I can’t believe I am reading this. Not only am I disgusted by the contents of the article, I am deeply annoyed by Bloomberg’s ever-so-coy and clever headline.
Since when is a $3 million retirement account “Romney sized” as the two putzes, Richard Rubin and Margaret Collins, would like us to believe?
Romney is worth over $250 million and has $100 mill in his IRA, 33.3x times $3mill to be accurate. A man who worked his ass off for 30+ years, contributed to his 401k, then rolled it over into an IRA is not in the same league as the bane of Bane Capital, jackasses.
Never mind the soda jerkers from Bloomberg. How about this theft that is about to be proposed by our King, April 10th? They hope to raise $9 billion by fleecing retirement accounts of people who’ve been fortunate enough to save?
“Under current rules, some wealthy individuals are able to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving,” the statement said.
The most prominent taxpayer with a multimillion-dollar IRA is Romney, the 2012 Republican presidential nominee and co- founder of Bain Capital LLC. Romney disclosed in public filings during the campaign that his retirement account held between $18.1 million and $87.4 million. At one point, the maximum exceeded $100 million.
IRAs have evolved from a retirement-planning technique into an estate-planning tool for some wealthy families because tax laws allow the accounts to be passed on to heirs, said Ed Slott, an IRA specialist and certified public accountant based in Rockville Centre, New York.
‘Critical Mass’
“Over the last election it hit a critical mass when a lot of people found out that Romney had $100 million in his IRA,” Slott said. “People thought, how on earth did that happen? I think that was the tipping point.”
The Romney campaign didn’t explain how he amassed that much money in an IRA when contribution limits are much lower. Most taxpayers can contribute a maximum of $5,500 for 2013. Older workers, self-employed workers and those who save through 401(k)-style plans have higher caps and can roll those accounts into IRAs.
One possibility is that Romney included Bain investments valued at close to nothing that later grew exponentially. The value would increase tax-free in the retirement account and would be subject to taxation at ordinary income tax rates when taken out.
Democratic lawmakers, including Representatives Sander Levin of Michigan and George Miller of California, asked the Treasury Department last August to answer questions about large IRAs and to make policy recommendations.
Jake Gint is going to have a lot of fun with you on this one.
And I should add, this is only the pre-cursor to the Cyrpriot-styled government-grab of all 401Ks, sometime in this decade.
So I’m wondering, does it even pay for me to go Roth 401k if there is a high chance that they will simply declare a new tax on all Roth 401k’s?
Le Fly and Commander Gint:
Thank you in advance for paying more than your fair share for the good of the State.
“…some wealthy individuals…”
That’s the signal that Class Warfare is back in style.
Gods: I pray Obama and his cronies do not win the House come the next election. May the only thing Obama can accomplish the next four years are successful vacations.
Required reading on the topic of “bail ins”:
http://jessescrossroadscafe.blogspot.com/2013/04/are-all-g20-bank-depositors-exposed-to.html
In the words of Cat Woman, “There’s a storm coming, Dr. Fly. You and your friends better batten down the hatches, because when it hits, you’re all gonna wonder how you ever thought you could live so large and leave so little for the rest of us.
Remember he who said that it didn’t matter Dem or Rep.
I’m not reading this as a grab, I’m reading this as a cap. So you can’t put more than 3 million in an IRA. That seems reasonable to me. I do believe this is pandering to class war rhetoric, which is scary…
What about the people who already have 5 mill in Ira?
Well, I would suggest that they could spend a day serving food at a homeless shelter in order to gain a better perspective on their predicament. That being that they have 3 million dollars sheltered from taxation, and 2 million dollars unsheltered from taxation saved for retirement, representing 102 years of median household income in America, while others are without food or shelter.
Name one person that is without food and shelter in the US…don’t include the drug addicted alcoholic violent street bums that want to live that way.
Some statements are too absurd to refute. In any case I was speaking to the benefit of gaining a different perspective on one’s condition.
