Zitat There are huge amounts of money in these plans, which makes it very tempting for government to try and get at it. The government may, or may not, tax the money, but there are other ways they may get at the funds.
An Investment Company Institute study published this month found that U.S. retirement assets totaled $18.5 trillion at the end of the second quarter 2012, of which 3.5 trillion was in IRAs and $5.1 trillion was in 401(k) plans.
World News Daily reports on how the government may try to expand the IRA program and then get its hands on that money:
Recent evidence suggests government officials continue to eye the multi-trillion dollar private retirement savings market, including IRAs and 401(k) plans, eyeing the opportunity to redistribute private retirement savings to less affluent Americans and to force the retirement savings out of the private market and into government-controlled programs investing in government-issued debt...Since 2010, the U.S. Treasury Department and the Department of Labor have been holding combined hearings on various plans designed to introduce government-mandated retirement plans and investment options, including government annuities invested primarily in U.S. Treasury debt, into the private retirement savings market.
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Bottom line: The government may not tax your money, it may instead force you to buy Treasury securities with your money. For the government, it is pretty much the same thing as a tax. It results in your money ending up in government coffers to spend at will by government. In turn you will receive government IOU's, i.e., Treasury securities, which may be among the worst investments in the years ahead as interest rates go up and price inflation eats away at the buying power of those IOUs.
That's pretty much the way I expect to play out: - A new Treasury instrument will be created - All plans will be "encouraged" to offer this as an option - All of the plans will be forced to include this option (but participation will remain voluntary) - All participants will be forced to invest a modest portion into the new instrument - The percentage that must be invested in the new instrument will be increased over time - later, rinse, repeat - All of your fund are belong to us!
Giving back to the country should be considered a noble and worthy act. The Statists will force everyone to pay their fair share unless they receive an entitlement check.
Quote: Palinista wrote in post #2Giving back to the country should be considered a noble and worthy act. The Statists will force everyone to pay their fair share unless they receive an entitlement check.
The snake is chasing it's own tail.
One of the nastiest little tidbits of this, regardless of how they implement it, will be the fact that whatever is left of your "remaining balance" at the time of your death, will no longer be yours to will to your children (or whomever else you may choose). It will all belong to gubmint.
(If you recall, abolishing all forms of Inheritance is one of the top planks of the Communist Manifesto.)
Quote: Palinista wrote in post #2Giving back to the country should be considered a noble and worthy act. The Statists will force everyone to pay their fair share unless they receive an entitlement check.
The snake is chasing it's own tail.
One of the nastiest little tidbits of this, regardless of how they implement it, will be the fact that whatever is left of your "remaining balance" at the time of your death, will no longer be yours to will to your children (or whomever else you may choose). It will all belong to gubmint.
(If you recall, abolishing all forms of Inheritance is one of the top planks of the Communist Manifesto.)
The Statists cannot have man surviving on his own. He must become a slave.
Quote: FP123 wrote in post #3 One of the nastiest little tidbits of this, regardless of how they implement it, will be the fact that whatever is left of your "remaining balance" at the time of your death, will no longer be yours to will to your children (or whomever else you may choose). It will all belong to gubmint.
(If you recall, abolishing all forms of Inheritance is one of the top planks of the Communist Manifesto.)
McCarthy, Goldwater, and Birch were all correct about the enemy within.
Quote: FP123 wrote in post #3 One of the nastiest little tidbits of this, regardless of how they implement it, will be the fact that whatever is left of your "remaining balance" at the time of your death, will no longer be yours to will to your children (or whomever else you may choose). It will all belong to gubmint.
(If you recall, abolishing all forms of Inheritance is one of the top planks of the Communist Manifesto.)
McCarthy, Goldwater, and Birch were all correct about the enemy within.
Quote: Heisenberg wrote in post #7I hope this is the straw that breaks the camels back.
I have more respect for the people of Egypt than I do for most here in the US.
We should be doing what they do. We 48% should be in the streets by the tens of thousands all across the nation.
Won't happen. They've been using the "slow boil" here for decades and there is simply too much "bread and circuses" to keep the "frogs in the pot" distracted.
Morsi went full-on diktator and their "bread & circuses" are in much shorter supply