Posted on 10/25/2008 5:57:14 AM PDT by Grampa Dave
I cannot believe for a minute that the MSM elite don’t have 401(k) plans, Keogh’s or something in that grouping.
Don’t they understand that they have been making more money than us- they have maxed out their deductions into the 401 for many years, and that they could lose it all in a blink?
The actions in Argentina this last week haven’t gotten enough coverage, either.
Argentina CONFISCATED $30 BILLION in PRIVATE PENSIONS.
Think about that in terms of your union pension- your personal 401k, your company pension that you have nurtured for years.
What’s next? Taking half my furniture?
“If BOH wins the WH and the Dems win both houses of Congress, look for this country to take a real Stalinist turn.”
People seem to ignore or not even realize the most likely possibility, and the one with the greatest chance of success in the event of BHO and the Dims moving in an obvious Stalinist direction: A military coup.
Here is a disturbing article about the breakdown in social order after the 2001 crisis in Argentina - the middle class has never really recovered, and it could very well happen here:
This is not my advice at the this time re rolling over current IRAs to Roth IRAs.
Before this danger rose up, some fairly smart and conservative advisors are suggesting that people roll their IRA’s and 401ks into a Roth Ira before they become 70.5 years old.
http://www.fairmark.com/rothira/roth101.htm
I will be 70.5 years old next year. I have been looking at this and had considered rolling 50% of my IRA over to a self controlled Fido Roth this year and the rest next year to spread the tax hit over two years.
Now, I don’t know what to do with this potential hijacking of our IRAs.
People not ready for retirement might want to consider this Roth Roll over option. They will take a tax hit, but due to their paper losses, that tax hit will be less.
AMEN!!!!
Thanks for the article.. too bad that majority of people believe all this is caused by Bush & Repubs. Very quiet about what the Dems have done/doing to the US.
My kids have already said that if this becomes a reality, they will cash theirs in and take the tax hit and penalty.
“...sometimes, I wonder if it’s time to utilize the Second Amendment to it’s original intent...”
That thought has been occurring to me more often than I like!
In my nightmare, electing Obama is like electing Hugo Chavez.
Hugo and a stacked parliament started slow. Obama and the dems will do too.
But soon enough they will, like Chavez, shut down the opposition voice(fairness doctrine), nationalize energy (windfall as a first step), nationalize banking (already on the way)and eventually start talking NEW constitution(all to fix the coming economic disaster they created).
The only difference (with Hugo socialism scenario)are the millions of gun owners in America.
The question is will we boil slowly like the frog or jump ugly soon enough to save America. Either way, it is a nightmare.
And there is the problem: When government describes NOT CONFISCATING the money you earned as as being their "investment", in their minds even the money they don't take is theirs.
You can count on it. With a Communist at the helm it will happen. You can kiss your 401ks good bye. Welcome to Amerika.
I see a three faced America created by the coming elite Obama/Rat controlled Congress power play in 2009.
#1. Elite Fascism life styles for Obama and the other liberal elites like the top German and Italian power fascist Elites before WWII. Those bastards lived incredible life styles. They will control mega corporations an insure that they have no competition.
#2. A moderate Fascist lifestyle for their so called middle class workers and politicians. These people will work for the elites fascists or own little boutique shops around America. Their retirements and health care will be provided as per this retirement plan being floated by the rats.
#3. A low level communist life style for their slave voters, druggie/felon voters and illegal alien voters. Everything they get will be “free”, and it will be just enough to keep them enslaved and voting for those in #1, the elite Fascists. More of the Great Society will be aimed at these poor people to keep them enslave and voting forever for the Obama elites.
The rest of us will be in re education camps preparing us to join group #2 or #3 above.
If you are over 59 1/2, you should bail on your IRA and Roth before Obama seizes them.
Thanks.
If Obama is elected with Rat majorities in the house and $inate, there will never be any fair tax for the rest of us.
I understand your point, but if the dems control everything, I guarantee there will be a fair tax. And an unfair tax, a death tax, a living tax, a use tax, a sales tax, a land tax, a poll tax, a car tax, a bus tax, a train tax, an airplane tax, a pencil tax, a computer tax, an internet tax,..........
I’ve thought about Roth vs traditional, too.
But if you assume they intend to confiscate pensions, what’s to prevent them from taking the Roth’s, too - AFTER you’ve paid taxes on them? I doubt they would leave a Roth untouched if they came after IRA’s at all.
Every time I think about Roth’s, I hearken back to what a CPA told me once. ALWAYS defer taxes. Never pay them until you have to. His logic was that tax laws always changed and if you pay them early, then some law may be enacted which would have saved that money if you had waited.
Every dime you don’t pay in taxes today is a dime saved until tomorrow. Once you pay it to them, it’s gone forever.
Some Freeper might correct me, but isn't this exactly what the government did do in the 1930's when it seized all the gold ?
And aren't they indirectly doing the very same thing now through inflation ?
They just aren't stupid enough to do it out in the open.
P.S.: Everything you own, they consider theirs. Even your life.
Love it!!! I think I’ll have to check out the show now!
Excellent point. But FDR did at least give gold owners paper dollars in payment. And they were worth just as much as the gold... /sarc.
“My kids have already said that if this becomes a reality, they will cash theirs in and take the tax hit and penalty.”
I discussed this yesterday with a younger hard working relative.
He has just been promoted to VP of his company. On my previous advice, he has told them to hold off on any raises that would put him up and over the 250k incase Obama the Oreo Fascist wins the election. In the meantime, he will get more Fridays off and more real vacation time. His Ford pickup will be traded in for an upscale crossover SUV that will tow his boat, transport his family and carry clients around in comfort. All flights will go from business class to first class, plus any other tax free perks he and I can think of.
He is thinking of cashing out his 401k to buy a couple of homes in his area where the owners are bailing out. He can then hire his wife as their property manager, and she would be good at it.
” the dems control everything, I guarantee there will be a fair tax. And an unfair tax, a death tax, a living tax, a use tax, a sales tax, a land tax, a poll tax, a car tax, a bus tax, a train tax, an airplane tax, a pencil tax, a computer tax, an internet tax,..........”
Easy now. Don’t give them any more ideas on how to tax us.
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