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Good News: Feds Look Seriously at Attacking the Deficit. Bad News: They’re Targeting Retirement Accounts.

Home - by - April 25, 2012 - 08:30 America/New_York - 16 Comments

Doug Ross

There are really no depths to which Democrats won’t stoop in order to keep their unconstitutional Ponzi schemes running, are there?

Uncle Sam, in a desperate attempt to fix its $16 trillion-plus deficit, is leering over Americans’ retirement nest egg as its new bailout fund.

Capitol Hill politicians are assessing tax changes that could let the Internal Revenue Service lay claim to a portion of the $18 trillion sitting in 401(k) accounts and other tax breaks used by middle-class workers, including cutting the mortgage tax deduction… as one way to prevent government bankruptcy.

I love the term “tax breaks”, don’t you? As if it’s the government’s money, and not yours.

Besides 401(k)s, other possibilities include the mortgage-interest deduction on second homes, as well as benefits from employer-provided health insurance, which are untaxed now.

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» 16 Comments

  1. old_oaks

    April 25th, 2012

    Ever since Obama took the reigns, I’ve been “retired,” I’m 43 years old.

    I think the government is getting wise to the fact that folks like me have pulled 401k’s and IRA’s and established profitable lives, UNDER THE RADAR.

    Thumb up +9

     
  2. Buck O'fama

    April 25th, 2012

    Love the picture! I’m just sorry he didn’t bump his head into the rotating rotor blades.

    Noteworthy Comment Thumb up +15

     
  3. Stirrin the B.S.

    April 25th, 2012

    I’ve heard about this coming for quite a while and it really pisses me off! Social Security is nothing but a balance sheet of government IOU’s (as in YOU OWE ME!), and now they want to spend my 401K money and give me a worthless promissory note in return? Your credit is no good with me Uncle Sam, I refuse to lend you my money!!!

    Somehow we have got to starve the beast. It is consuming everything that it can get it’s hands on. Say “HANDS OFF MY 401K”, to all of your representatives!

    Thumb up +9

     
  4. Boobie the Racist Dog

    April 25th, 2012

    Elkhart, Indiana?

    What? Is the Columbia Record Club still trying to collect on the Complete Barry Manilow Collection he ordered and got “FREE” just for joining twenty years ago? So he’s going down there to throw some presidential weight around?

    Thumb up +3

     
  5. [...] Because, well…screw you, responsible person. [...]

    Thumb up +1

     
  6. SgtZim

    April 25th, 2012

    Time to move the 401k into the gun safe.

    Thumb up +4

     
  7. Bob M.

    April 25th, 2012

    I got OUT of my 401k in ’06. Yeah, I took a hit, but $7/oz. silver and $700/oz. gold IN-HAND, made me feel better about it. :-D

    For you SUCKAS who have stuck WITH your plan, the gummint will now TAKE it, and you’ll be stuck with only your wang in your hand! :-(

    Sure, it’ll jumpstart the 2nd American Revolution when they sieze Americans’ assets, but you’d BETTER have your pitchforks and lanterns IN-HAND now, TOO!

    You DO have them, right? :oops:

    Thumb up +4

     
  8. John Bruno

    April 25th, 2012

    I hope it knocks some scense into him, but probably not. Need a harder knock to do that. He’ll probably blame Bush for the incident stating Marine One was designed wrong. God I hate this weasel!

    Thumb up +2

     
  9. Friend of the family

    April 25th, 2012

    The basic idea has been no taxes on the money withheld for the 401K until you leave the company (at which point they kick your ass with a hefty income tax IF you don’t roll it over into another retirement account) or retire and be taxed at a lower rate because of your reduced income. Nonetheless, you get tax either way. But if they are going to do a income payroll tax deduction on the withheld amount now–while you’re still working, AND THEN tax you again as in the former as stated above, that would equate to DOUBLE taxation. Nothing new to democommies. I have grown to despise and dread my government and the mother*&^%$#@ running it. All of them.

    Thumb up +6

     
  10. Corona

    April 25th, 2012

    Choot dis piece a chit.

    Thumb up 0

     
  11. Chinquapin

    April 25th, 2012

    “…benefits from employer-provided health insurance, which are untaxed now.”

    Didn’t you just KNOW, once it was reported on the W-2, that it was only a matter of time??

    Thumb up +3

     
  12. norman einstein

    April 25th, 2012

    This is the prize they’ve had their eye on for ages.
    old_oaks and SgtZim have it right.

    Remember why Ann Barnhardt got out of the commodities business? In a nutshell, it was because the PTB (“regulators”) froze the investors out of their own accounts, denying them access to their own (previously untouchable) account funds.
    If they can do THAT, what CAN’T they do?

    Thumb up +4

     
  13. nobarack08

    April 25th, 2012

    racist helicopter!

    did the bump knock any sense into that freakazoid head of Zero

    Thumb up +1

     
  14. even steven

    April 25th, 2012

    In socialist countries, the only ones who prosper are government workers and/or criminals. Anyone want to buy some good moonshine? Or better yet, I’ll trade you some for guns.

    Thumb up +1

     
  15. willie t

    April 25th, 2012

    hey, y’al, yill be a-seein’ that slip on lefty lettermans show EVERY night for the next forty years.

    Thumb up 0

     
  16. Chuck O

    April 25th, 2012

    Yeah, I’m one of the jokers that kept a 401k, but I have very little in it so when they do take it, they won’t get much.

    Thumb up 0