Dems Target Private Retirement Accounts

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

[skinkinthegrass]

http://www.workforce.com/section/00/article/25/83/58_printer.php

Here some more info...the original article.

[proudofthesouth]

UNLESS the conservative leaders in the GOP (are there any left?) get their act together the Marxist Fraud along with Pelousy, pervert Frank, murderer Kennedy and other Demonrats will remain in power for decades.

I foresee a time when our employers will be forced to send all employees salaries directly to Washington D.C. and we peasants will then be be issued a debt/credit type card that those in power will decide HOW much money we will be allotted on a weekly, biweekly, or monthly basis. Of course we will still have to pay full tax on the amount of money that our employers sent in our name to the Commies in D.C.

[skinkinthegrass]

http://www.workforce.com/section/00/article/25/83/58_printer.php

wash her ears w/ this...Here some more info...the original article.

[WashingtonSource]

The Communists, like Ghirlarducci, are braying at the gates, to be heard. The Democrats are welcoming them in. Beware, people, beware.

[epow]

In the interview, Obama said, “The Supreme Court never ventured into the issues of redistribution of wealth, and of more basic issues such as political and economic justice in society.”

How can "redistribution of wealth" be considered "economic justice"? What kind of perverted "justice" simply takes money by force from a person who earned it and gives it to a person who didn't earn it? If that isn't the basic formula for Marxist-Leninist communism I don't know what would be.

[peter the great]

WWhy don’t you tell her that they did it once already with IRA’s

[traumer]

It’s coming...

[ronnie raygun]

They the rats are getting dangerously close to an all out revolt.

[traumer]

[Political Junkie Too]

-PJ

[johnny7]

[MarkL]

If the government were to try to "confiscate" the voluntary retirement accounts of millions of people, it would wind up in the courts for so long it's not even funny. It took a constitutional amendment to get an income tax. It should take another one to institute a mandatory "government retirement account" contribution, but they'll probably counter with "we didn't need to do it with social security, so we don't need to do it now."

But confiscating private retirement accounts is different than an "income tax." This is a direct "wealth tax," and as such, the US constitution doesn't grant the federal government the right to do such a thing. The only way that I can see with them justifying it would be that since these accounts were made up of funds that were never taxed in the first place (except for medicare and FICA), they MIGHT just get away with it. Of course, that would fail on ROTH IRAs. But it seems to me that they COULD force you to pay tax on it, but NOT force you to transfer it to the government's coffers. They would have to give you the chance to opt out of the plan, and that would destroy their ability to create the GRAs.

Plus, since the government only "invests" in government "paper," i.e. IOUs, they would either have to take direct stock ownership in the companies that people hold as investments in their retirement accounts (again, something that should be unconstitutional, but given the "bail-outs," that's out the window), or they would have to sell off the shares of stocks and mutual funds, causing the value of every publicly traded company in the country, possibly the world, to tank - because what happens when you've got a lot of sellers, but no buyers?

As usual, the dems float an idea that would be disasterous, but they think that it's the greatest thing since sliced bread. It must be nice to live in a world where there are no consequences to one's actions.

Mark

[MarkL]

Rep. George Miller, D-Calif., chairman of the House Committee on Education and Labor, in prepared remarks for the hearing on "The Impact of the Financial Crisis on Workers Retirement Security," blamed Wall Street for the financial crisis and said his committee will "strengthen and protect Americans 401(k)s, pensions, and other retirement plans" and the "Democratic Congress will continue to conduct this much-needed oversight on behalf of the American people."

Oh yes, you guys did such a wonderful job in your oversight of Fannie Mae and Freddie Mac! These A$$hats can't even run their own dining rooms on capital hill, but now they're going to relieve us of the responsibility of saving for our own futures. Thanks a lot, and sign me up! NOT!!!

Mark

[MarkL]

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.”

I remember seeing Obama talk about how the United States is a wonderful place, and how he was going to change that...

Hey, I guess that's what the voters wanted. What's the old saying that a country gets the government it deserves? Then the people of that country have to pay the price for it.

Mark

[AD from SpringBay]

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

When politicians start signing papers, there isn't a whole lot they cannot do. The most dangerous creature in the world is the politician with dollar signs in his eyes.

[RWB Patriot]

Out of curiosity, do you think they could do the same to Roth IRAs since they’re composed of dollars already taxed?

If you’re an idiot who believes money belongs to the government, then they could “justify” the confiscation of 401ks and IRAs due to them being pre-taxed, but I can’t see them making a case for confiscating money that’s already been taxed.

[RJR_fan]

And the people should have staged an armed uprising then. But they didn't.

Actually, there was talk of a military coup. Smedley Butler was courted -- but blew the whistle on the conspirators. Of course, nothing happened to them, and the whole episode got swept down the "memory hole."

[Lion Den Dan]

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

The program will be voluntary. If you don't volunteer to play, your retirement account will be taxed out of existence. I am 62 and retired. I cashed in my account last week as it was down nearly 40% of my contributions. The account's earnings are all gone. I bought gold at $748.00 an oz.

[central_va]

who save their money for themselves

I heard an a$$ clown on Cavuto today call "average people" who save tax cuts and tax rebates they might receive "money horders". My God....

[freespirited]

The sheer stupidity of some people with PhDs boggles the mind.

The minute there is serious consideration to confiscating IRAs, people will immediately convert all assets in them to cash; withdraw the cash; pay the tax (and penalty if younger than 59 1/2); and keep the money in a mattress, home safe or safe deposit box. This will be awful for the economy.

As the saying goes, if it ain’t broke, just wait till liberals get their hands on it.