401ks and IRAs may be Confiscated

http://www.carolinajournal.com/articles/display_story.html?id=5081 This will drastically hurt our industry…

I don’t understand how they could legally confiscate our private 401ks… I would assume people would just pull the money out and take the penalty. I guess they could stop the tax breaks on them to drive people away… G*d help us

you are right. what a terrible idea. how can they confiscate employer provided benefits? this seems to extreme to me to ever actually happen. goodbye to my career track if this happens

HEY THIS IS MY 500TH POST!!! almost my one year anniversary! what do i get?

This came up before. http://www.analystforum.com/phorums/read.php?1,844037,844048#msg-844048

That is what the lady proposes. Offering a annual $600 incentive to give your money to the government to invest in government bonds and earn 3% a year. The reason is that under the current system it is unfair to low income people because a tax deduction doesnt do them any good because they do not pay taxes, so what is the incentive for them to save for retirement. Uh oh!!!

Should keep bringing it up, because this is a huge deal.

Well there is a little part of the constitution that talks about not depriving people of life, liberty, or property without “due process of law”. So you would need a fairly draconian law passed in congress and it could probably not be retroactive. This is scare mongering and press sensationalism. The US is not the same as Argentina on this. It is concievable that the US might offer an annuity-for-401k swap that is voluntary.

yeah, lets turn all the extreme ideas brought up by some irrelevant fringe element as HOLY CRAP, RUN — “401ks and IRAs may be Confiscated” you’ve lost the election, moron, get over it, and be constructive, instead of persisting with your pathetic scare mongering.

every day, my tolerance for extreme wingers on both sides just keeps going down. you far wing (right or left) guys are really a liability for humanity, and i wish more centrists took a stronger voice against you (on both sides), so your yelping would get drowned out by reasoned voices.

rohufish, These are not extreme ideas for your side of the table. I voted for Obama, but republican for everything else, hoping for gridlock so stuff like this would never get passed. So I did not lose the presidential election.

I am glad there are people at both ends of the spectrum, this way they pull each other closer to the middle, and keep the system in check.

If only they had used the word ‘boost’ instead of confiscate, half of you would be rejoicing.

well, then chill out man. yes, the govt will be center left, but give the guy some credit and time to rein in the extreme factions after their obvious elation at regaining power after many years. they will come back to earth shortly.

“Even people who don’t pay taxes should get money from the government, paid for by higher-income Americans, he said. ‘There is no obvious reason why lower-income taxpayers or people who do not file income taxes should get smaller incentives (or no tax incentives at all),’ Greenstein said.” Think about that for a few minutes… The media seems to think that further taxing the wealthy is a win for everyone. It sounds like mob mentality to me.

Such BS… Its funny they want to give free money to people who already don’t pay taxes and encourage them to go out and spend it… What a joke, maybe if they saved a little more they would have money to pay taxes…


this says it all… “Agenda for Shared Prosperity” Personally I cannot see this even getting close to being passed, buts it HAS been a strange year.

what?? Logic/Reasoning needs to be a basic requirement in our education system pronto: “tax breaks for voluntary retirement accounts are ‘skewed to the wealthy … they receive bigger tax breaks when they do.’” So, since the wealthy get to save the 35% tax they would have paid in income taxes they get a bigger tax break? The poorest of the poor pay no tax- 401k or not, right? As a percentage both groups pay ZERO on 401k investments- so why is it skewed towards the wealthy? There is even a special savings credit that is not available for those making over a very low cutoff- so there is even MORE incentive for the poor to save.

This woman (theresa g-something) is just making attention for herself. She’s not very smart and about every 6 months someone gets all panicky about something she has proposed on AF. This is in the same category as Civil War reparations, reinstituting the draft, renewed prohibition, or electing a Republican to the White House. They are just fringe ideas that will never happen.