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.
Income and Wealth RedistributionThe majority of witness testimony during recent hearings before the House Committee on Education and Labor showed that congressional Democrats intend to address income and wealth inequality through redistribution.
SOURCE: Read more here
It does not take the democrats long to tap people’s money does it? Well here is again what you voted for “Spreading the Wealth”!
Hattip to Tom Bates
George Miller seems to believe, as most liberal Democrats in Washington DC do, that all money in the country belongs to government. They then think that they should decide how much money you need.SOURCE LINK: Save Your 401-K Don’t Allow The Government to Get Their Hands On It
Hattip to Battlefield Of A Peaceful Warrior
Just a couple of weeks ago I commented on how Argentina is going to nationalize the private pensions (i.e. IRA, 401ks) of its citizens so they can fund their bankrupt government that is spending too much money.
I didn’t know our government was already plotting to steal our retirement accounts.
SOURCE LINK: Democrats Plot to Nationalize Your 401(k) Retirement Accounts
Enlighten me here. I read the link. Am I understanding this to say as the post suggests that they are discussing taking the retirees 401 that has been moved into an IRA say, at the bank or something and taking it away from the owner of that IRA and mixing it in the Social Security program, as well as those still working and contributing to 401′s?
I want to hat tip you on this. I have now read it twice and I gotta tell you. This is really scaring me.
Let me know what you can about my question.
I have heard all about their darn wealth redistribution. Never heard nor thought about them taking savings.
It is galling to think that you have lived beneath your means. Could have had a bigger better house. Could have had a better car. Could have just spent it. Instead chose to save what little we could and gave to church and charities and paid for your childs education instead of that big trip.
Now to learn that they may just take it and give to others that did not. I believe in helping people and have by choice,but we may as well live in Cuba or China or Russia with this kind of Government.
Angie its a long page at the source and I don’t understand all I should about it, go read the source and see if you can make heads or tails out of it. All I know is they are planning on taking the 401 and Ira money and puting it within control of social security! Sure don’t sound good!
As near as I can tell, the gummint takes your retirement account in exchange for bonds that pay 3%, pretty sorry in comparison with the long term return on most private retirement accounts. The money is invested in some government-approved manner (green, diverse, unprofitable), and any gravy above the 3% accrues to the government. You get an extra $600 per year, at least for now. Your (mandatory) contribution to your new “Guaranteed Retirement Account” is 5% of your income. Half of the contribution is paid by your employer, but, in fact, as with all payroll taxes, your takehome amount ends up smaller by almost the full 5%. Current SS and Medicare taxes will continue to be withheld, as well. No special tax treatment for the savings or the earnings on the savings. (Btw, the tax revenue theoretically lost to the private retirement programs is the $80 billion “investment” these clowns are talking about. For the Donks, all income is the gummint’s to start with, and they may or may not let you have some.) You can leave half of the balance of your GRA to your kids. It’s not really your money anymore.
Yes, we can!