Financial QUESTION: Obama and Democrats Trying To SEIZE Retirement Accounts (IRAs, 401Ks) ?

H.R. 2035: Automatic IRA Act of 2013; 113th Congress, 2013–2015. Text as of May 16, 2013 ^ | Aug 0, 2015 | Yosemitest

[Yosemitest]

Financial QUESTION: Obama and Democrats Trying To SEIZE Retirement Accounts (IRAs, 401Ks) ?
Aug 9, 2013

I want to know what other Free Republic Members know about this H.R. 2035: Automatic IRA Act of 2013

I got an e-mail stating:
"Obama & BIG Government Are Planning To Seize Retirement Accounts!"

President Obama’s FY2014 Budget Plan brings us one Large step closer to De-Privatizing IRA’s & 401k’s.

Much like Obamacare, Obama’s “Automatic IRA” will force employers with 10 employees or more, to “automatically” enroll their workers in the new Government run accounts. Obama’s Automatic IRA will be managed by the Social Security Administration(SSA).

Okay, I though; it's just another scare tactic to to divert attention from them trying to get Immigration Amnesty through.
But then I started digging to convince myself that ot was NOT true.H.R. 4049 (112^th): Automatic IRA Act of 2012 was re-introduced as H.R. 2035 on May 16, 2013. See H.R. 2035 for current action on this subject.

I found the text of H.R. 2035 here http://www.govtrack.us/congress/bills/113/hr2035/text

The current Bill is sponsored by Rep. Richard Neal [D-MA1].

I found it currently has one co-sponser and that is Ellison, Keith [D-MN5].
But I can assume that the old bill co-sponsors will support the current bill.
Blumenauer, Earl [D-OR3]
Honda, Michael “Mike” [D-CA15] (joined Feb 28, 2012)
McGovern, James “Jim” [D-MA3] (joined Feb 28, 2012)
Stark, Fortney “Pete” [D-CA13] (joined Feb 28, 2012)
Rangel, Charles [D-NY15] (joined Mar 20, 2012)
Deutch, Theodore [D-FL19] (joined Mar 29, 2012)
Crowley, Joseph [D-NY7] (joined Apr 19, 2012)
Larson, John [D-CT1] (joined Apr 19, 2012)
Lewis, John [D-GA5] (joined Apr 19, 2012)
Pascrell, Bill [D-NJ8] (joined Apr 19, 2012)
Schwartz, Allyson [D-PA13] (joined Apr 19, 2012)
Thompson, Mike [D-CA1] (joined Apr 19, 2012)
Tsongas, Niki [D-MA5] (joined Apr 25, 2012)
Himes, James [D-CT4] (joined May 07, 2012)
Tierney, John [D-MA6] (joined Aug 02, 2012)
Ellison, Keith [D-MN5] hzx already signed on the current bill, (joined Sep 14, 2012)

The current bill is in the House Education and the Workforce House Ways and Means.

I highly recommend we click on those links above and use their links to call them and stop this NOW !

[Calvin Locke]

The first I heard of it was in the last year of Bush43, by some Kali Dem congresscritter.

[FrdmLvr]

ping

[Yosemitest]

"Let him who wants peace, prepare for war"

Great quote !

[nascarnation]

They are going to find a way to tax the tax-free income that was promised when 401ks & IRAS were set-up.

I've been in 401k (and now converted to IRA in retirement) since they initiated in the early 80s. I don't remember any promise that they were tax-free. They have always been tax-deferred.

[Yosemitest]

Have you heard of a Roth IRA?

[grobdriver]

Ping for reference.

[nascarnation]

Certainly, but in the context of his comment, there was no mention of Roth.

[La Lydia]

This bill is in a House Committee. All bills are assigned to a committee when they are introduced. It is a Democratic bill. Republicans control the House. Republicans control the committee. How far do you think this bill is going to go? All they have done is show their hand. They are thieves.

[servantboy777]

>>There’s a lot of people who’ve already stored a lot of ammo to fight this war.<<

These jackasses are oblivious to the power and ingenuity of the average Joe-six-pack.

They keep pressin ahead, sooner or later Joe's gonna come out a swingin.

[i_robot73]

Ah, yes. And Ruby Ridge was some ‘nut case’. Waco was some ‘nut case’....

That guy had a line, and they crossed it. When you’re being stuffed into the box cars, it’s a tad too late to fight.

[expat2]

The money in most 401k’s and IRAs is already taxable when you start to withdraw it (and the govt forces you to withdraw it in pieces via RMDs).

[mdmathis6]

Canary in the coal mine. John Brown was nuts too! In 2 years all the rest of the “sensible” people in the US were at war with each other!

Good people are finding themselves saturated with all of the “nudging”!

[expat2]

I’m sure that the retirement bonds will be just like the notes in the SS ‘lockbox’ - just un-secured IOUs.

[Yosemitest]

I donpt think it will go far.
But the Devil-crats are trying VERY HARD to wear us out, and to some extent, they're succeeding.
I have ZERO confidence in the "Establishment Republicans" pushing back, or even just voting "Nay".
The ILLEGAL ALIEN IN CHIEF and his administration are trying all legal and ALL ILLEGAL means necessary to "Collapse the System".
They should have been brought up on federal charges of TREASON long ago, and IMPRISONED.

[Yogafist]

The last known post by the freeper that went by the handle NTHockey. I like your defiance.

[LongWayHome]

Yes, you are right. To be more clear: those 20, 30, or 40 years that your money was sitting without being taxed in these accounts are what the left is going to say was unfair & that they need to recapture that money in some way.

[catnipman]

” tens of billions of dollars sitting around in these accounts”

Actually, it’s trillions, which is why Obama is so eager to steal them. Tens of billions wouldn’t really help much. And the real advantage of stealing IRA money is that it affects mostly folks that didn’t vote for Obama and would never vote for another one like him anyway. Stealing IRA money is just another form of “redistribution”.

[forester]

http://www.phibetaiota.net/2013/01/warren-edward-pollock-ann-barnhardt-on-the-record-sentinel-other-frauds-stealing-your-future/

Towards the end of this interview, which I highly recommend, Ann starts talking about the nationalization of 401K’s and how and why it comes about. In short, a manipulated stock market crash will result in people looking to the gov’t to “guarantee their retirement savings” The gov will step in and swap devalued stocks for treasury bonds. Evidently there are position papers on this from several academics....

Closed my 401K five years ago - simply don't trust banks or financial institutions any more - they are mostly corrupt.

[ridin dirty]

It isn’t “seize”, it is called theft by an organized criminal enterprise.

And yes, conservatives will take it in the backside by Obama and the progressives, and like it.

Some things never change.

[ridin dirty]

There is little difference between government paying off low-information drones with the destructive drug of dependence on government and perpetual poverty for special interest votes and,

a common criminal sticking a hand gun in your face and telling you to surrender your fair gotten wages earned in a voluntary and peaceful marketplace.