The Truth about Taxes and your 401K

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bump for the morning crowd

And they said it couldn't be done...

http://forum.literotica.com/showthread.php?t=622898&highlight=401(k)+401k

vetteman said:

It seems there was a government plan floated to seize 401Ks for government use after floating the proposal to pay the holder back certain losses incurred in the crash of 2008. After meeting with tremendous public opposition it was pulled. I wonder if it's about to be re-born. They cannot stand that much money, economic freedom, and control, in the hands of the citizen when they can be redistributing it to the non-productive lower class.

Edited to acknowledge MeeMie's Lit cite below.

Click to expand...

Yes, and you were right on top of it over a year ago:

http://forum.literotica.com/showthread.php?t=650995&highlight=401k

The writing was all over the wall!

You didn't have to be a fortune teller to see it:

http://forum.literotica.com/showpost.php?p=30501303&postcount=12

The Communist Manifesto And Your 401(K)



“From each according to his ability; to each according to his need.”
—Karl Marx, The Communist Manifesto


http://1.bp.blogspot.com/_0O2CPGcOP...1600/Cover+of+Time+Magazine+December+2009.bmp


As you can see, the cover of Time magazine, dated December 18, 2009 began propagandizing 401(K) plans as untenable as a prelude the White House “Annual Report on the Middle Class”.


From an article published at Human Events ( http://www.humanevents.com/article.php?id=36823 ), we are now learning that the Obama regime is seeking to drag Americans down into poverty via economic tinkering with a plan to seize private 401(K) plans.


Individual retirement accounts, whether private or corporate, have been accumulating money which is tax free. Pelosi and Reid see this as you getting “free” money and they are slobbering to get their hands on accounts that total hundreds of billions of dollars, regardless of the fact that it is YOUR money.


In February of this year, the White House released its “Annual Report on the Middle Class” containing new regulations favored by Big Labor including a bailout of critically underfunded union pension plans through “retirement security” options. (see link at bottom)

The idea seems to be that the government would "guarantee" some sort of retirement for all, unions and non-union workers alike, with the funds collected from the once-private retirement plans.

Let's be clear here ... YOUR money guarantees retirement for ALL.

They fail to mention that it will be mandatory to contribute to (as Social Security is), and will be invested, regulated and disbursed by the government (as Social Security is), and in fact is intended to replace Social Security payments to retirees.

You know ... just like Social Security ... that today's near retirees paid into their whole working life ... which was raided and mismanaged by the government for years. Now they want to scrap that obligation and replace it by confiscating personal private funds.



The Republicans are prepared to fight. A House GOP Savings Recovery Group letter revealing this insidious plan was sent to Labor Secretary Hilda Solis and Treasury Secretary Timothy Geithner. (posted above)


The letter reads in part:

“In the Annual Report of the White House Task Force on the Middle Class, Vice President Biden discussed at length the creation of so-called Guaranteed Retirement Accounts, (GRAs) which would provide for protection from ‘inflation and market risk’ and potentially ‘guarantee a specified real return above the rate of inflation’—presumably at taxpayer expense. In the Report, the Vice President recommended ‘further study of these issues.’”

“The Vice President’s comments are troubling, insofar as they come on the heels of testimony before Congress from supporters of GRAs proposing to eliminate the favorable tax treatment currently afforded to 401(K) plans, and instead use those dollars to fund government-invested GRAs into which all employees would be required to contribute a portion of their salary—again, with a government subsidy. These advocates would, essentially, dismantle the present private-sector 401(K) system, replacing it instead with a government-run investment plan, the size and scope of which remain to be seen. This despite data showing that 90 percent of households have a favorable opinion of the existing 401(K)/IRA system.”



An executive for a large Midwestern company has said,
“I would pull every dime out of my 401(K), pay the taxes and penalties and stick the cash in my mattress before I would let those (expletive deleted) have it!”


Imagine how much windfall revenue would accrue to the federal government if the American people all did that.

Could that be part of the plan?



Proposed Rules to Seize 401Ks

http://www.scribd.com/doc/31077848/Proposed-Rules-to-Seize-401Ks




All of the information is linked directly throughout this thread.

It's not a matter of believing some right-wing interpretation. Take the time to start the research with the links provided here, and then follow your own discovery, rather than fault the messenger with foolish complaints about "copy paste".

Stick to the issue and prepare yourself accordingly before your private 401(k) accounts are confiscated.

If you make $30,000.00 a year that puts you in the top 6 or 7% of the wealthiest on the planet. No you know you should redistribute your wealth to the poorer nations.

koalabear said:

If you make $30,000.00 a year that puts you in the top 6 or 7% of the wealthiest on the planet. Now you know you should redistribute your wealth to the poorer nations.

Click to expand...

That's how it works in a One World Government.

That's the plan stan ... stay tuned.