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Obama to steal your 401k and IRA

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posted on Nov, 17 2012 @ 11:51 AM

...401k and IRA! and put it in his own pocket no doubt.

Got a link to this truth, do yah?

posted on Nov, 17 2012 @ 12:06 PM
Our social security trust fund has been raided by politicians and treated like a political cookie jar. The cookies are diminishing daily.

Now, they are just looking at ways to refill the cookie jar. Their favorite place to look?.....those that produce and save, those that like to make their own decisions about their future and retirement and who take steps to secure same.

The ones that are used to sucking at the government teat now will need milk to go with those cookies in the future, and the government has to get it somewhere....right?

It's being tossed out there to discuss. It's just a matter of time.

edit on 17-11-2012 by queenofswords because: (no reason given)

posted on Nov, 29 2012 @ 06:01 PM
And less than two weeks since this thread started and we have this from TIME.

Fiscal Cliff: Why Congress Might Have to Mess with the 401(k)

It's a short article and anyone concerned about the subject of this thread should read it. I'll share some of the first and last paragraphs.

One of the earliest fears about tax-favored savings accounts like IRAs and 401(k) plans was that when this pool of savings grew large enough Congress would not be able to resist tapping it to help solve the nation’s debt problems.

I've always thought that converting to a Roth was a potential problem if CONgress renigged on the promise of tax free withdrawals and the article shows that concern is justified.

At stake is any savings that has accrued tax-free in a Roth IRA. Tax-deferred growth could be a target too if you find yourself in a lower tax bracket in retirement. There is no discernible momentum behind such measures. But a retroactive tax on this sheltered income has been a worry from the start. And now these accounts have a meaningful total—and everything is on the table.

I said in my earlier post that I thought the title of the article was needlessly hyperbolic, but when an organization like Time is talking about it, you better believe this is being talked about in the halls of power.
edit on 29-11-2012 by jefwane because: (no reason given)

posted on Nov, 30 2012 @ 08:58 AM
Maybe I was a little too harsh on calling the title of this Thread "needlessly hyperbolic". When I posted my last reply I was only aware of the Time article,but I just found out that The Atlantic Monthly and The New York Times also posted articles citing the same Danish research paper as the times article.

Study Questions Tax Breaks’ Effect on Retirement Savings

Every year, the government spends more than $100 billion on tax breaks to encourage Americans to save more for retirement. But a new study suggests such provisions may have little effect on the amount Americans save. The finding has particular relevance as Congress looks for ways to raise revenue by reducing tax breaks as part of the year-end budget negotiations.

The 401(k) Is a $240 Billion Waste By Matthew O'Brien

A system of forced, or nudged, saving wouldn't replace this social insurance, but rather the wasteful dinosaur that is the 401(k). It's mostly the well-off, who have retirement savings to move around, who move their savings to where the subsidies are. The 401(k) doesn't do much if your goal is to get people who don't save much to save more, and it doesn't do this at quite the cost.

The fact that three major news organizations are citing an obscure Danish study that proposes doing away with tax advantaged retirement accounts within 48 hours of each other along with the fact that all three are extremely Obama Administration friendly and I must apologize to the OP for calling his thread title needlessly hyperbolic. It looks to me like Obama at a minimum would like to end tax advantaged retirement savings if not steal them entirely.

I think they will go after Roth accounts first. Can't have all those gains in those escape the tax man. I still think that for the government to get away with major changes to 401k and regular IRAs they need the cover of a major stock market decline.

posted on Nov, 30 2012 @ 09:15 AM

off-topic post removed to prevent thread-drift


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