[Canticle_of_Deborah]

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.

That's why I'm afraid they'll freeze access quickly. Come January, I just might take what is left without waiting for congressional activity.

[freespirited]

That's why I'm afraid they'll freeze access quickly.

People will withdraw their money the instant it passes one house of Congress. They will never pass it through the other house and get Obama's signature fast enough to prevent the run on the banks and brokerages.

The mutual funds and brokerages are a very influential lobby on Capitol Hill. And a huge source of campaign money. Which means this thing is going nowhere fast.

[19th LA Inf]

Come January, I just might take what is left without waiting for congressional activity.

My wife and I are not planning to wait until January. The next Congress can make the new law retroactive to 1 January. At least we know what 2008 tax rates are, and can figure what it will cost us.