Dems Target IRAs and 401Ks
Some members of Congress are discussing the possibility of seizing IRAs and 401Ks.
My husband and I are in our mid-fifties. We are trying to figure out if it might be a good bet to withdraw our "money" from our IRAs before the new Congress can seize it. Even though there is a 10% penalty for early withdrawal and we would have to pay income tax on any funds we withdraw early, it might be better than waiting and finding that we will have almost nothing left when Congress gets done with it.
This was done in Argentina and caused horrendous problems there.
This article explains what may be afoot:
http://www.carolinajournal.com/exclusives/display_exclusive....
Excerpt:
Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs
By Karen McMahan
November 04, 2008
RALEIGH — 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.
End Excerpt
Your comments, please.
THEFT IS theft, is theft is ...
theft - IS THEFT!!! This ought to wake up the sheeple. It's going to cause a lot of misery and at about that time they will start looking for answers!
How does the "Serenity Prayer" go?: "God grant me the opportunity(?) to change the things that I can; the peace(?) to understand when I can't - and the wisdom to know the difference ..."??
My point: The opportunity is at hand to change things; I believe that!
They are already taking your retirement and savings money!
Although most people dont realize that the theft is increasing rapidly now with the bailout and Fed money creation.
By printing (or electronically creating) new dollars, they are devaluing ANY dollar denominated money. 401ks, pension plans, savings, annuity plans, etc. The number of dollars in these accounts may go up due to interest, but the "purchasing capability" will fall.
Peter Schiff says that we are in a temporary "up-dollar" situation due to de-leveraging of the markets (selling at a loss to get cash). When this ends, prepare for huge inflation.
Remember the HUGE tax deduction
for investing in oil and gas exploration!
I cant believe it, I ALMOST forgot to share this...
When I cashed in my 401k, I invested in an oil well and will receive a huge tax credit next year. So, if you do that, no need to wait until Jan. 1st!
Interested in the principle based company with whom I do business:
Go to their website and do you own homework. I believe it is at least worth investigation and some phone calls.
http://www.brayconn.com/investment-strategy.html
I work with Chad Albury... My name is Linda Anthony.
As a side NOTE: They bought a copy of the original Declaration of Independence (recently discovered) and have it on display. I bought a copy of their copy, and had Ron Paul sign it when I attended a speaking engagement in Indiana, PA (IUP).
So, when gas prices go back up (and they will as they are always being manipulated), you can look at your monthly check and celebrate instead of complaining!
Wish all of my Daily Pauler's well in their efforts to stay above and beyond the deliberate elimination of the middle class.
BTW, their money symbol is from Altas Shrugged, by Ayn Rand. It has the dollar sign with the symbol of "infinity" included.
Set it up as it takes
some paperwork to accomplish and then choose your date.
It MUST be done ASAP.
One other thing to consider - we know the taxes this year are 35% - what will the be next year after Obama's thugs take over?
If take it now, then taxes due 2009 @ 35%.
If take it Jan. 1st, taxes due in 2010 @ who the heck knows! One thing we do know FOR SURE, they are not going down!
I took mine out in 1-06 & paid taxes in 4-07. Thus had use of my own money, to make money for over 15 months before those taxes were due.
It's about utilization - using the same money over and over to make money - NOT about accumulation where OTHERS have control and make the money!
Get your money the hell out of there
this situation is not going to get better, it is gonna get worse. Take your lumps, and pay off your house. Best of luck, we are all getting hit from all sides.
Those who expect to reap the blessings of freedom must. like men, undergo the fatigue of supporting it.-Thomas Paine
The R3volution requires action, not observation!!!!
Yes, best advice is to
get out of debt, then invest according to your own education and principles.
We want to be prosperous in these trying times, so we can help others to do likewise.
I withdrew my Simple IRA in January
and invested in precious metals.
New Hampshire and Ecuador
heres my update!... my
heres my update!... my father inlaw is 70 years old.. he has a doctorate from mit.. he is a leading research scientist in his field.. the smartest nicest man I have ever met! would not look down his nose at anyone!.. 2.7 million in an ira! now worth 1.7 million! ouch!
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
“A prudent man foreseeth the evil, and hideth himself: but the simple pass on, and are punished.” (Prov. 22:3; 27:12 KJV)
Hey McCain-----┌П┐(◣_◢)┌П┐
what about cd.s
thats probably gonna be next
we need to put this sight on here
http://www.bostonteapartyii.org/index.html
Forget the banks
to protect your money. Remember, they raised the FDIC insurance coverage to $250k, up from $100k. This was only done so you would not take or move your money. A false sense of security was felt by the collective ignorant.
If you've read anything here on daily paul at all, you would already know the FDIC account was raided, just like our SS accounts.
