Big Government Is Coming for Your Retirement Savings
by Sara Noble, 02/04/13
While everyone is talking about gay boy scouts and birth control, President Obama is planning ways to rob you of your retirement savings.
It has been 1377 days since we have had a budget. That is against the law but no one seems to care. He missed his budget deadline again.
The government is on the hunt for more money to support its spending problem. President Obama wants more “revenue”--“taxes”-- so he can make more “investments” as he spreads the wealth around.
You need to be afraid, very afraid!
Americans have $17.5 trillion in savings with 25% of it in IRA’s. It is a future source of revenue for the government if they can get their hands on it.
President Barack Obama’s Fiscal Year 2013 budget plan estimated that retirement tax deductions taken by employers and individuals over the next five years add up to $429 billion in “lost” tax revenue. The government believes your savings is their lost revenue. There is not a thing they won’t tax and it gets worse as their spending grows more out-of-control.
In 2008, Obama first proposed a Guaranteed Retirement Account (GRA) for all, which would require businesses to offer automatic IRA’s. Included would be a mandate to invest 10% in US Treasury bonds which is nothing but another sneaky way of funding the profligate national government.
Obama’s FY 2013 budget plan resuscitates the planned theft of savings with “Secure Choice” and “GRA’s” which would mandate 5% to 6% investment in government-controlled pension funds.
The scheme would go like this. The government would deposit $600 into your GRA and each worker would in turn deposit 5% of each paycheck into the account. In return, the government will magically guarantee a 3% tax-deferred return on these assets from who knows where because you know there will be no lockbox and they will spend the money just as they have with social security.
Anyone refusing to cooperate will suffer additional penalties and taxes on any withdrawal of their savings from retirement funds. They would be mandated into investing a minimum amount in US Treasury debt.
What all this means is the government wants to take over your 401K and run it like social security. They would take control over your savings with the promise that you would receive a paltry monthly pension upon retirement.
The government wants to manage your savings without your having any say while you are saving and then confiscate it after you die....
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