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DEM LEADERS DISCUSS CONFISCATING 401(k)s, IRAs

 
NO RETIREMENT FOR YOU. SUCKERS
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11/05/2008 07:44 PM
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DEM LEADERS DISCUSS CONFISCATING 401(k)s, IRAs
Dems Target Private Retirement Accounts
Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs

By Karen McMahan
November 04, 2008

RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.

Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.

The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.

[link to www.carolinajournal.com]
Anonymous Coward (OP)
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11/05/2008 07:49 PM
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Re: DEM LEADERS DISCUSS CONFISCATING 401(k)s, IRAs
THE WAR ON 401(K)S

With Democrats controlling Congress now, what new revenue bills can we see coming down the pipeline? Probably a bill concerning 401(k)s. House Democrats are not happy with the loss of investor wealth, the plans' freedom of choice and the size of 402(k) tax deductions for higher-paid workers, and are considering an alternative plan that would replace 401(k)s with a flat tax credit at all income levels, says Investor's Business Daily.

The plan, put forth by Teresa Ghilarducci, an economist teaching at the New School for Social Research in New York, and supported by Reps. George Miller (D-Calif.) and Jim McDermott (D-Wash.) states that:

* All workers would get a credit of $600 if they invest 5 percent of their pay into a retirement account run by the Social Security Administration and invested solely in special government bonds paying 3 percent plus inflation.

* Existing 401(k)s would be allowed to remain, but contributions and employer matches would no longer be tax-deductible.

This plan may have a short-term selling point in its risk-free bonds. Its participants would be in no danger of losing, or making, money in stocks -- but in a few months, the market may look quite a bit brighter and the public may not be so receptive to the idea of trading so much freedom for mediocre, if secure, returns, says IBD.


[link to www.ncpa.org]
Anonymous Coward
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11/05/2008 07:57 PM
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Re: DEM LEADERS DISCUSS CONFISCATING 401(k)s, IRAs
We already have this. It's called Social Security.

And it blows.

They want to force people into buying treasury securities so they can continue borrowing for a few more years before the Big Default.

Hey, if you could hold a gun to every citizens head and force them into purchasing stock in your company, would you do it?
Anonymous Coward (OP)
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11/05/2008 08:02 PM
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Re: DEM LEADERS DISCUSS CONFISCATING 401(k)s, IRAs
We already have this. It's called Social Security.

And it blows.

They want to force people into buying treasury securities so they can continue borrowing for a few more years before the Big Default.

Hey, if you could hold a gun to every citizens head and force them into purchasing stock in your company, would you do it?
 Quoting: Anonymous Coward 515984


Yep. They are going to take your money and put it with the rest of the Social Security money (that doesn't exist) to pay for entitlement programs du jour.

They just blew 700 billion on the failout and we should trust these people to manage our funds?
Anonymous Coward
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11/05/2008 08:11 PM
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Re: DEM LEADERS DISCUSS CONFISCATING 401(k)s, IRAs
bump
Anonymous Coward
User ID: 543021
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11/05/2008 08:15 PM
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Re: DEM LEADERS DISCUSS CONFISCATING 401(k)s, IRAs
Social Security was supposed to be to SUPPLEMENT your personal retirement funds not to be a replacement for them...and also to provide a way for people to have retirement funds who did not already have enough capital to buy into the private retirement funds of the day.

Even as recent as 1971, to even get into Mutual Funds at all you had to have $10K (1970 money) to open a Mutual Fund account. I remember checking into that back in 1971 and was very dismayed that not even the $4K I had avaible was not enough to open a Mutual Fund account.

The advent of 401K's changed all that. Do they now want to return to those former days? Perhaps.. where only the rich are allowed to get richer faster than everyone else.. which of course means everyone else gets poorer quicker.
Anonymous Coward
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11/05/2008 08:20 PM
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Re: DEM LEADERS DISCUSS CONFISCATING 401(k)s, IRAs
I'm starting to get the feeling that the US government wants to go to war with its people. It is not my responsibility to save the failed social security system, and I refuse to lump MY SAVINGS in with people who do not save. They already made us bail out people who were not responsible at some point we need to draw a line.
Anonymous Coward (OP)
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11/05/2008 08:26 PM
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Re: DEM LEADERS DISCUSS CONFISCATING 401(k)s, IRAs
Social Security was supposed to be to SUPPLEMENT your personal retirement funds not to be a replacement for them...and also to provide a way for people to have retirement funds who did not already have enough capital to buy into the private retirement funds of the day.