They DON'T have the money to pay you - period! Not even the $100k previouse "insured". BOGUS!
Check out this You Tube Video I just received - it will be nothing new for MOST of us here:
http://www.youtube.com/watch?v=IsGBhMCQyyg&feature=email
Any updates on this???
If so please post... and let us know...
i cashed my 401k out 6 months ago. paid the 10%
no more trust!keep cash. buy metals
I am a Realtor here in Twin Cities
and I can tell you there are people that have already converted their IRAs into buying real estate, mostly foreclosed homes, improving them and either move in or rent them out for income. Since early this past year, a quiet movement happening. It seems worth the effort for some people.
only problem is they will be
only problem is they will be losing more money as the price of the houses they are buying continue to go down!
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
“A prudent man foreseeth the evil, and hideth himself: but the simple pass on, and are punished.” (Prov. 22:3; 27:12 KJV)
Hey McCain-----┌П┐(◣_◢)┌П┐
not really
Banks will sell the homes for a big LOSS. They need to clear their books. They might sell the homes for less than 50% of the market value. This way even if the value drops, you should still be ok.
Freedom may be worth searching for.
Remember, Dont battle the govt with guns(ALONE), Beat them in court, in state legislature, or hire Ron Paul for president.
Good clarification!
Ever hear of PACTrust conveyance? Can transfer from seller to buyer, using this vehicle without a new loan or loan assumption, w/o violation of lender's due on sale clause, & without involving the property's title and even with full tax benefits to the buyer?
Placed in a specialized rovocable inter-vivos trust whereupon a portion of the trust's beneficial interest is conveyed to a buyer (instead of selling any of the real estate istelf).
http://landtrust.net/synopsis.html
I am just learning the process and will start matching buyers and sellers in this very troubling credit market.
SCARY STORY!
"Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." Benjamin Franklin
---
government of the people, by the people, for the people
---
More than 10 years ago,
Needs to be monitored.
QUOTE from article. http://www.carolinajournal.com/exclusives/display_exclusive....
What happened in Argentina?
"On Oct. 22, The Wall Street Journal reported that the Argentinean government had seized all private pension and retirement accounts to fund government programs and to address a ballooning deficit. Fearing an economic collapse, foreign investors quickly pulled out, forcing the Argentinean stock market to shut down several times. More than 10 years ago, nationalization of private savings sent Argentina’s economy into a long-term downward spiral."
While I will fall short of actually telling you what to do, I
think that it would be worthwhile to consider just how much of a penalty ("loss", if you'd like to apply that word instead) will likely follow if and when an element of the U.S. government assumes control of managing your personal investment assets. What kind of job do you think they've done thus far in managing money? After a period of time, as they assume greater and greater control in restricting your ability to direct your own investment objectives, what will be the likely result compared with the 10% penalty you mentioned? I don't know exactly how likely it is that the government will actually confiscate retirement accounts. Of course, there is no known limit to the appetite of government for resources plundered from producers.
The current "idea" being discussed has mentioned the movement of those account assets into the domain of control exercised by the Social Security Administration. If there was any better way to scare private retirement fund account owners, I'd be interested in knowing what it might be. :)
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"An economy built on fiat money is a society on its way to ashes."
_________________________________________
"An economy built on fiat money is a society on its way to ashes."
Lighten Up ..
If they actualy had such a plan RP would tell us about it.
Sadly, they dont have to sieze anything. They can just continue to make your holdings entirely worthless.
On a bright (ish) note, there is serious talk about one of the things team OBAMA is proposing, a temporary freeze on the penalty, allowing people to pull some portion of their money out now. Of course the amount you pull would be fully taxable.
Its all a crap shoot but one thing I am zero concerned with is some lame rumour that congress would "seize" the publics 401ks.
Well, we've read the plan
and accountants and financial planners are taking it very seriously!
Don't live in fear and scarcity, DON'T WORRY ABOUT THE PENALTY! Just do it!
Control your own destiny - invest in small doses of gold and silver - and hide it. Always pay in cash, give fake name, take physical possession. Patriot Act only says you must give copy of driver's license when selling and only required to report a large amount (which escapes me at the moment).
I bought some junk silver coins - pre 1964 so could use to purchase when the dollar if used to start fires. I've read once that an egg paid off the mortgage of a home.
Two things
It is happening ask your broker,,,Two a new law is already in place and will stop any withdraws after january a month before Obama has anything to do with it
If voting could really change things,
it would be illegal. Here is hoping for change!
thanks
usually we don't find out things until too late.
Also they reduced the bank transaction amount from $10k to $5k now that banks are required to send notice to IRS.
A reminder, is trying to send huge amonts of money outside the U.S. - they will now tax you before allowing it to be moved.
Of course all the crooks already have their moved and safe...