You win moniker of the year, hands down.
There have been SEVERAL mentions by the governmeent about taxing your 401K already
It is a short leap from them THINIKING about it (since there is proof of that) to actually DOING IT
Clintoon suggested it when he was in office, and Barney Frank recently suggested another tax on it.
that is why I don’t use a 401K. I will gladly pay taxes on it now, and then save it on my own.
Let me suggest that should these come to pass - there will be blood in the streets of DC.
Might be fairly hard to sell to the super-rich elites who support the 'Rats out of misguided guilt (think Hollywood, blueblood types like Kerry and the Kennedys, etc.). But of course there would be special exemptions for them, the nomenklatura of the USSA to come. The rest of us, however, are f***ed.
Of course it won't be called that.
It will be called the Federal Unicorn and Butterfly Opportunity Gift Contribution Act For the Betterment of All Humankind.
Absolutely!!! The redistribution is NOT just about so-called wealth or taxing the rich or even annual income tax increases — it’s about net worth, assets. Your 401K is no longer safe (what’s left of it), and no doubt home property taxes will go way up, if we are still allowed to own our homes, that is.
And yes, interest on other various accounts will cause you grief, too in the way of higher taxes imposed.
Just as the sales of guns and ammo are going through the roof, there is good reason why those huge home security safe sales are at an all time high. Sure beats stuffing money in the mattress.
We already do pay tax on principal — it’s called inflation.