You know those tens of thousands 401(k)’s are driving Schumer, Reid, Durbin and all the rest of the democrats crazy. They probably sit around a table every day trying to figure out how to get hold of the millions of dollars in those IRA’s. Or, at least a way to tax them. They probably have nightmare’s thinking about all that money sitting there with DEFERRED TAXES, that can’t be taxed until the IRA’s are cashed in.
They don’t have to take your 401 K they will just change your tax rate at withdrawl
They are not that dumb to outright take it...
“Are Democrats Eyeing 401(k)s, IRAs for Tax Hit?”
No; I think it’s worse than that. They’ve been talking about confiscating IRAs, 401(k)s, etc., and then redistributing to the masses. I worked in Human Resources Benefits before retiring in ‘08, and that was a topic of conversation around that time. They’re basically just going to take the money — and then give it to the losers.
IRAs and 401Ks became popular in the 1980s when Congress realized that SS would not pay everything due to the Baby Boomers.
Also, this made Wall Street happy because there would be a monthly supply of employer and employee contributions that would be invested in all kinds of investment vehicles.
The government was happy because they would get to tax the principal and the increase rather than just the value of the contribution going in, when cash out time came.
And everyone loved the penalty of 10%—the governemnt because if you cashed in early, that’s a windfall tax to them, and Wall st., becasue most people would rather not lose an additional 10%, so there is an incentive to keep the money locked in.
What could possibly go wrong?
IRA’s and 401k are Tax Defered, taxes are taken out later after years of gains - the government will loose future revenues.
I wouldn’t be surprised if they did.
Well they’ve taken our free speech, our right to govern, our healthcare - what’s to stop them from taking our retirements?
My money says these thieving chchchchcch0ck suckers go for outright confiscation within the next few years. This is why mine is now all in cash and i’m withdrawing it. Better a rape than a murder.