Feds eye retirement-fund tax to cut $16 trillion-plus deficit (Obama's war on savers)

NY Post ^ | 4/22/12 | REGORY BRESIGER

[jimbo123]

Uncle Sam, in a desperate attempt to fix its $16 trillion-plus deficit, is leering over Americans’ retirement nest egg as its new bailout fund.

Capitol Hill politicians are assessing tax changes that could let the Internal Revenue Service lay claim to a portion of the $18 trillion sitting in 401(k) accounts and other tax breaks used by middle-class workers, including cutting the mortgage tax deduction.

[cuban leaf]

I intentionally left out church giving. ;-)

And to be frank, liberals tend to not do it.

[Whenifhow]

My guess would have been this summer, but then read post #54
http://www.freerepublic.com/focus/news/2875052/posts?page=54#54

The legislative pieces such as NDAA (and others, such as drones which are over universities across Amerika) are in place the executive orders already written are telling of what’s to come. No one has stopped this administration yet.

The article below was posted last night and worth a read.

U.S. Building a Domestic Population-Control Grid Based on Military Ops

http://www.freerepublic.com/focus/f-bloggers/2875003/posts

http://www.321gold.com/editorials/guest/bellinger041912.html

[Buckeye Battle Cry]

“It has already started. The Department of Labor is extending their powers under ERISA laws in ways that were never intended. Congress could stop them but since the Dems still control the house nothing is happening.”

JD, there is little the House can do. Phyllis Borzi and her minions at the Employee Benefits Security Administration are running wild through the regulations process to long existing statutes with very aggressive re-interpretations of how they apply. Borzi’s shock-troops are also tearing through the federal court systems with amicus briefs telling the bench how to apply the law in many cases. It empowers the liberal judges and the conservative judges are rejecting the march to expanded power.

[Georgia Girl 2]

The Republicans are just as corrupt as the Dems. They are now co-conspirators in almost every progressive attempt to take our money and our freedom. Sad but true.

[savedbygrace]

They think they own the principle because it was never taxed.

[ErnBatavia]

Columbian hooker.....

[central_va]

A couple of suck wads.

[This I Wonder32460]

Why don’t they just come out and admit they want ALL the Money and No One Else can have any? Why don’t they admit they want to enslave the western world into the communist-like islamic caliphate that they dream about being some of the Top *officials of. They get it ALL and the rest are slaves.

(Note: I couldn’t think of anything more insulting then the word officials as I didn’t want to insult dogs, clowns, sloths or slobs.)

[central_va]

The dirty secret is that when people don’t spend their money, it shrinks the money supply and the economy. While money is in a mattress, or in silver and gold in a safety deposit box or buried in your yard, it is as if it doesn’t exist.

Clearly you have never studied economics.

[The Working Man]

Thank you for the links, I’ll go check them out.

[SaraJohnson]

No advantage? Energy independence is vital for any nation’s security. Additionally, oil exports produce foreign revenue.

---

You don’t have energy independence if you don’t have control over the oil to keep it in your country. In Argentina, the resources are sold and shipped abroad and Argentina must get their own oil from foreign sources. They can’t use their own resources because they don’t belong to them. They don’t have energy independence, in other words. That is a lie. Just so Americans know - are not fooled by false promises and expectations about the reality of the “free market” drilling “our own” resources.

---

---

Is pollution from oil a problem in the US? Why would it have to be in Argentina?

---

Do your own research on Argentina. They are already drilling and have consequences. There is always consequences to drilling. https://startpage.com/do/search

I live on the Gulf and can’t play stupid with you anymore about the cost to human and animal life that comes with hosting oil exploration. Thanks, BP. It is a steep cost with little payoff to the locals who host the drilling and refining of oil (air pollution). There is no price you can set on the death and destruction that occured to the gulf states industries, people and wildlife as a result of BP’s carelessness. It was criminal. They try to pretend they have cleaned it all up and everything is fine and dandy, but it is not.

So the price of hosting oil exploration is extremely steep for the hosting Nation and people and the payoff in Argentina’s case, is nil. That is why they are nationalizing the Nation’s oil business. They want to get some profits for their trouble. They don’t even get to use the oil. They are dependent on oil imports because of global markets and the only interests considered - the oil corporation’s interests and the interests of foreign nations and economies.

[central_va]

If you are over 59 1/2 liquidate all of your retirement and purchase gold and cash at a 50:50 ratio. Pay the taxes on it. Better to keep 70-80% then 0%, Make all of your purchases now, buy a spare car and garage it etc. Learn to do all transactions in cash.

I am no green nut but try to get off the grid. Also many places if you live in a trailer on wheels they cannot tax the property as "improved".

[cuban leaf]

In a fiat money system, money that is in a mattress does not exist.

[Arrowhead1952]

I call it my ‘can’t touch this’ account.

Most of our savings is in Roth Iras too, but there is no telling with this regime. 0 bummer wants wealth redistribution to hurt the workers who are getting ready or just retired like me. Remember, he said he is not worried about the working white people for his reelection.

[TexasFreeper2009]

Personally I would like them to drastically cut social programs.

[central_va]

The percent of the money supply in cash is miniscule. Do some research. Even if ALL the cash was hoarded it is so small an amount as to be a non factor. In defense of you r position: The only way your scenario would be viable is if/when their was a run on the banks and the fed had to actually crank up their printing presses. Rumor has it the Fed has printed the money for a run already. I think the Feds want a run but that is my paranoia coming out. It could happen, but it isn’t right now, so you scenario is moot.

[grumpygresh]

Flash stock market crash and bank run. After the market crashes, the funds will only be worth half their previous value if that. This is like the government confiscating people’s homes and then being surprised when they’ve been destroyed or burned down before actually taking possession.

[cuban leaf]

I agree that it is moot right now. That said, our economy depends on consumption. When people stop consuming - in large numbers - and save money “in mattresses” (and interest rates are so low, it’s a good way to do it) it will no longer be moot.

It was said a couple of decades ago that because micro-brews, by design, could only make fairly small quantities, they would never be a threat to Budweiser. But they are now legion. Bud is dying of a thousand cuts.

If you get my drift.

[Mad Dawgg]

"Does not matter what obamma wants! He is not going to get this as long as the Republicans control the House."

Hahahahaha Hahahahahah Hahahahahah Yeah I get it...

The Republicans are Part of Congress and Congress Critters buy votes with other people's money. Remember that.

I can't wait for Boehner's Speech.

I can hear him now:

"Read my lips... No new Taxes!!!"

[Shady]

and it is all being done in the name of “fairness” and Social Justice...”