Hello? The government can do anything it wants to. The government has a record, in your tax returns, of every dollar in your 401(K) and where it is invested. As is the case with your earned and interest income, the government can decide to take as much as it wants, and there isn't a lot you can do about it. During her primary campaign, Mrs. Clinton discussed "nationalizing" 10 percent of all 401(k)s "for the greater good."
But hers was a modest proposal. House Democrats recently invited Teresa Ghilarducci, a professor at the New School of Social Research, to testify before theHouse Ways and Means Committee’s Subcommittee on Income Security and Family Support on her idea to eliminate the preferential tax treatment of the popular retirement plans. In place of 401(k) plans, she would have workers transfer their dough into government-created "guaranteed retirement accounts" for every worker. The government would deposit $600 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return. Rep. Jim McDermott, a Democrat from Washington and chairman of the Subcommittee on Income Security and Family Support, said that since "the savings rate isn’t going up for the investment of $80 billion [in 401(k) tax breaks], we have to start to think about whether or not we want to continue to invest that $80 billion for a policy that’s not generating what we now say it should."
There is currently $4.5 Trillion dollars invested within 401(k) plans in the United States, the transfer of this wealth to the government would cause the collapse of an entire industry of financial and accounting companies that have been built upon the Retirement Savings Industry. This would be the largest loss of wealth and seizure of private assets in world history. And right now they are talking about how to do it.
“There is currently $4.5 Trillion dollars invested within 401(k) plans in the United States, the transfer of this wealth to the government would cause the collapse of an entire industry of financial and accounting companies that have been built upon the Retirement Savings Industry. This would be the largest loss of wealth and seizure of private assets in world history. And right now they are talking about how to do it.”
Willie Sutton a bank robber. When asked why he robbed banks, Sutton simply replied, “Because that’s where the money is.”
Hello? The government can do anything it wants to. The government has a record, in your tax returns, of every dollar in your 401(K) and where it is invested. As is the case with your earned and interest income, the government can decide to take as much as it wants, and there isn't a lot you can do about it. During her primary campaign, Mrs. Clinton discussed "nationalizing" 10 percent of all 401(k)s "for the greater good." But hers was a modest proposal. House Democrats recently invited Teresa Ghilarducci, a professor at the New School of Social Research, to testify before theHouse Ways and Means Committee’s Subcommittee on Income Security and Family Support on her idea to eliminate the preferential tax treatment of the popular retirement plans. In place of 401(k) plans, she would have workers transfer their dough into government-created "guaranteed retirement accounts" for every worker. The government would deposit $600 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return. Rep. Jim McDermott, a Democrat from Washington and chairman of the Subcommittee on Income Security and Family Support, said that since "the savings rate isn’t going up for the investment of $80 billion [in 401(k) tax breaks], we have to start to think about whether or not we want to continue to invest that $80 billion for a policy that’s not generating what we now say it should." There is currently $4.5 Trillion dollars invested within 401(k) plans in the United States, the transfer of this wealth to the government would cause the collapse of an entire industry of financial and accounting companies that have been built upon the Retirement Savings Industry. This would be the largest loss of wealth and seizure of private assets in world history. And right now they are talking about how to do it. Exactly, and let me add that Argentina just nationalized their retirement system, and it caused the Argentine MerVal Index to fall from the 1,700 range to around 840, losing more than 50% of it's value. It's come back slightly, to the 1,110 range, but is still a disaster.