If my mattress paid interest
Treasury to target 401(k)s? A large reserve of untaxed funds? We can’t have that can we?
Remember, I do this to entertain me, not you.
Uncle Pays the Bills
 |
|
Find Local
|
Categories
- ATF (769)
- Death Match (10)
- Eminent Domain (225)
- In the bag (9)
- Notes to Junior (546)
- Poker (74)
- Recipes (142)
- Shotgun Noob (11)
- The Airing of Grievances (19)
- uncategorized (47,725)
January 9th, 2010 at 11:58 am
Yeah, this has been rumbling around since July of last year: other awesome items they’re thinking about going after: dividends on life insurance, although I’m not sure how they’d do that.
January 9th, 2010 at 1:34 pm
Great another giant ponzi scheme. Perhaps we should get good old Bernie to run it.
January 9th, 2010 at 2:01 pm
The real question here: you are free to clean out your 401k at any point if you’re willing to pay a 10 percent penalty for doing so.
What is your personal redline at which you’d take such an action?
January 9th, 2010 at 2:45 pm
If they pass this horsesh!t I’ll empty out my 401K and put it all in local municipal bonds for a municipality that looks like it won’t go bankrupt. What with all the unfunded / underfunded retiree pension problems now hitting state, county and city governments I’ll have to be extremely selective. I love it when FedGov statist scum go and change the rules to benefit themselves at the middle classes expense…. friggin parasites!
January 9th, 2010 at 3:53 pm
I’d start asking the chicken producers on the eastern shore (of the Chesapeake bay) for a donation. How much tar do you think the reflecting pool could hold?
That’s about the only way to respond to this. Left, right, center, it really should not matter. I mean maybe I’m not blog-crawling in a large enough circle, but is there really anyone today that would defend FDR’s robbery of citizen’s private gold?
As an aside, you would pretty much tank the stock market at the same time as people either ate the penalty (expect it to be jacked up first, before they force you to buy T-bills), or were forced into yet another unsustainable forced robbery by gunpoint (disguised as “forced savings”)
January 9th, 2010 at 4:14 pm
Cashed out our 401ks in early 2009, took the penalty, witholding and now in liquid cash close to hand…
Figured taxes are going up anyway so I might as well pay them this year, the gov’t was after them so another good reason to bail, and everything is too volatile to risk it all in the market.
So far I’m about even, but I carry almost no risk – although I stand to miss out on a huge bull market (!)
There is a value to knowing where you stand…
January 9th, 2010 at 6:14 pm
early in the COMMIE administration, there was an attempt by two Senetors to introduce a bill to nationalize all 401Ks and IRAs and put them in to shore up SS. After an overwhelming brooha and threats of tar and feathers, it went away(no other sponsors or support) I told all of my friends at that time to get out of those types of investment and get into tangibles, and no one listend. A year later thier investments are in a shambles and NOW they are switching to tangibles after loosing most of thier money. For those here that only do guns and dont folow the money, the worst is yet to come. Go to utoob and watch thedollar bubble, it explains our current sitrep very well. BUY MORE AMMO…..after all it is the curreny of new millinium.
January 9th, 2010 at 8:06 pm
Spook45, that wasn’t the first time it almost happened.
IRAs and KEOGHs(sp?) were touted early on as tax free ways of saving for retirement. Then after a short time, the .gov started making noises about taxing them, and the owners began dumping them, causing the banksters to tell their tarined seals in .gov to back off. Now, the accounts are too full and are too necessary for that trick to work again.
Just a matter of time.
January 9th, 2010 at 8:28 pm
“you are free to clean out your 401k at any point if you’re willing to pay a 10 percent penalty for doing so”
Not exactly. You can’t just say “gimme all my 401K money” and expect a check in the mail outside of extenuating circumstances. To complicate things further it depends on your company’s particular 401K plan. For instance, some plans allow 401K loans and some don’t.
Beyond that, for anything other than the 401K loans and some specific circumstances you have to pay normal income tax on the distribution in addition to the 10% penalty.
January 10th, 2010 at 11:09 am
Yes, but you pay the same taxes when you withdraw normally, so I don’t consider that a “penalty” of early withdraw.