Posted on 02/26/2010 1:09:19 AM PST by Lexluthor69
There is no question but that The Obama Regime has plans for your savings. Obama’s Treasury Department and even the Labor Department are already investigating "the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams."
Ok, let me see if I can break it down for you.
What Obama is planning to do is: Take you savings, the money you have squirreled away for your retirement in 401-K’s and IRA’s, and hand you an IOU with which they will promise to pay you a small annuity each month of your retirement.
(Excerpt) Read more at silentmajority09.com ...
They get access to a sizable chunk of it now if a tax deferred account is cashed in early. That is certain.
Do you think the Bolsheviks and Mao and Castro had 'popular support'?
No Socialism?
Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs
By Karen McMahan
November 04, 2008
“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.
http://partysover.newsvine.com/_news/2008/11/11/2100271-dems-target-private-retirement-accounts
Check the date. Check the date. How long they have been planning this! This is not new, it was just on the back burner. This is exactly why I dumped every account on Nov. 5th, 2008. Paid the taxes and penalties and then spent it on myself, family, and home improvements. It is/was my money. I worked for it, I earned it and the government was only owed the tax, not the whole thing.
Ping!
Related.
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