Posted on 11/10/2008 11:52:55 AM PST by ignorancerunsrampant
http://www.carolinajournal.com/exclusives/dems-target-private-retirement-accounts.html
This would be unprecedented. The Constitution prevents this type of perversion.”
You don't get it. “They” can do what ever they want. This government no longer follows the Constitution. Once you get away from that, there is no rule of law.
They are all far left loonies ... or they are out ... the government is a “Collectivist Government” now ... they need the money ... just last week in Argentina all pensions were seized to patch the hole in the countries budget ... I know, we are not Argentina ... but what makes us different, now?
Regardless of how such a scheme was implemented, the proposal to eliminate deductibility of contributions for both individuals and corporations would have several immediate impacts. First of all, the incentive of individuals to contribute and for employers to match those contributions would evaporate instantly. In turn, the incentive for companies to offer such plans would be removed, which is precisely what the sponsors of this scheme desire.
The Federal government would then take over management of the assets formerly sponsored by employers – and managed by financial service companies, which would have no incentive themselves to maintain further control of asset pools to which future contributions were unlikely to be made. In addition, the involvement of the Federal government would expose the financial industry to an even greater risk of control than they presently face.
Consequently, the mutual funds currently used to support defined contributions would be shut down, and the assets transferred into fixed rate guaranteed investment contract (GIC) accounts. There would then follow massive layoffs in the industries that comprise the private retirement services market, including mutual fund investment companies, financial planners, third-party administrators, tax accountants, brokerage houses, and on-line investment management services.
At the same time, private company employees would be locked into 3% fixed rate retirement accounts that would be managed similarly to Social Security: without any control, portability, or access until whatever age the Federal government decides you can get your own money back. And, to top it off, the government will now have access to trillions of dollars of formerly private wealth with which to… what? Keep in a “Trust Fund” like Social Security? The “Trust Fund” that isn’t really a “Trust Fund” because it was raided years ago by Congress and now consists of a huge pile of IOU notes?
Yes, exactly. The two congressmen presently hatching this scheme, “Baghdad” Jim McDermott and George “The Red” Miller are among the most radical members of an already hard left Democrat Party, and they will stop at nothing to perpetrate what would be the biggest heist in history: the organized theft of private retirement assets in order to redistribute them to their favored constituencies in exchange for votes and the promise of eternal fealty to the Democrat Party. Combine this with Barack Obama’s plan to dramatically raise taxes on high achievers and increase both capital gains and dividend taxes, we are staring down the barrel of the largest transfer of wealth in the history of humanity.
Make no mistake about it: they are coming for our money. When they begin to talk of universal “national service” and gun control, too, that is when you’ll know if you do not already that their intentions have nothing to do with Hope and Change, but with Money and Power. What our foreign enemies will choose to do as we retreat into a Euro-Socialist cocoon is another, even more serious matter that will doubtless be taken less than seriously by those we have now elected to lead us. Which is perhaps why I find myself praying a lot these days. I know I am not alone.
You might want to look up your current balance and then consult the Tax Tables before you do that.
We are not Argentina....yet. But as of today today the bailout for AIG is now $150 billion, and the auto industry wants their own bailout. The government is nationalizing a big chunk of our financial industry. And this is under a Republican Administration. The budget deficit may soon exceed $1 trillion.
This country is in a world of hurt and on the way to becoming flat broke.
An unlikey scenario.
Well, it would e knee jerk reaction to grab you 401K Money and run . . .but If You are Over 59. . .no Penalty. . . but fear of the Unknown tax of the Future, . fear of losing you Job . . might prompt some knee jerks.
The Congress can take anything it wishes from anyone the wish to take it from......
Are my CD's going to be safe from his heinousness rapecious hands?
“The Constitution prevents this type of perversion.”
Ha ha, you’re funny. ;)
Yes. But, for the record, I didn’t mean just the 10% penalty for being less than 59 1/2. I meant probably paying the top tax bracket on most of what is taken out in one year, which all depends on how much one has in the 401.
Yes, it could be a BIG tax Hit . . But...like the Dolphins Owner, you can save some money if BHO increases the Taxes on the Rich.
Now, no need to withdraw and join the RICH so you can get a BIG HIT on a 401 K withdrawal. But some people don’t have that much money in a 401K . . Kids, College and all that.
If Congress passes that ONE, then they won’t get Re-elected.
It’s not nice for the Newly elected to mess with a 401K savings.
say it aint so?
i don’t want to get that ;(
reminds me of the scene in dumb and dumber when the briefcase is opened up and it’s full of IOU’s, and the bad dude wants to know where his money is and loyd says that the IOU’s are just as good as the money.
only if whomever has given the iou’s has the money to pay it back.
i want my 401k in a LOCKBOX :)
so, can i put it in my LOCKBOX? /s
taxation without representation, one of the causes of the “Death of America”.
They’ll one your body soon too, after you’re dead.
i already just had to take 1/2 out due to being laid off, single mom of four.
after the first of the year, if it looks like they may steal it, i may act first.
or will they be punitive and retro punish anyone who took it out before the executive order is issued.
i have been alive for almost 1/2 a century and I have never seen anything like this.
It's quite concievable that Congress could 'retroactivly' raise your tax rate from 2000-2008 and demand payment.
L
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