Thread: House discusses 401k/IRA confiscation

Did you think this went away for good in 2008? There is approximately 8 Trillion dollars in retirement accounts in this country, a very large cashe that the re distributors will love to redistribute. JMO

House discusses 401k/IRA confiscation


Submitted by midtowng on Fri, 11/07/2008 -



This shouldn't surprise anyone who watched what happened to Argentina in 2001. Eventually the government is going to do this.

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.
...
GRAs would guarantee a fixed 3 percent annual rate of return, although later in her article Ghilarducci explained that participants would not “earn a 3% real return in perpetuity.” In place of tax breaks workers now receive for contributions and thus a lower tax rate, workers would receive $600 annually from the government, inflation-adjusted. For low-income workers whose annual contributions are less than $600, the government would deposit whatever amount it would take to equal the minimum $600 for all participants.
In a radio interview with Kirby Wilbur in Seattle on Oct. 27, 2008, Ghilarducci explained that her proposal doesn’t eliminate the tax breaks, rather, “I’m just rearranging the tax breaks that are available now for 401(k)s and spreading — spreading the wealth.”
All workers would have 5 percent of their annual pay deducted from their paychecks and deposited to the GRA. They would still be paying Social Security and Medicare taxes, as would the employers. The GRA contribution would be shared equally by the worker and the employee. Employers no longer would be able to write off their contributions. Any capital gains would be taxable year-on-year.
Analysts point to another disturbing part of the plan. With a GRA, workers could bequeath only half of their account balances to their heirs, unlike full balances from existing 401(k) and IRA accounts. For workers who die after retiring, they could bequeath just their own contributions plus the interest but minus any benefits received and minus the employer contributions.
Another justification for Ghilarducci’s plan is to eliminate investment risk. In her testimony, Ghilarducci said, “humans often lack the foresight, discipline, and investing skills required to sustain a savings plan.” She cited the 2004 HSBC global survey on the Future of Retirement, in which she claimed that “a third of Americans wanted the government to force them to save more for retirement.”

House discusses 401k/IRA confiscation | The Economic Populist

This is one of the deadly sleepers, that if the majority of working democrats (those who actually have worked all their lives and still have a 401k retirement fund) knew about, they would INSTANTLY go stark raving mad, knowing that Obama plans to rape THEIR retirements.

SLEEPER ..

Needs to wake up.

No one is taking about the Gulf Oil spill either. It is Obama's mess and they used it to shut down energy production and thousands of jobs were lost in the oil industry. People lost their businesses and many lost their health because of the COREXIT, where is the outrage? The fund is still controlled by the administration and people have had a very hard time getting paid.

BTT ..

BTT ...

Originally Posted by Newmexican

Did you think this went away for good in 2008? There is approximately 8 Trillion dollars in retirement accounts in this country, a very large cashe that the re distributors will love to redistribute. JMO

House discusses 401k/IRA confiscation


Submitted by midtowng on Fri, 11/07/2008 -

This shouldn't surprise anyone who watched what happened to Argentina in 2001. Eventually the government is going to do this.

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.
...
GRAs would guarantee a fixed 3 percent annual rate of return, although later in her article Ghilarducci explained that participants would not “earn a 3% real return in perpetuity.” In place of tax breaks workers now receive for contributions and thus a lower tax rate, workers would receive $600 annually from the government, inflation-adjusted. For low-income workers whose annual contributions are less than $600, the government would deposit whatever amount it would take to equal the minimum $600 for all participants.
In a radio interview with Kirby Wilbur in Seattle on Oct. 27, 2008, Ghilarducci explained that her proposal doesn’t eliminate the tax breaks, rather, “I’m just rearranging the tax breaks that are available now for 401(k)s and spreading — spreading the wealth.”
All workers would have 5 percent of their annual pay deducted from their paychecks and deposited to the GRA. They would still be paying Social Security and Medicare taxes, as would the employers. The GRA contribution would be shared equally by the worker and the employee. Employers no longer would be able to write off their contributions. Any capital gains would be taxable year-on-year.
Analysts point to another disturbing part of the plan. With a GRA, workers could bequeath only half of their account balances to their heirs, unlike full balances from existing 401(k) and IRA accounts. For workers who die after retiring, they could bequeath just their own contributions plus the interest but minus any benefits received and minus the employer contributions.
Another justification for Ghilarducci’s plan is to eliminate investment risk. In her testimony, Ghilarducci said, “humans often lack the foresight, discipline, and investing skills required to sustain a savings plan.” She cited the 2004 HSBC global survey on the Future of Retirement, in which she claimed that “a third of Americans wanted the government to force them to save more for retirement.”