To Calgaryg
I have not posted on this site in ages but your comment angers an old man to no end. What makes you think that they will stop at 3 million? why not 1 million or hell even $500,000.Would you rather have the rich person donating money to the homeless shelter or working there? You are also assuming that all rich people are the same and need a new perspective. I would siggest it is you that needs a new perspective. Many rich people sacriced to get to where they are. i am so sick of this punishing of the most successful in our society. It is pathetic.
Now that I have vented I shall grab my cane and head out to the local diner for the early bird special
To: Oldmantrader: I believe you have misinterpreted my statements. I did not say that many rich people didn’t sacrifice to earn their success, or that they were deserving of punishment. Indeed every cent of my “wealth” was earned with the sweat of my brow, and I too have sacrificed in order to attain what I have. Perhaps I am mistaken, but my understanding of the proposal is to limit the amount of moneywithin retirement accounts that can be shielded from taxation to 3 million dollars, not to confiscate the amount in excess of that. I don’t consider this to be an unreasonable limitation. Tax codes are fiddled with all the time for various reasons; they aren’t written in stone. As to your question about why I should think “they” would stop at 3 million, the answer is the same when referring to a tax CUT. My point about volunteering at a homeless shelter was simply to gain the perspective that there are worse fates to endure than having only 3 million dollars sheltered from taxation.
I don’t think you understand. Do you really believe that doing this will increase anyone’s quality of life? The government has been increasing handouts and taxes for years now but has it benefitted anyone? Is there less poor people today than there was a decade ago? No, there’s not.
Whatever money the government takes, it circulates back to its own kind. It certainly doesn’t make it to people who actually need it. Moreover, what have these policies done? They have created a culture where there’s little incentive to work or be successful. Shit, just elect democrat and you can sit around and watch tv all day while the politicians redistribute wealth from the productive members of society to the leaches. At some point there will be no incentive to be successful beyond what the government decides is appropriate and at that point we will be a collective society of leaches reliant on the beast that created us. But on the bright side, we won’t have to think as it will all be done for us.
Get off the Internet and look around. Stop believing what everyone tells you. If the government can arbitrarily decide how much money one “needs” to retire, what else can they decide? Besides let be real, any new capital will just be used to fund whatever projects these politicians can get a kick-back/bribe from and add little (probably 0) value to society.
This is just another ploy to detract attention from the real problem – spending and a large worthless portion of society who will never add any real value.
Do you ever think that if someone’s homeless maybe they don’t deserve a home? If you’re too incompetent to get your shit together then maybe you belong on the streets. It’s a cruel world and no one owes anyone anything. Charity is what should support these people as that’s done on ones own free will (plus a lot more of the money actually makes it to those who need it). But lets just stick our heads in the sand and listen to these idiots who would never even make it to an interview in the private world.
I think I do understand. While I don’t believe in paying people to sit around and watch TV, I also don’t believe they are the cause of America’s current fiscal malaise. Don’t you remember the trillion dollar wars in Iraq and Afghanisan? Or how about the time the “successful” people of Wall street nearly collapsed the world economy triggering massive and ongoing bailouts? Did your tax dollars not go towards these events?
Wow. Do you have any respect for private property rights?
It is not a “property right” to shelter an unlimited amount of money from taxation.
@Calgary I have spent a lot of time at homeless shelters and on food lines. I have seen folks with some sort of obvious mental illness there, folks that have money just looking to get a free meal and folks that just don’t want any other responsibility other than themselves on the street. At some point one has to wonder about the latter two examples. There are a lot of folks that just want to be taken care of and have no interest in working hard for it. Understand that there are more of those than what you think. Be careful of what you wish for. You may get it and more with unintended circumstances that may affect you and other folks, especially the middle class, directly.
KDog: I am not sure what it is that you think I am “wishing for”, but it is not more people on food lines.
