Dems Target Private Retirement Accounts

Carolina Journal Online ^ | November 04, 2008 | By Karen McMahan

[DivaDelMar]

I searched FR, but I didn't find this posted anywhere.

I am sick, livid, disgusted, frightened by this prospect and I am considering pulling every penny out of my 401(k)/IRA's before the Obama takes office.

Why hasn't this gotten more attention? I am afraid the sheople will embrace this. God help us all.

[DivaDelMar]

Ping.

[WorkerbeeCitizen]

bump

[DallasDeb]

This is old news. I still don’t think they can confiscate our private savings (401Ks).

[FlingWingFlyer]

DemocRATS are good at stealing other people’s money. A government of the politicians, by the politicians, for the politicians. Something seems to have gone wrong. That’s not how it is supposed to be.

[lilylangtree]

Damn! This info has got to get out. People aren’t hearing about this. This confiscation is nothing short of communism. I’m so PO’ed.

[boxer21]

A close reading indicates this is an effort to discourage and ultimately eliminate IRA’s and 401k’s. One thing your new socialist government does not want: independent people who save their money for themselves.

On the other hand, this may be the way they attempt to “save” social security; the next step will be confiscation of private pension plans just as the lady in Argentina just pulled off.

[MrB]

There will be too much outcry if they try.

However, that’s not the point.

The point is that the fascist bastards WANT to do it.

[Doug TX]

Levin interviewed one of the ‘architechts’ of this 401k plan. Basically, the govt is going to make a deal ‘you can’t refuse’. You won’t hear much about it until after the bin biden ‘crisis’ next year.

[Bloody Sam Roberts]

"...the Democratic Congress will continue to conduct this much-needed oversight on behalf of the American people."

Over my dead body. They can p!$$ right off.

[Jacquerie]

In a sane world and constitutional republic, this idea would never make it out of the batter’s box. Still, how can these clowns think that the theft of one’s life labor will be accepted without dire economic and social consequences?

[ponygirl]

I grew up in Raleigh, and everyone I know from back there was voting for Obama. I hope they all see this. Most of them had no clue what they were voting for, other than “Change.”

[MrB]

They will imply that it’s still “yours” - just that it will be under “gov’t” (their) control.

[KoRn]

I don’t have a substantial amount of money in 401k just yet. If I did, you better believe I would FIND a way to get to it before the federal government did.

This has to be one of the more outrageous things I’ve seen proposed. It’s bad enough we are forced into participating in Socialist Security. Now, they want to take away people’s hard earned retirement savings.

Any bets on how long it would take for this money to get spent by the politicians, just like how all of the Socialist Security money was spent? Their thirst for our money, driven by their hunger for power keeps getting closer to home....

[slowhandluke]

I still don’t think they can confiscate our private savings (401Ks).

They most certainly can. They confiscated all the gold in the country for the last Great Depression. There was no ruling that it was illegal, so now it's precedence.

The question is how they will. Direct confiscation, confiscatory taxes on 401k accounts to make up for the 'missed' taxes, or confiscation by inflation, are among the choices. But the goal is definitely to break the back of the middle class.

[pennyfarmer]

I myself do not pay federal income tax. (Combination of income and deductions).

I am also afraid if this comes to pass. I pay into my 401K and try to save what I can. Just because I am not currently wealthy doesn’t mean that someday I won’t be. I hope that punitive taxes and such are not in place if I ever do become wealthy.

Most democrats that I know don’t want to ever face the consequences of their actions. If they make it big they are happy to take the fruits, if it all goes wrong they look to the government to save them. I am so sick of the victims.

[texmexis best]

This is insane. And is unlikely to happen as the political fall out would be huge.

These people have truly lost it.

[KingNo155]

All workers would have 5 percent of their annual pay deducted from their paychecks and deposited to the GRA. They would still be paying Social Security and Medicare taxes, as would the employers. The GRA contribution would be shared equally by the worker and the employee. Employers no longer would be able to write off their contributions. Any capital gains would be taxable year-on-year.

This provision alone would force more jobs and capital out of the country

[bossmechanic]

I believe you’re refering to the proposal that would “restore” the value of 401k’s and IRA’s to their values prior to the October crash - if you subscribe to the proposed program.
Plus, the proposed program would credit anyone signing up with a 1 time $6000 credit.

Kinda like Extortion and Bribery Yes?

[DivaDelMar]

The government confiscated gold in the 30’s. How/why is this any different?

If they “give” you a government account with like balance to that which they confiscate, have they met complied with the 5th Amendment prohibition against confiscation of private property without just compensation?