your 401k can be seized.
You should be happy to Spread the Wealth.
Black and Blue in Oklahoma