Even as recent as 1971, to even get into Mutual Funds at all you had to have $10K (1970 money) to open a Mutual Fund account. I remember checking into that back in 1971 and was very dismayed that not even the $4K I had avaible was not enough to open a Mutual Fund account.

The advent of 401K's changed all that. Do they now want to return to those former days? Perhaps.. where only the rich are allowed to get richer faster than everyone else.. which of course means everyone else gets poorer quicker.
 Quoting: Anonymous Coward 543021


That's the plan.
Anonymous Coward (OP)
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11/05/2008 08:31 PM
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Re: DEM LEADERS DISCUSS CONFISCATING 401(k)s, IRAs
I'm starting to get the feeling that the US government wants to go to war with its people. It is not my responsibility to save the failed social security system, and I refuse to lump MY SAVINGS in with people who do not save. They already made us bail out people who were not responsible at some point we need to draw a line.
 Quoting: Anonymous Coward 480773


They want to make as many people dependent on the system as possible, in order to assure their own survival. Look who voted in the current administration? Entitlement junkies and people worried about the economy. It's almost as if this scenario was orchestrated to insure the new administration. Watch the old episodes of West Wing.
Anonymous Coward
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11/05/2008 09:41 PM
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Re: DEM LEADERS DISCUSS CONFISCATING 401(k)s, IRAs
It sounds like it's time to take the hit, empty my 401(k) and move it into my own managed plan GOLD located off shore..
Patrick
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11/06/2008 03:44 PM
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Re: DEM LEADERS DISCUSS CONFISCATING 401(k)s, IRAs
It sounds like it's time to take the hit, empty my 401(k) and move it into my own managed plan GOLD located off shore..
 Quoting: Anonymous Coward 515323


underground on some out of the way spot in the woods of my property along with another cache of weapons, ammo and food stores . . .
Anonymous Coward
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11/06/2008 05:53 PM
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Re: DEM LEADERS DISCUSS CONFISCATING 401(k)s, IRAs
I hope that would get Obama impeached. Thrown out on his ass.
Anonymous Coward
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11/06/2008 05:57 PM
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Re: DEM LEADERS DISCUSS CONFISCATING 401(k)s, IRAs
They have emptied the treasury and so must take these for more money with which to continue to buy votes from those who want what belongs to others, give social security to illegal aliens who never paid into the system and keep the situation normal.

Yes, I will hide mine under my mattress before I give it to them and will not work nearly so hard just to pay higher taxes. Only have three employees but will have to let two of them go if there is one single tax increase, can't afford both.

That's the way it is under liberals.
LOGGYS DOGGYS
User ID: 545057
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11/06/2008 06:02 PM
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Re: DEM LEADERS DISCUSS CONFISCATING 401(k)s, IRAs
dumb fuck the cons just let 30% go down the drain.
Anonymous Coward
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11/06/2008 06:04 PM
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Re: DEM LEADERS DISCUSS CONFISCATING 401(k)s, IRAs
but most of the 401k is already lost,did you know?
Anonymous Coward
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11/06/2008 06:07 PM
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Re: DEM LEADERS DISCUSS CONFISCATING 401(k)s, IRAs
wow thats really really really fucked up...civil war is coming...the long emergency is coming...be prepared...

Avianphlu
Enjoying Beauty in the World

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11/06/2008 06:21 PM
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Re: DEM LEADERS DISCUSS CONFISCATING 401(k)s, IRAs
Is an annuity exempt from the confiscation? Is that how the rich will not lose theirs?
jarha

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11/06/2008 06:24 PM
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Re: DEM LEADERS DISCUSS CONFISCATING 401(k)s, IRAs
Dems Target Private Retirement Accounts
Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs

By Karen McMahan
November 04, 2008

RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.

Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.

The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.

[link to www.carolinajournal.com]
 Quoting: NO RETIREMENT FOR YOU. SUCKERS 543606

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