Skip to comments.
401k/IRA Screw Job Coming?
Market Ticker ^
| 01/08/2009
| Karl Denninger
Posted on 01/08/2010 11:07:28 AM PST by Zeddicus
click here to read article
Navigation: use the links below to view more comments.
first previous 1-20, 21-40, 41-60, 61-80 ... 181-192 next last
To: tired1
“Face it, the moneys gone and theyre trying to hide that fact as long as they can.”
Well, if they can’t borrow it, they’ll have to take it.
Interesting thing here is that they’ll get to tax folks who take their money out of retirement plans in fear of the government, and then if it’s not enough, they can take the rest and “invest” in treasuries to finance more spending.
The other thing this might do is convince people NOT to put more money into 401k’s and spend it instead - increasing consumption.
They’ll get money on the rumor alone.
These are diabolical folks.
To: Zeddicus
I never understood people that went postal before.....this last year.
22
posted on
01/08/2010 11:24:43 AM PST
by
ladyvet
(WOLVERINES!!!!!)
To: Zeddicus
This is all by design—to impoverish you. So you’ll beg for a crumb of food by your new world order masters. Look who the hell is in charge of the White House if you need proof.
To: Zeddicus
Just more ammunition for the liberal massacre in the next election....
To: Brilliant
25
posted on
01/08/2010 11:25:58 AM PST
by
Drill Thrawl
(Another day, another injury, another step closer. Are you prepared?)
To: Zeddicus
Just to keep current: The Chi Coms haven’t bought any Treasuries since May, 2009.
The biggest buyers of Treasuries has been - the Treasury!
26
posted on
01/08/2010 11:26:04 AM PST
by
RexBeach
("Those are my principles...if you don't like them, I have others." Groucho Marx)
To: rawhide
27
posted on
01/08/2010 11:27:10 AM PST
by
OB1kNOb
(Q: What's the difference between Obama and his dog, Bo? A: Bo has papers.)
To: Soothesayer9
Have you ever wondered about how a fool and his money got together in the first place? :)
28
posted on
01/08/2010 11:27:14 AM PST
by
RexBeach
("Those are my principles...if you don't like them, I have others." Groucho Marx)
To: Brilliant
It would be nice to get 20 to 30 million tax payers to not file 1040’s and a million businesses refuse to remit withheld payroll taxes. Put them in escrow out of reach somehow.
29
posted on
01/08/2010 11:30:43 AM PST
by
listenhillary
(I believe AGW is real now. It was caused by scientists and greenies LYING!)
To: Zeddicus
What’s worse is that even if they don’t end up doing anything, the mere whisper of this will hurt the markets. Once people (like me) hear of this, they’ll STOP CONTRIBUTING TO THEIR 401k PLAN, and if possible, PULL MONEY OUT. Once again, the unitended consequences of policies penned by ignorant bureaucrats will screw us all.
To: Zeddicus
Hello Iceland/Argentina. It will be a win/win for TPTB (The Powers That Be). You will get snagged on taxes if you liquidate early to avoid confiscation or get slowly ground down as the interest rates on T's are kept artificially low. As the Ticker says Turbo Tax Timmy and company smells smoke. You can see the equities market crash with this insanity and greed. What was once considered Tinfoil is about to be real. On the bright side maybe this will wake J6P up.
31
posted on
01/08/2010 11:31:57 AM PST
by
Polynikes
(Haakkaa Paalle)
To: Brilliant
You can bet on that. When are we going to stop this madness?
32
posted on
01/08/2010 11:34:13 AM PST
by
dumpthelibs
(dumpthelibs)
To: randita
AS soon as this looks like a reality, the market will crash as everyone, yours truly included, will go to cash out their 401k’s and IRA’s, tax penalty be damned.
33
posted on
01/08/2010 11:34:39 AM PST
by
Kozak
(USA 7/4/1776 to 1/20/2009 Reqiescat in Pace)
To: Zeddicus
I already paid the taxes and spent the money.
I know they would come for it.
34
posted on
01/08/2010 11:35:14 AM PST
by
Jim Noble
(Hu's the communist?)
To: listenhillary
Not filing? Hell, these clowns in DC may drive 20 or 30 million taxpayers into rebelliion.
35
posted on
01/08/2010 11:36:58 AM PST
by
tgusa
(Gun control: deep breath, sight alignment, squeeze the trigger ....)
To: Polynikes
We found $$ in the ammo boxes that were supporting my in-laws bed. We use to think that was crazy but not so much anymore!
To: Zeddicus
If, as students, we bothered to read the History Books of the Pre-PC era the reader would soon discover that the Revolutionary war was started for less offences than we have seen in the last few years.
37
posted on
01/08/2010 11:38:03 AM PST
by
darkwing104
(Lets get dangerous)
To: randita
I would certainly prefer to control my own 401k and IRA. Miller acts like the market will never recover (Yeah, if the rats maintain control, it won’t), but my investments are already approaching the levels they were in 2008 despite the recession. I don’t want the government “helping” me with my money.
To: Alberta's Child
"If something like this becomes a reality, then the biggest dupes were those who converted traditional IRAs to Roth IRAs in the last ten years and paid income taxes on the conversion in the process."
I would argue that Roth Conversions were a scam perpetrated by the feds. Here's why:
1 - Most people have a larger marginal tax rate while saving in IRAs than they do during retirement when the withdraw. Supposing you only have X dollars to contribute, you are better of with X (pretax) than with the post tax amount in your Roth. The larger principal grows faster, and you pay a lower marginal rate when retired.
2 - The Roth conversions were a windfall for the feds. They got to tax money they otherwise were not going to tax for decades.
3 - Does anyone really believe they won't change the rules? I suspect at some point, they will means test Roth IRAs. For example, if you have more than $1M in assets, you have to pay taxes during withdrawals.
My final gripe, in general, is with putting my money into an account that has strings attached. This is true of all these retirement accounts. I would rather pay my taxes and have my money be free and clear of all the rules.
39
posted on
01/08/2010 11:39:00 AM PST
by
laxcoach
(Government is greedy. Taxpayers who want their own money are not greedy.)
To: randita
Sounds good, doesnt it? Until they would change the rules so as to deprive you of most of it.Yup. Just like GM's bond holders had nothing to worry about from the government stepping in. Nothing at all...
40
posted on
01/08/2010 11:40:49 AM PST
by
Hoffer Rand
(There ARE two Americas: "God's children" and the tax payers)
Navigation: use the links below to view more comments.
first previous 1-20, 21-40, 41-60, 61-80 ... 181-192 next last
Disclaimer:
Opinions posted on Free Republic are those of the individual
posters and do not necessarily represent the opinion of Free Republic or its
management. All materials posted herein are protected by copyright law and the
exemption for fair use of copyrighted works.
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson