The Motley Fool Discussion Boards
Retirement Discussions / Retire Early CampFIRE
|Subject: Re: Obama wants your 401K/IRA||Date: 2/23/2013 12:30 PM|
|Author: telegraph||Number: 672750 of 756526|
Vermonter:""No way can, or would, ANYONE, of either party, try to take away your 401k or IRA money! "
a) First....they eliminate the tax deduction for IRA and 401K contribution.
b) Then they make the company contribution to it 'taxable income' to you in the year it is received
c) then they put in a tax on the value of your account each year.....well, let's see...under Frank Dodd, since there is 'risk' in the system and there is a 'cost' to oversseeing the financial integrity of markets....it will start at a small 1.5% of your assets each year in an existing 401K/IRA account. It will be paid by the trustee.
So....those trillions will be taxed each year.....
then...they'll phase out 401Ks/IRAs.....you'll have to take all the money out within five years........
you can 'convert' it to a government savings plan where they guarantee a 3% rate of return on your money.
If you don't take all your money out within five years, it will automatically be converted to a Government Supplemental Savings Plan.....
they'll either get their tax money over five years..... or...they'll get all of it stashed in the same lock box...and promise to pay you an annual 3% a year 'when' you retire at the official retirement age.
So easy a Marxist could make it happen by executive order. He controls the IRS.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|