For those over $3 mil, they’d likely either be grandfathered into allowing that money stay in the IRA or would have a stepped up RMD, including Roths.
Too early to tell. This looks like they’re going after the IRA ‘loophole’. I don’t consider IRAs to be tax loopholes but there are plenty who have zero savings and view IRAs as tax loopholes. Obama’s again pandering to his base – the Free Shit Army.
I completely agree with franky.. he isn’t trying to manage the IRAs, or tax them differently. He’s just stopping people from loading them up with tax advantaged dollars. The guy who works his ass off for 30 years and contributes to 401k won’t even be affected.
How wont he be affected, if it passes 3 mill?
What a ridiculous arbitrary number: 3 million
Almost as ridiculously arbitrary as $700 billion of TARP.
The Fly says:
How wont he be affected, if it passes 3 mill?
Yep,
Why not just make it $300k…Obama & Bernanke WANT THAT $$$$$$ to make themselves look good. Right now, they are stealing our money by allowing the banks to pay us next to zero percent on a bank savings account. In my lifetime I don’t ever remember bank savings rates less than 4% for this long a time. BTW, check this link… http://tinyurl.com/5s2gs5 …look at the interest rates this bank was paying BACK IN THE 1930s!! Unfuckingbelievable.
I’m sorry poor pleb, but your sick, and it’s really serious. We’re going to have to amputate… from the neck up.
“Attempt”?
“Propose” is as far as it may go. Obama can’t anything pushed through Congress. And the Dems won’t control both the Senate and House. Too many House districts were re-drawn to favor Repubs. And the Dems would need a super-majority to overcome Senate Republican filibusters.
I agree with Franky too. This isn’t a grab– if it even happens. If it does happen, it would be just taking away tax advantages on accounts over 3 million dollars. Why anyone should have qualified for retirement fund tax breaks on accounts of over 3 million dollars to begin with, is beyond me.
Class warfare has been going on for decades and, as Warren Buffett has said, the upper class has been winning, hands down. Our government has been reverse Robin Hood, bailing out TBTF banks with the taxes of low wage workers. But the rich folks always get upset, as anyone does I suppose, when even very undeserved benefits are taken away.
See video about wealth inequality in America.
http://www.youtube.com/watch?v=QPKKQnijnsM
Interesting video Frog, I once read a description of Canadian wealth distribution as a parade of people whose height represented their net worth, walking single file in a parade, starting with the poorest, which would be invisible, as they had a negative net worth and ending with Ken Thompson, who would be about 12 miles tall.
Hear, hear! Bone the rich Cyprus style!
I love how these dolts in government can determine what the “appropriate” amount is for my IRA. Just like they determine how many bullets I can carry in my gun.
“One possibility is that Romney included Bain investments valued at close to nothing that later grew exponentially. The value would increase tax-free in the retirement account and would be subject to taxation at ordinary income tax rates when taken out.”
The other possibility – make that a CERTAINTY – was when Romney bought all these cheap share of Bain “special” stock into his IRA, he converted the IRA to a Roth.
Then Bain paid MASSIVE dividends on the special stock – millions per year, and the Roth IRA balooned. Tax free.
Never trust a Republican with six grandmothers.
And what’s wrong with that? That’s within the rules of a Roth IRA. The same rules apply to everyone. You mad that he got rich?
For your convenience gentlemen, I have included this link of alternate investments:
http://www.ruger.com/index.html
lol
$RGR shows no upside in the aftermath of Newtown & the subsequent gun control rhetoric. If $RGR can’t rally with this stimulus, forget it. I wouldn’t let my politics drive my investing decisions. That’s the JakeGint style of investing.
He meant to buy the guns *sigh*
I think Hillary will find a much more punitive confiscatory measure.
Hillary can such my little richard.
Mark my words, as soon as the politicians craft a bill, pass it and is signed into law by President Numb Nuts, accountants with 150 IQ’s will already have figured out how to bypass it.
