With a Republican majority in the House? Not very likely.
It has been in the make for years. Another change being speculated is that IRAs will not be transferrable upon death. We stopped contributing several years ago.
No safe place from the tax man.
462M? They’re pretty accurate when they have to be. Looks like another distraction.
They do that and it’s Civil War II.
Taxing my 401K would turn it into a Roth IRA.
So much for the lie that anyone who makes less than $250,00(or was it $200,000) won’t pay a dime more in tax. I bet union run pension plans will be exempt from any new tax.
The money grubbing feral hogs in Washington never sleep.
For only $462M? That’s a drop in the bucket...so why bother. Bet it’s more like $462 Billion, perhaps? Either way, they’re going to try and do whatever they can to confiscate more of America’s wealth. Never any mention, though, of cost cutting, correct?
They want to raise $462 Million? For what? You can’t even buy a baseball team with that. In the grand scheme of government spending, $462M is an awfully small, awfully specific number. The bailout alone was $700 Billion.
This is a trial balloon. It’ll never get past the House.
SnakeDoc
Wow! That's like $1.50 for every man, woman and child in the US! That's hugh! I'm series!
Investment killing government thugs...apparently they can’t see the unintended consequences of this nonsense. Or perhaps that’s what they’re counting on?
462 million is what, about an hour’s worth of interest accumulation on the Federal deb?
They’re already using the postal workers’ retirement funds as a source of money to support the Congress’s lack of fiscal discipline, endangering the future of the US Postal Service.
This is something that they have been talking about for a while. I didn’t know about making the IRA’s non transferrable upon death though. We have been watching and have considered pulling the money out and paying the taxes on it if they are going to do it anyway.
this all-out war for 462 million?
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I've been waiting for them to try this for years.
The pool of money in 401(k) and IRA accounts is ginormous. There's no way the looters in D.C. can avoid thinking and dreaming about such a treasure chest.
But they won't make their grab directly. That would draw too much heat.
Instead, they'll tack an amendment onto a "mom-and-apple-pie" type of bill, or a Defense appropriations bill, then we'll wake up one morning with the bill already signed and the trucks backing up to our financial institutions.
Vigilance.
I saw a similar article over the weekend. Not that I wouldn’t put it past a liberal Democrat to want to seize 401(k) monies, they did not name names in the reference. The did that the the “government” and “Uncle Sam” wanted to get their hands on our 401(k)s. Who, specifically?