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They'll make it retroactive by a year or two to snare people like you and me who try to outfox them. They've passed retroactive taxes before, so don't think they won't do it again. They aren't about to allow us suckers to keep what we earned over a lifetime. They would be perfectly happy to have you and me selling apples and pencils on the street corner in retirement. After all, it's the socially just thing to do to the winners of life's lottery.

The U.S. Supreme Court has upheld the constitutionality of federal and state retroactive tax legislation on several occasions throughout the years. In its most recent decision concerning retroactive taxation, the Court upheld the retroactive application of an amendment limiting a federal estate tax deduction on the grounds that it was not harsh or arbitrary and did not have an unduly long period of retroactivity (U.S. v. Carlton, 512 U.S. 26 (1994)). In 1938, the Court upheld a Wisconsin law that retroactively disallowed an income tax deduction for certain dividend payments, rejecting arguments that the retroactivity violated the appellant's equal protection and due process rights (Welch v. Henry, 305 U.S. 134 (1938)).

II will cash in my accounts and take the penalty before I would let this SOB and his minionsconfiscate my IRA”s

Done many years ago. The exact day was the very top of the peak. The circumstances were surreal as a 401k rep mistakenly moved all of my funds into a money market account during a transaction request. The next day the market took a big dump and they asked me if i wanted to re-establish my position. I declined and within months, I took the penalty and completely cashed out. I've never looked back. Life has been greater than ever, defunded/depopulating all things socialist from my life.

"If you don't have it [assets] in your possession, you don't own it.” - Ann Barnhardt

“I will cash in my accounts and take the penalty before I would let this SOB and his minionsconfiscate my IRA”s”

Won’t we all! And literally cash too! Cash that then gets accidentally thrown away in the trash due to a tragic misunderstanding with the wife (just in case the fascists think about trying a clawback).