I would. This is theft. With the threat of a law enforcement it could be considered armed robbery.
Posted on 11/05/2008 6:39:05 PM PST by AmericanMade1776
RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.
Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.
The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
(Excerpt) Read more at carolinajournal.com ...
Thanks for posting.
These folks are VERY well prepared and are taking over very fast. Remember the last election in Spain? Trains blown up and the beautiful young Lefty is elected to SAVE Spain. same old crap. Remember, Hitler was good looking in his youth too!
“””I’m open to any and all non-volatile suggestions. I’m not looking to make a killing in any given market, I just want to protect MY GADDAMNED MONEY and keep it out of the hands of The Occupation and their Vichy sycophants.”””
I moved(invested) my money out of the country via stock broker into Swiss government bonds and with some inflation insurance - 20 % into gold and silver in the Perth mint in Australia. It may or may not do me any good if they institute capital and currency controls. When the market gets closer to a bottom in the spring as many are predicting I will shift to overseas stocks - some pretty good dividends, 10-12 % return.
I would. This is theft. With the threat of a law enforcement it could be considered armed robbery.
Google it. The scholl is pink as a commie.
There is already talk of "repatriating" gold. The RATS will make it illegal to own and force you to hand it over to the government. It wouldn't be the first time.
THIS is scary!!!!
Cash it in, pay the tax and the penalty and get the cash off shore. FAST!
10% penalty plus income taxes to cash out your 401k. It may be a worth it if the Gov is just going to take it. Worst of all, if they raise the retirement age to 80 or higher, most of us will never see a dime of it.
I still can’t see it actually happening, but I didn’t expect those results from yesterday either...
what’s a safe investment that they can’t get?
********
Lots of Alcohol and tobacco hid very well. THOSE will always carry a high barter value!!
Anyone have immigrant ancestors who arrived here penniless with only the shirt on their backs? That's how you flee oppression. No time to move digital and completely traceable money from place to place. You just grab your existence and run like the wind.
So freakin’ scary I can’t even process it. WHERE IS THE OUTRAGE?The House Democrats have not done it yet.
Dems have IRAs and 401(K)accounts.
I wonder how they feel now that they are sober? The Treasury won’t look at your voter affiliation before seizing your cash.
I'm 52, so there's no way to get that 401k money out of harm's way without taking massive penalties and huge taxes at my current marginal rate. That was the whole reason for deferring draw down of 401k until after retirement when your marginal rate is very low. The whole proposal is just asinine. It will turn us into a 3rd world crap hole in short order. Socialists are very adept at doing that. Just look at Zimbabwe.
I'd think that confiscating 401(k)'s goes against the Fourth Amendment protections of "The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated..."
Seizing one's 401(k) sounds a lot like seizing one's papers (stocks, funds, money funds, etc.).
-PJ
The right over/under would be a 12 gauge.
WTF did you expect? The gummint that has the power to exempt from taxation has the power to take that same money. But I’m sure Roth IRAs are safe, right?
[laughing at the ferryman]
Yes, they are illegally seizing your money.
If you can’t see that, and you think government confiscating your funds without your consent is okay, you are at the wrong website.
Everyone send it to news media people.
Send to Drudge.
That was only part of the plan. The other part seizes your 401k assets, places them in a phony "trust account" and pays you inflation + 3% on the seizure. When you become eligible for social security they send "one check" that is supposed to be social security plus money from your investment. Anything left on your demise is taxed 50% instead of passing to your heirs. Make no mistake. This is wholesale theft. They intend to spend your assets. Like the empty promise of social security, the "lock box" doesn't exist. It will be spent as soon as they can lay hands on it.
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