1 – Even Hillary Clinton is smart enough t o know this idea is STUPID
2 – If Obama had any clue he would limit Medicare reimbursement for wealthy retirees to save money, instead he loves to attack success
3 – Hey Obama, you ever use a compound interest calculator?
If an 18 year old kid with good investment brains starts an IRA and maxes it out for 40 years 3+million is an easy target
4 – Obama is financially clueless, that why he had to have a “Economic Intelligence Briefing” every morning when he arrived at the White House
http://www.thedailybeast.com/newsweek/2009/02/24/the-butterfly-brief.html
I’m surprised I didn’t see anything about #3 earlier than here…
Hes not financially clueless hes just a fascist nigger, oops did i say that?
You have to feel really bad for all the wealthy Republicans like Romney who sacrificed and sacrificed over the years, even had to live in a basement apartment while going to Harvard and even paid as much as 1/2 of a normal wage earning person’s income tax for their adult life. OMG!
Romney worked on an MBA and Law degree at the same time at Harvard. Too bad for America that he was not elected. Too bad that Steve Forbes was not nominated and elected over Bush.
sounds reasonable. The 47% want to live good too.
$3 million dollars might seem like a reasonable number to some right now, but think about 10-15 years from now. $3 million dollars won’t buy near what it buys today, and that might not even be enough to retire comfortably. Do you think they’ll revise the number up to calculate for inflation? Doubt it.
This
Rise up citizens. We need to go third party and throw every single one of these a holes out on their asses !
Under the current crop of globalists, collectivists and Progressives your money is no longer yours. They will allow you a stipend but under no circumstances are you to achieve monetary success. All should remain mired in mediocrity. It is the core of communism and unfortunately this is something the West no longer flirts with but is actively pursuing with vigor. I find it all quite terrifying.
I cannot believe what I am reading in these comments. How can anyone be remotely sympathetic to this?
This is a land grab and I am livid.
1) who do they think they are to tell me what is reasonable for retirement? That’s my decision alone.
2) to add insult to injury the number they pick is 200k/yr, less than the president’s and members of congress!
3) I can’t even type what I’m thinking comes next for fear of getting on a Brownshirt watch list
America is lost.
Y’all missed the money quote:
“The administration’s statement didn’t explain in detail how the proposal would work. The cap would apply to the total of all of an individual’s tax-favored retirement accounts. ”
Key word here – ALL tax favored accts. Which means IRAs, Roth IRAs and 401ks. Combined total.
3 million isn’t that hard to acheive if one start early, maxes out yearly and invests in divvy stocks while dripping.
Fucking crooks – mertiocracy is dead. If you work hard, save your money, invest in your own future – you’re a criminal and need to have your success confiscated. WTF happened to this country?
>3 million isn’t that hard to acheive if one start early, maxes out yearly and invests in divvy stocks while dripping.
Exactly
Precisely, the equalizer is the cont. limits, me vs. warren buffett in a Roth IRA (assuming income limits match…) we all start with 5,000 per year (now 5,500 annually), how is this a reasonable set of accounts to go after to make $9B a year? Someone should just shoot them all already… Literally every one of them is worthless. Did anyone see that Monsanto sneak-through on legislation recently?
$3mm wouldn’t last 5 years here.
Fly, agree 100%. This is abhorrent, will expound upon request, but am furious about it so will not put together paragraphs without a prompt.
To those who support this action because they don’t have 3 million in an ira are missing the point.
This is the slippery slope. It begins with them telling you how to live, eventually controlling you whole.
The only way the debt gets paid off is by taking out money. So this is the start.
Next they will say, anyone with more than 3 mill in the bank will be taxed by 20% to pay down debt.
to those who say Cyprus isn’t a template to gauge public response… pay attention
Am I a bad person for hoping for grotesque revolt and defenestration in Cyprus?
“The only way the debt gets paid off is by taking out money.”
They have no intention of paying off the debt. They simply want more money to spend and redistribute.
