Checking and savings accounts are next. How about a transaction fee every time you deposit and withdraw at your bank? It's to punish the banks and Wall Street. It will only be 0.5%, so it won't hurt you none. People moving from bank to bank and broker, as each bank and broker fails. That should raise tax revenue. Got any money? Sharing is caring.
Since the great depression the US government expansion has been staggering. with an all democrat government and an economic collapse like this the bears might actually be optimistic about what will happen in terms of policy. You might think 'because its Obama this time is different, I trust him', this type of bet has been a losing trade ever since such thing as societies came to existence
http://www.reuters.com/article/marketsNews/idUSN0631025720081107 http://www.smartmoney.com/personal-finance/retirement/bear-market-puts-401k-under-microscope/
This woman is a bald-ass communist. That anyone in Congress is even listening to this crap is outrageous. Confiscating my 401K??? Not on your life - I'll cash the whole f....!!!ing thing in in one day, pay the tax and tell them to go screw themselves.
Of course we would all do that...unless it came as a surprise. No warning, just "Guess what kids, we passed a law over the weekend to confiscate your private property... all "in the name of equality"." You know, like they did The Patriot Act.
No need to cash 'em in and take the penalty. Just go long ES in the IRA and short ES in your cash account. You'll pump money out of your IRA penalty-free and get favorable tax treatment to boot (60/40 long term/short term cap gain)!
Why is it that the most objective & rational post like this gets completely overlooked? They probably will do it but it does not matter. Retirement accounts are a way for Wall Street to control more of your money. It's sham, was obvious to me from the moment I learned about them. Stop your crying and stop supporting the status quo system.
Can a tax on "wealth" be far behind. After all, that's all the death tax is. Why let a little thing like being alive stand in the way of the government getting what is rightfully theirs?