The Democrat plan to confiscate 401K accounts keeps coming up. This time in a recess hearing.
The money quote:
The lame duck session would offer the last chance for unions and companies to be able to place liability for their underwater pensions on the taxpayers’ backs before the new FASB rule goes into effect.
They’re under the gun on this, and BILLIONS of dollars are at stake.
Under the gun is correct. When people actually see money they HAVE disappear (vice having it taken before they even know they had it), I’d be willing to be there would be riots.
I know it would push me pretty close to “Doing something stupid” if they confiscated my retirement accounts (which aren’t 401ks, but I’m sure are just as targeted).
Hmm… I’ve already lost $150K literally overnight in the whole WorldCom/Merrill Lynch fiasco a few years ago. I was an employee there, we had no choice but to have our 401(k) in company stock — should’ve been a big red flag there.
My current employer requires participation in their 401(k) program because they believe every employee deserves a retirement account. I told them I have no desire to participate because I’ve already lost everything and would rather not go through that again.
Now this.
I wonder if I could do an emergency withdrawal from whatever is in my account, pay the penalty and taxes, then put the remainder into supplies and outstanding debt. After all, half of my cake is better than none of my cake.
If there is a literal second revolution, this might well be either the triggering event or the event that sets off a series of unstoppable events; possibly analagous to the Stamp Act of 1765. It’s hard to believe that our imperial ruling class can be so tone deaf. As Rob said above, federal theft to this point has been mostly by stealth. This time people will be forced to watch as their wealth is carried off in exchange for a federal promise. Time to buy stock in Tractor Supply as there’ll be a shortage of pitchforks and rope…
I keep telling people, these %&$Y^&$ holes will do everything they can in the Lame Duck to screw us! And they’ll be some Loser RINO’s who will help them do it as Payback to the Voters for not keeping their sorry asses in Washington! Better check my ammo supply from Breda’s Blogshoot. I need to make sure I have enough for my “Unorganized Militia Duties”.
John: Tell your IRA you are having a financial emergency.
They will file a 1099, and cut you a check. You owe 10% to the IRS at that point.
I suggest buying junk silver US coins if you have enough guns and ammo. Gold has been banned in the past by FDR, but old gold and silver US circulation coins had to be exempted. Junk silver is easier to unload or barter.
Or, if they actually do it, just do something that I can’t publicly advocate without getting alan in trouble.
Either works for me at this point.
John:
Funny. That is *exactly* what I am doing. I meet with my tax advisor tomorrow afternoon. What’s even funnier is that I planned on doing this before this current news that it might happen during a lame duck session came out. I thought I had until the 1st of the year when taxes may be going up significantly. Now it looks like I have until November 2.
Since my company went tits-up I rolled over my 401K into a fairly passive IRA – will they take that too and my piddling Roth IRA?
These last few months I have been feeling vindicated that I never bought into a 401(k) plan. Heh.
Not billions at stake, TRILLIONS. Estimated 3 trillion dollars in various 401k accounts in the US.
The Social inSecurity Trust fund has an official “surplus” of 2.4 Trillion. Of course all that is “invested” in Gov Bonds.
As for the SEIU employee who makes 12 bucks an hour with no benefits, that is what an IRA, either traditional before tax or Roth after tax, is for. Sometimes you have to make your own benefits.
Show me a Senate or House bill and I will believe this rumor.
You must be a liberal, you can’t read.
It’s not a rumor, it’s an actual transcript where the idea was discussed at a Democrat led hearing with people hand picked by democrats talked about how great it would be to confiscate 401Ks.