They are already telling you how to live. In almost every aspect of your life. We have been conditioned to it so we hardly feel it. I do not understand people who are so inclined to throw away freedom but that is what is happening at a rapid pace.
I don’t support it, but it won’t happen. Thus no fear, no anger, no outrage here. Still waiting for Obama to take away people’s guns.
Preoccupy yourself with more believable theories. JFK was killed by the CIA. And no astronaut walked on the moon. It was a Hollywood stunt.
a money grab, desperate times for government, they want employment and stability. Currency and your nest egg would be secondary.
and could be worse: draft.
Folks need to be as happy as possible and enjoy their life. No need to be too morose and scare the children or pets. Things in the USA are not getting better, but it is still livable.
Having said that, a few thoughts:
Even though the country is quickly merging into an accelerating course to its collapse, I don’t see it on the faces and in the actions of the people I see. Sure, some of them may be wealthy and insulated by money, but most are not.
Everyday I see people buying crap and acting stupid, despite the increasing reality of where the country is going.
I earn a respectable salary, and yet I am pressed terribly by the cost of things and the dire outlook for hope. There’s no way many of the happy joyful consumers I see exceed my income. Yet they consume joyfully. How do they do it? Where do they summon the denial?
Today I ordered four pairs of business casual pants at a distressing cost of $250. The dollar is going the way of the quarter. The pants will be thinner and lower quality than what $160 would have bought just five years ago.
Where is the outrage? Indeed. The mass consumer out there has fallen for the bread and circus hook line and sinker. Most of them are too distracted and sedated (or just too dumb) to deal with this.
Any middle or lower class person who is thinking correctly should be either doing their best to become wealthy, or hunker down and prepare for much worse economic times.
postscript- Perhaps the “47 percent” truly believe the wealthy should share with them, and if that is ordained, there will be no problem. That is intellectual infantility.
I really am lost as to why some of you who voted for this guy are shocked that he is actually trying to implement policies that fit with his ideology.
Who da thunk it?
Let’s face reality for a minute! Due to politics and policies, in the last 20 years, the rich have gotten too rich, the middle class has been greatly diminished and the poor have gotten too poor! This keeps up, there will be blood in the streets. Remember the riots and fires in the mid-sixties? They will look like church picnics if things don’t shape up.
The argument that the “rich have gotten too rich” is ridiculous.
So the answer is to “unrich” them and hand out their money to slobs?
No.
The answer is innovation.
Too rich is, e.g., your example of Romney in opening remarks! Is he saving money or hoarding it at the expense of many others? And don’t tell me he is using his loot and being a stand-up job creator. There are many folks like him and worse. And just think what his policies would have done for greedy folks had he gotten into office in the last election.
Is he obligated to be a job creator?
If he wanted to, shouldn’t he be able to horde the money he earns?
The biggest issue, in my view, is that the government is suggesting policy that discourages saving and investing. This alone is my biggest gripe. That said, 3 million is NOT a lot of money. I’m still “entry-level” within the world of finance, for all intensive purposes, but I’m still saving more than 15k per year. I plan on compounding my wealth by 10+% a year, into perpetuity. At this rate, I’d be effected prior to being 65 by this policy (that assumes that I continue to only save 15k per annum). I’m not even doing ‘that’ well… just saving at a responsible rate. But, at the end of the day, anything that discourages saving, by anyone, is a poor choice of policy. Period. How our government fails to recognize this basic concept is reflective of the actual level of intelligence harbored by our officials in DC; rock bottom.
“When individuals in the top income tax bracket received a smaller tax subsidy for retirement savings, they started saving less in retirement accounts….. but the same individuals increased the amount they were saving outside retirement accounts by almost exactly the same amount, leaving total savings essentially unchanged. We estimate that each $1 of government expenditure on the subsidy raised total savings by 1 cent.”
http://obs.rc.fas.harvard.edu/chetty/ret_savings.html
The “consumer spending” drives the no-job economy bubble. Saving money is anathema and will make the whole house of cards topple.
