Potentially, the deal on Roth IRAs could be undone, too."
If IRA holders take advantage of the provisions that allow them to purchase illiquid assets like property or investments in private companies, then the account becomes impossible to liquidate prematurely. Of course the investments must be carefully chosen, but the only issue then becomes finding a custodian willing to approve the transactions.
I use my own Roth to hold venture capital investments, none of which have any tangible value at the moment, but all of which hold great promise. These assets literally cannot be liquidated. Take that and smoke it, tax grubbers!
In God I trust; in gov I distrust.
... The biggest losers here are GM's bondholders. According the Treasury-GM debt-for-equity swap announced Monday, GM has $27.2 billion in unsecured bonds owned by the public. These are owned by mutual funds, pension funds, hedge funds and retail investors who bought them directly through their brokers. Under Monday's offer, they would exchange their $27.2 billion in bonds for 10% of the stock of the restructured GM. This could amount to less than five cents on the dollar. ...
http://online.wsj.com/article/SB124105303238271343.html
Let the Dems go ahead and try it. It would be the end of the Dem Party as we know it. Out would go all the leftists. Then maybe we would have elections between the only two viable, creditable political parties: Republicans and Libertarians.
There has been periodic talk about this since Premier Hussein was Immaculated, and if he dare not try it with a Democratically controlled Congress, I submit he has no prayer of seeing this one through; not with the Republicans in charge of the House, and Hussein’s imminent departure from the White House looming larger and larger on the horizon.
I’m concerned, but not particularly worried about this, and the closer we come to January 20, 2013, the better I feel...
****A default would call into question, for the first time, the full faith and credit of the U.S. Pensions, Federal Government, Debt Ceiling, Retirementgovernment,” Geithner wrote in a letter Friday to Sen. Michael Bennet, D-Colo.*****
Here is what was written in 1964 about Social Security, so quit worrying!
http://www.ssa.gov/history/ssa/usa1964-2.html
Self-Supporting
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government. Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
And her is where your SS money you pain in went! Read and weep!
http://www.socialsecurity.gov/OACT/ProgData/fundFAQ.html#n4
“Far from being “worthless IOUs,” the investments held by the trust funds are backed by the full FAITH AND CREDIT of the U. S. Government. The government has always repaid Social Security, with interest. The special-issue securities are, therefore, just as safe as U.S. Savings Bonds or other financial instruments of the Federal government.”
There! Don’t you feel better about your old age future!
We need to shut down the federal government before it is too late.
They can try to do so here in the US, but only if they are tired of living.
the government could easily force earlier distributions and then simply tax them more heavily.”
Not in the context of the debt limit issue. The Rs holding up the debt limit increase are not going to increase taxes while arguing about the debt limit.
I think the odds of that happening are very high -- which is why I never liked the Roth IRA to begin with. A Roth IRA that was started "from the ground up" is not a problem, but anyone who converted a traditional IRA to a Roth IRA (and paid the income taxes on the conversion) may well end up getting screwed.
Watch out!
There could be a REVOLUTION!
This is what coffee cans are for.
Take my 401k and IRA savings, and I’ll stop paying my Federal student loans.
I figure until after the eklection they are safe as far as being seized but after who knows? Until then they could up the tax drastically on them though.
I figure until after the election in 2012 they are safe as far as being seized but after who knows? Until then they could up the tax drastically on them though.
As usual, the morons in congress are attempting to distract from the nightmare their worthless social engineering has created.
All of their focus should be on energy and job creation....
Why bother? Nothing but smoke and mirrors.
All they're doing is trading one debt for another with nothing saved.
No debt cut down and no deficit cut down.
But maybe that's the plan.
This issue is really very simple. The government is, by all classic standards, bankrupt. They are completely strapped for cash and will look anywhere and everywhere to get it. The first to be raided will be the “lowest hanging fruit”, i.e. - those funds which will produce the least howling among the victims. The government will work its way up the line from there. Once they mark their money target, creation of a plausible LSM-friendly “rationale” for seizing it will pose far less of a problemn than the squabbling about how it will be apportioned out to all the connected and vested interests.
They’re going to take our money again aren’t they?
And they’ll give us some speech about helping the poor. :(
And nothing is going to stop them. :(:(:(
Before you disagree, I’d remind you that they took our Healthcare against our wills and smiled while doing it.
So what is going to stop them this time? :(:(:(