Ready to Have Your IRA/401(k)Confiscated?

[sevlex]

This has been floating around since early 2008. Now it looks like the Dems may "award" us a "parting gift" before they are swept out of office.

http://www.freerepublic.com/focus/f-news/2583739/posts

The Money Shot:


The policies being put in place by the Fed are the antithesis of a free market not only because they interfere with a natural process, but also because they are borne of debt created out of thin air - debt that will have to be repaid by the taxpayer. .....

Just to show you how out of touch with reality the administration and Congress is the Democrats have introduced two new bills, The Debt Free America Act, HR 4646, which would put a 1% sales tax on credit card and securities transactions in the US and the Automatic IRA Act of 2010, which would decree a mandatory payroll tax on all workers of 3%, to be used to purchase government retirement bonds. That tax is expected to rise to 15% within three years.

This Automatic IRA Act is a foot in the door for financing government deficits. It will be followed by legislation that will force present IRA, 401k and all retirement plans to purchase retirement treasury bonds, which will be called, Guaranteed Government Annuities. This has been buried within the Automatic IRA legislation.

The labor department has an agenda coming up next week on September 14th and 15th, which would decide on whether this so-called lifetime annuity should be required for private retirement accounts of all kinds.

I suppose this shit would be added onto our FICA contributions.
:yuch:

[cciota]

I'll cash all mine out, take the penalty and put it in the safe before I let these bastards get hold of it!

[American Rage]

I'll cash all mine out, take the penalty and put it in the safe before I let these bastards get hold of it!

Expect a substantial penalty to be applied to your taxes come April 15th. As for the forced gov't bonds, that'll really help the economy, NOT!

Rage

[El Jefe]

These people are insane.

[American Rage]

These people are insane.

Communists usually are.


Rage

[El Jefe]

Communists usually are.


Rage

I'm just gobsmacked by their arrogance.

[American Rage]

I'm just gobsmacked by their arrogance.

I know what you mean b/c this time the commies are going to do it right, or so they say.


Rage

[El Jefe]

I know what you mean b/c this time the commies are going to do it right, or so they say.


Rage

Isn't the number of households that have some participation in a 401K like 55 to 60%? I can't imagine they believe any of those affected won't be pissed! If you look at the number of actual voters affected I'm thinking the number is even higher.

[American Rage]

Isn't the number of households that have some participation in a 401K like 55 to 60%? I can't imagine they believe any of those affected won't be pissed! If you look at the number of actual voters affected I'm thinking the number is even higher.

As if they give a damn about those "affected."


Rage

[El Jefe]

As if they give a damn about those "affected."


Rage

I'm thinking about this hurting them even in places like San Fran and Chicago. Lots of loyal Dems that work and have 401K's.

[imanaknut]

Nothing could hurt them in the San Fran area. Before the last election, the people there were complaining about Nancy Below-C and they still reelected the socialist elitist.

[crapshoot]

lol

[azhonkey]

time to round these scumbags up.

http://i23.photobucket.com/albums/b379/azhonkey/tomb-gallows-at.jpg

[Penguin]

Well this rumor has been going around for a while. Honestly since it hasn't happened yet I doubt that it will. Who knows thought I could be wrong. I just can't imagine that they are that crazy, yet the consistantly prove me wrong on how crazy they are.

As some one else posted here. If they were to pass such a thing I would be inclined to cash mine ouy ever with all the penelties. I wonder how many other people would do so as well. I have heard that 401K's and such are the majority of the stock markets shares. I could see this really hurting the stock market if such a thing was to pass.

[yankeedog]

Automatic IRA Act of 2010, which would decree a mandatory payroll tax on all workers of 3%, to be used to purchase government retirement bonds. That tax is expected to rise to 15% within three years.

Well if a 2010 bill they better hurry up or it will have to be a 2011 bill!
I doubt we see a 15% payroll tax either.
For one thing if everybody has to buy them I see it as good so "joe blow" who works next to you dont save anything will have something verses going on disability just before retiring and then gets an extra check every month when theres nothing wrong with him other that being smarter than us.

[HDR]

0bama's long promised wealth redistribution..

[63DH8]

I'm running this through my mind. First, they tax us more. This means the people have less money in their pockets to spend and stimulate the economy. Next, they're going to make us buy retirement bonds? For what? To delay the inevitable? Sooner or later, the Government is going to have to pay it back, and pay it back with interest!

Number rule of investing is never invest what you can not afford to lose! If you owe anyone, you can not afford to invest! It's that simple! If you owe anyone, it's best to tighten your belt and pay off those debts before you spend on anything, other than the necessities. I swear! These politicians are worse than my ex when it comes to spending money!

[abpt1]

Fuck that Ill cash out and take the hit .

[NewbieAKguy]

Fuck that Ill cash out and take the hit .

+1!

[l921428x]

Old news, but you need to pay more attention.

[insider]

The gubberment just loves to take our money! Sell stocks, buy rocks.