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Title: The US Government is Going After Your Retirement Funds...
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URL Source: http://www.marketoracle.co.uk/Article30481.html
Published: Sep 19, 2011
Author: Bob Chapman
Post Date: 2011-09-19 14:05:52 by Capitalist Eric
Keywords: None
Views: 4155
Comments: 7
We have warned subscribers and listeners and those on the Internet over and over again that government was going to come after your private retirement funds including 401K’s and IRA’s that hold $6.6 trillion in investments. This past week in a grand deficit cutting bargain the Senate Finance Committee explored “Tax Reform Options Promoting Retirement Security.” The excuse is to make 401K plans more efficient; to keep Social Security afloat and to switch funds from these retirement plans to be used elsewhere by government. It is called a looting procedure. The idea is to replace the 401K with a tax break that would allow government to offer bigger benefits to low earners and changes in withdrawal choices at retirement. It would include a change in the way Social Security benefits are calculated to reduce eventual payout and subsidize the poor via a government guaranteed annuity. There would also be an increase in the retirement age. This approach is similar to something you would find in the communist manifesto. Take from the bigger producers to subsidize the lesser producers. Each according to his ability and each according to his means. We are told Social Security will be out of funds in 2036, which is untrue and the Congress does not mention that the trust fund has been looted since June of 1935. All that is left are worthless bonds. T hose that read the Act will find that if government does not have the funds for Social Security they must sell bonds to fund any shortfalls. This fact is, of course, ignored by the Congress and the person who calls himself president. They are more interested in loophole-closing rate-lowering tax reform, which are code words to cut current Social Security income and transfer those funds to other pet socialist projects, that government deems more important. The Congress could care less that you paid taxes for a lifetime for this payout, and it is not a benefit, because you paid for it, and have your benefits shifted to those on lower income brackets or to pet socialist projects. What upsets the government is that the tax break for defined contribution retirement plans is that it will cost the Treasury $212.2 billion between 2010 and 2014. What really galls them is that 80% of the payout goes to the top 20% of earners and they want those funds to be redistributed to the less fortunate, to offset debt or to be applied in other socialized areas. One of the proposals is to roll back the current $16,500 annual 401K tax deferred contribution to a level of $10,500. If this is followed government would capture $450 billion in additional tax revenue, and low-income workers would not be affected. We suggest congress change the law and tax the $2.2 trillion parked offshore in tax havens at 35% and bring in revenue of $800 billion or more and to keep that revenue stream going. That means only $1 trillion would have to be cut from military spending and we’d have a balanced budget. That would be just too simple and it might upset the transnational conglomerates and the military industrial complex. Needless to say, Americans would stop saving conventionally and purchase gold and silver related assets that have appreciated more than 20% annually for the past 11-1/2 years. These changes would render 401Ks and IRAs redundant. The incentive would be gone and all those funds might not be available to the government for redistribution to low-income citizens. The bottom line is the government wants your retirement and more taxes. Private annuities could face insurance company collapse if the Dow went to 3 or 4,000 and of course the government is insolvent. For current retirees there has been no COLA increase as inflation has ranged from 5% to 11.2% and by the looks of it the CPI will be rigged lower again, so there never will be an adjustment in payout. The latest is a chained CPI, which would further lower benefits. This is the brave new world planned by your masters. You people should smarten up and dump your retirement plans now. Stop being seduced by the tax breaks or shelter and run your own savings away from the clutches of government. If you don’t you could end up losing it all.
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#1. To: Capitalist Eric (#0)
(Edited)
The left has wanted to loot your IRAs and 401ks and "invest it" in government bonds for years. There are active proposals on the table to do so. That's why after Obama got elected I cashed out of my two 401Ks and paid the 10% penalties. I'd rather lose 10% than lose it all. I will no longer participate in any government sponsored savings program including 401Ks, IRAs, Roth IRA's and 529 college savings programs.
That is EXACTLY what I've told my friends to do. My wife and I argued about whether to And as a bonus, none of my transactions are traceable by government parasites. :)
To :Skippy, toe-jam, old man Fred Alzheimers Mertz, _jim, loonymom/ming, e-type-jackoff, goober56, Wrek, calcon, dummy DwarF, continental op, Biff, gobsheit and meguro I will no longer participate in any government sponsored savings program including 401Ks, IRAs, Roth IRA's and 529 college savings programs. So where have you got your money invested now???? Just curious!!
When asked by a Liberal what I bought my Granddaughter for her 1st birthday I replied, "MORE AMMUNITION"!!!! -----------------------------"People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf."
We've decided to drop out of the entire notion of investing in others. We've invested in ourselves. My wife opened a home day care business two years ago. We had to remodel a part of the house to meet government regulations. It cost a ton on money, but the her ROI was only 8 months!!! She has had a nice income ever since. Now, we are looking for rental space for her to open the the first of many day care centers. I opened a consulting company. The first few months were difficult, so we "invested" in paying the bills. Now, my business is doing pretty well. I have a couple of really great international clients. I just learned today that one of my current projects has been extended through the end of the year. At 52 years old I learned a major lesson. I bought into the whole Wall Street BS and it left me vulnerable. My Dad was a small business owner. I should have listened to him. Now I am listening -- to my new wife. We will only invest in our own businesses. I wish I had understood this 30 years ago.
I opened a consulting company. Not too many people seem to be statring their own businesses right now because of the political and financial atmosphere of the country...... Most people seem to be content to sit on their laurels/money and wait out the situation.... Sounds like everything is working out so far... Good Luck
When asked by a Liberal what I bought my Granddaughter for her 1st birthday I replied, "MORE AMMUNITION"!!!! -----------------------------"People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf."
The bonds are not worthless.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
Very true, which is why both of us are doing well. The best time to open a new business is when the market is cleaning out the inefficient and unproductive businesses. We're here to scoop up their customers. It hasn't been easy. We both struggled for two years. Thankfully I had some 401K funds to keep us going. But now we are both doing very well.
If you build a 30-foot wall from El Paso to Brownsville, the 35-foot ladder business gets real good -- Rick Perry
#2. To: jwpegler (#1)
The left has wanted to loot your IRAs and 401ks and "invest it" in government bonds for years. There are active proposals on the table to do so. That's why after Obama got elected I cashed out of my two 401Ks and paid the 10% penalties. I'd rather lose 10% than lose it all.
I will no longer participate in any government sponsored savings program including 401Ks, IRAs, Roth IRA's and 529 college savings programs.
invest gamble on 401k, IRAs, etc... I told her "no way." The investments we've made ourselves, are doing relatively well... even without the company contributing to the funds.
From: Capitalist Eric Message:
You're SOCIALIST morons. ESAD.
#3. To: jwpegler (#1)
The left has wanted to loot your IRAs and 401ks and "invest it" in government bonds for years. There are active proposals on the table to do so. That's why after Obama got elected I cashed out of my two 401Ks and paid the 10% penalties. I'd rather lose 10% than lose it all.
#4. To: CZ82 (#3)
(Edited)
So where have you got your money invested now???? Just curious!!
If you build a 30-foot wall from El Paso to Brownsville, the 35-foot ladder business gets real good -- Rick Perry
#5. To: jwpegler (#4)
My wife opened a home day care business two years ago
#6. To: Capitalist Eric (#0)
All that is left are worthless bonds...
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#7. To: CZ82 (#5)
(Edited)
Not too many people seem to be statring their own businesses right now because of the political and financial atmosphere of the country
If you build a 30-foot wall from El Paso to Brownsville, the 35-foot ladder business gets real good -- Rick Perry
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