Confiscation of retirement.

[FightTheFuture]

Quote from gnome:

A guy who works at a custodian of retirement plans told me some people read this story and cashed in their 401k plans... paying the taxes and penalties. At least now what's left for them is not part of "retirement funds".. to perhaps be confiscated, "in the name of equality"..

Checking and savings accounts are next.

How about a transaction fee every time you deposit and withdraw at your bank? It's to punish the banks and Wall Street. It will only be 0.5%, so it won't hurt you none. People moving from bank to bank and broker, as each bank and broker fails. That should raise tax revenue.

Got any money? Sharing is caring.

 

[Daal]

Quote from maninjapan:

I dont get it people. This guy hasnt even started his presidency and hes coping shit for stuff that he may or may not do??? Lets take it a step further and start arresting people for crimes they might or might not commit in the future. You read one unsubstantiated article and your baying for his blood....... You should be grateful that the whole doesnt think the US is such a bunch of retards anymore

Since the great depression the US government expansion has been staggering. with an all democrat government and an economic collapse like this the bears might actually be optimistic about what will happen in terms of policy.
You might think 'because its Obama this time is different, I trust him', this type of bet has been a losing trade ever since such thing as societies came to existence

 

[gnome]

Quote from maninjapan:

".. You should be grateful that the whole doesnt think the US is such a bunch of retards anymore

They are soooooo wrong..

 

[zdreg]

Quote from Renegen:

Argentina

http://www.reuters.com/article/marketsNews/idUSN0631025720081107

http://www.smartmoney.com/personal-finance/retirement/bear-market-puts-401k-under-microscope/

 

[JerryAdler]

This woman is a bald-ass communist. That anyone in Congress is even listening to this crap is outrageous.
Confiscating my 401K??? Not on your life - I'll cash the whole f....!!!ing thing in in one day, pay the tax and tell them to go screw themselves.

 

[gnome]

Quote from JerryAdler:

This woman is a bald-ass communist. That anyone in Congress is even listening to this crap is outrageous.
Confiscating my 401K??? Not on your life - I'll cash the whole f....!!!ing thing in in one day, pay the tax and tell them to go screw themselves.

Of course we would all do that...unless it came as a surprise. No warning, just "Guess what kids, we passed a law over the weekend to confiscate your private property... all "in the name of equality"."

You know, like they did The Patriot Act.

 

[stevegee58]

Quote from gnome:

A guy who works at a custodian of retirement plans told me some people read this story and cashed in their 401k plans... paying the taxes and penalties. At least now what's left for them is not part of "retirement funds".. to perhaps be confiscated, "in the name of equality"..

No need to cash 'em in and take the penalty. Just go long ES in the IRA and short ES in your cash account. You'll pump money out of your IRA penalty-free and get favorable tax treatment to boot (60/40 long term/short term cap gain)!

 

[gnome]

Quote from stevegee58:

No need to cash 'em in and take the penalty. Just go long ES in the IRA and short ES in your cash account. You'll pump money out of your IRA penalty-free and get favorable tax treatment to boot (60/40 long term/short term cap gain)!

What if it works out the opposite?

 

[Mecro]

Quote from Madison:

I wouldn't put anything past the scumbags in D.C., especially when they have a crisis to hide behind. There's probably substantial favor for this kind of move, if they thought they could get away with it.

That said, the linked article is nonsense - a bunch of unsubstantiated hype, with the only authority cited being a single professor at some unknown school ranting about her utopian plans for social planning. Reading prepared comments to the Education and Labor Committee does not equate to changes in national policy.

Why is it that the most objective & rational post like this gets completely overlooked?

They probably will do it but it does not matter. Retirement accounts are a way for Wall Street to control more of your money. It's sham, was obvious to me from the moment I learned about them.

Stop your crying and stop supporting the status quo system.

 

[Arnie]

Can a tax on "wealth" be far behind. After all, that's all the death tax is. Why let a little thing like being alive stand in the way of the government getting what is rightfully theirs?