What about pensions, particularly Obongo’s? If the payout functions like that of a tax sheltered retirement account, why not include it in the 3mil total…
The sad part is Joe Regular thinks 0bama is fighting for him. The most despicable human beings reside in DC….
In a sane world, only Joe Fresh thinks that. But we don’t live there.
YOU ARE ALL GAY.
Good night.
This comment section is fucking scary The zombies of the king will agree with ANYTHING the king promotes. The zombies would glady cut their cocks off and eat them. This is not politics it is not even religion it is a cult. How the fuck did this happen?
There is NOTHING the king could do to offend the cult. Why? This is madness.
Fly has been drinking Alex Jones again and then posting while drunk.
I don’t drink
You also don’t do metaphors, apparently.
This appeared in my inbox overnight:
http://www.peggynoonan.com/article.php?article=670
“Americans and European governments believed that they could always afford to support the poor and the needy: widows, orphans, the old and homeless, disadvantaged minorities, unwed mothers. Their sociologists expounded the theory that hardship and failure were due . . . to flaws in the economic system. So charity became ‘entitlement,’ and the stigma of living on charity disappeared.”
There’s an easy Republican answer.
Don’t kill or tax the rich.
Kill the poor and the needy: widows, orphans, the old and homeless, disadvantaged minorities, unwed mothers.
Do you hold to the theory of natural selection or not?
Just a quote boys and girls but, think about it:
“Almost 3,200 households — about 20 percent of them from New York — that reported adjusted gross income of more than $1 million received jobless-insurance payments averaging $12,600 in 2010, the latest year for which figures are available, according to IRS data compiled by Bloomberg. Those payments outpaced the total incomes for about 25 million U.S. households.”
Have you noticed the new look of America? It’s “the duck face” seen staring at a smartphone.
Over 6 $trillion has been added to the debt under Obama…..he will probably reach $10 trillion before he is finished. At the same time, the government has given tens of millions to TIDES….a San Fran Sicko organization that in turn gave to CAIR….which in turn likely gave to HAMAS. We need a frugal government…..we need to try free enterprise…..one certainty is that the Obama way is the wrong way…make no mistake.
Yes indeed. Pay attention here.
0 is a master of playing popular opinion as the first chair of the orchestra plays his violin. He will seek to enhance the (you didn’t build that) mantra and create an us vs them atmosphere.
This will be the “test market” so to speak, in order to determine how this type of confiscation will fly. If it does find traction among the unwashed and unthinking masses it will become embedded and will continue to roll downhill until al income is “redistributed” fairly, according to the powers that be.
Yes pay attention indeed and remain calm at your own peril.
Reportedly, central banks of the world are doing their best to keep the price of precious metals down.
Interestingly, this would seem to be helpful for those who intend to move dollars out of direct reach from plundering governments.
The rich have gotten rich by exploiting the poor. It’s time to give back. The rich should spend as much time in jail as a poor person. Equality all around.
how does one give back?
The Gov’t will tax away excess wealth and re-distribute to the needy. Greed will be outlawed. Benevolent super-intelligent technocrats will make everything better for the greater good.
ew
I’m hoping this is the focal point of the investigation.
“One possibility is that Romney included Bain investments valued at close to nothing that later grew exponentially. The value would increase tax-free in the retirement account and would be subject to taxation at ordinary income tax rates when taken out.”
If it’s the case that he utilized Bain investments to accumulate the stash, SO WHAT. That’s what retirement accounts are for, you know, to make investments….. And then get taxed on them at a later date.
I can already hear Zerohedge penning an article utilizing the slippery slope fallacy that all of our IRAs are going to be confiscated by fiat. That one should be fun. If congress initiates a cap on IRA savings, they are bat-shit crazy and we should light our torches. My bet is this will NOT happen.