House discusses 401k/IRA confiscation | The Economic Populist

Nanny State ...it is all about the control of you and your money from the cradle to the grave...

'Nationalization' = 'Confiscation'

Related ..

French Socialist in Mittal Row: We're Just Doing What Obama Does
Published: Friday, 30 Nov 2012 | 6:48 AM ET
By: Reported by Stephane Pedrazzi, written by Catherine Boyle

“Barack Obama's nationalized. The Germans are nationalizing. All countries are nationalizing. I've also noticed the British nationalized 6 banks.” “It's a very good sign to send out (to investors). Nationalizing is a very modern step to take. Especially when you not only nationalize losses but profits as well, when you make public/private partnerships. This is our strategy.

The French politician who said Indian steel company ArcelorMittal should leave the country has told CNBC that his government is only acting like U.S. President Barack Obama.

French Minister for Industrial Recovery, Arnaud Montebourg poses as he arrives at the Hotel Matignon (the Prime Minister's official residence) in Paris.

Industry Minister Arnaud Montebourg, a member of the governing Socialist party, caused controversy last week when he said that the Indian company, which employs close to 20,000 people in France, should leave after it said it would have to close down a factory.

The French government announced on Thursday that it could nationalize the factory in question, with backing from an unnamed businessman.

The news raised the specter of the nationalizations of the early 1980s, which were instigated by Hollande’s predecessor Francois Mitterrand.

Montebourg told CNBC after a meeting with trade unions in Paris: “Barack Obama's nationalized. The Germans are nationalizing. All countries are nationalizing. I've also noticed the British nationalized 6 banks.”

(Read More: Is Obama a Socialist?)

Montebourg is believed to be referring to the takeover of struggling automakers by the U.S. government earlier in the financial crisis.


Lakshmi Mittal, the tycoon who leads ArcelorMittal, met with Montebourg’s boss, Socialist President Francois Hollande earlier in the week, but the men appeared to have failed to resolve the issue.


Montebourg brushed off comparisons with that era. He said: “It's a very good sign to send out (to investors). Nationalizing is a very modern step to take. Especially when you not only nationalize losses but profits as well, when you make public/private partnerships. This is our strategy.

“The strategy we're putting forward is extremely modern and adapted to the current times of crisis. It's a way of making the economy work in the interests of industry, more than just helping the financial sector,” he added.

He declined to answer a question about comments from Mayor of London Boris Johnson, who told Indian businessmen earlier this week to come to London instead of France.

Hollande, who is perceived as more to the right of the Socialist party than Montebourg, is currently trying to push through reforms to help reinvigorate growth and stimulate the labor market. He has so far proved to be less left-wing than many in the market feared, and there has been cautious welcome for a high-profile competitiveness report and better-than-expected economic growth. (Related: How to Attract Capital)

Still, policies such as a maximum 75 percent income tax rate have raised eyebrows among the country’s wealthy.

French Socialist in Mittal Row: We're Just Doing What Obama Does - EU Business News - CNBC

100% chance the government will confiscate your private wealth as it collapses

It Begins! Federal Government Forcing Employees 401K Funds Into Treasuries!

Friday, January 24, 2014 13:09
(Before It's News)

Silver Doctors

Those who have been delaying moving their retirement funds out of the system on the account of early withdrawal taxes may want to take notice.
If the official notification an SD reader from the TSP has just received is any indication, it appears that our prediction of forced movement of 401k, IRA, private & public pension funds into US Treasury bonds has begun.
As can be clearly seen via the document below, the retired former employee of the Social Security Administration has received official notice that his entire 401k has been moved from where he allocated it into US treasury bonds without his prior notification or permission!

[Read more...]

Reposted with permission

http://beforeitsnews.com/economics-a...s-2460984.html