The Wall Street article published an opinion story today about “Argentina’s Property Grab” – how the Argentine president has announced that her government will seize the country private pension system to resolve its financial crisis. Here is an excerpt:
"If Congress approves this property grab, $30 billion in individually held retirement accounts -- think 401(k)s -- managed by private pension funds will become government property.
That the state could seize retirement savings no doubt seems outrageous to Americans. But it is a predictable development in a country where government intervention in the financial system is the norm. With Washington now expanding its role as guarantor in American banking, that's something to think about."
Many analyses of Obama’s financial proposals conclude that proposed new taxes will not cover the new expenditures. A democrat congress would support his money grab for pension dollars – which, by the way, the Clinton administration thought of doing via a “one-time”15% tax on IRAs. At this point, the only protection we would have is the Supreme Court who might rule that assets are not income. Thus taxing them would be unconstitutional, but that’s a big maybe. Here’s the article
http://online.wsj.com/article/SB122471757680560465.html
I understand that the Clinton administration also considered taxing "imputed income" for living in your own house. If you did not own it, you would have to pay rent, say about $2000/month. Thus, you are getting a benefit, or imputed income, of $2000/month, and they would tax that as income. Wonder what Obama will do with that one.
ReplyDeleteOrin Hatch was just on with Neil Cavuto and said Democrats talked again today about taking away the tax shelter of (401)k's and taxing withdrawals more heavily.
ReplyDeleteIt's going to be hell on earth.
Unfortunately, schools have not adequately taught today's young people what socialism is so here's a little something we can all do:
As we prepare to pay restaurant bills, call over your wait staff. Explain that you were intending to leave them a tip but under the Obama rules of socialism, you can see that someone else in the restaurant is more in need of the money and that their tip is going to that person instead.
This is how to explain Obama's socialistic viewpoint to young people.
ReplyDeleteThe next time you dine out and receive your bill explain to the wait staff that you had intended to leave them a tip but since Obama believes in socialism you have decided instead to live by his standards and give that tip money to someone more needy.
It's going to be hell on earth if Obama gets to make those SCOTUS appointments and has a super majority of Democrats controlling Congress.
ReplyDeleteThis is how we can explain Obama's socialistic views to young people:
When dining in a restaurant and the wait staff brings the bill, tell them you intended to give them a tip but since Obama desires that we Americans live as socialists, you have seen someone else who needs the money more and so will give their tip money to that person.