Hello…..ah, it’s JAPAN Calling, they want to put 10 Billion in a USA IRA account…they say its for their Retirement.
I love how wealthy Americans get all misty eyed and patriotic when their soldiers risk their lives in Iraq and Afganistan but are furious when asked to pay for the bullets.
The catastrophizing on these pages is absurd.
Fuckin fuckers.
I meant the above article to be a reply to the entire thread, not to trading nymph’s post. Her posts are always valuable contributions to the conversations.
IRA savings are good for providing capital investment funds to create plant and equipment for employment.
Don’t sell the Fly short on this issue. A plan to confiscate your retirement savings has been long in the making…
1994…
“President Clinton installed Alicia H. Munnell, a vociferous advocate of pension taxation, as Assistant Treasury Secretary for Economic Policy. She wants to invest pension funds in public infrastructure and public education to “increase the resources available for future generations.” To achieve her goal, she devised a plan that requires taxpayers to report as taxable income the contributions that they and their employers make to pension plans, along with the earnings on the pension investments known as the “inside buildup.” To make up for not taxing pensions in the past, she wants to confiscate 15% of all pension fund assets.”
2007…
“On Nov. 20, 2007, Theresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, presented a paper proposing that the feds eliminate the tax deferral for private retirement accounts, confiscate the balance of those accounts, give each worker a $600 annual “contribution,” assess a mandatory savings tax on every worker and guarantee a 3 percent rate of return on the newly titled “Guaranteed Retirement Accounts,” or GRAs.”
2008…
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.”
2010…
“[I]n mid-September 2010 the Departments of Labor and Treasury held hearings on the next step toward achieving Ghilarducci’s goals. The stated purpose was to require all private plans to offer retirees an option to elect an annuity. The “behind-the-scenes” purpose for this step was to get people used to the idea that the retirement assets they had accumulated would no longer be part of their estate when they died.
2011…
S. 1020: Savings Enhancement by Alleviating Leakage in 401(k) Savings Act of 2011
The point of the Bill is to restrict the ability of retirement plan beneficiaries to borrow against their future retirement benefits
2013…
“”[t]he U.S. Consumer Financial Protection Bureau [CFPB] is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency’s first foray into consumer investments.”
Sources…
http://www.americanthinker.com/2013/02/the_feds_want_your_retirement_accounts.html#ixzz2Pmg8PkGs
http://www.govtrack.us/congress/bills/112/s1020
http://www.businessweek.com/stories/1994-10-30/private-nest-eggs-dont-make-public-safety-nets
http://www.gpo.gov/fdsys/pkg/CHRG-110hhrg44713/pdf/CHRG-110hhrg44713.pdf
http://news.coinupdate.com/us-government-takes-two-more-steps-toward-nationalization-of-private-retirement-account-assets-0842/
Robbing from the hardworking, taxpaying, contributing populace in the guise of “punishing the rich.” With the fiscal cliff debate, it was already established the public can be fooled by this charade, so now they are going to apply it in every possible avenue. That bloomberg media serves as a shameless political operative rather than journalism should not surprise anyone as that is what all American mainstream media today has come to.
You can bet big that the politicians will work it so their own retirement accounts aren’t touched. Obozo’s wife is the example — multi-million dollar vacations while preaching that we should all plant gardens.
Michelle has a double room reserved for you an HER on Carnival Cruise Lines. Promise you will do your best to make her pleased.
oh no, scary black socialist is going to take my money!
Corrections……..
He’s not scary, just deluded.
Black? Who gives a flying crap what color he is. YOUR statement is racist.
Socialist? That one you called correctly.
Of course tax sheltered accounts are subject to rule changes from the government that provides the shelter. That is why is is ALWAYS a bad idea to have one.
One day in the not so distant future, the government is going to need a vast army of domestic buyers for its debt. Oh, the perils of a tax shelter…
Precisely how do you be capable of create such a great audience regarding commenters to your site?