Government schemes and scams to seize all private retirement accounts are nothing new. The government and congress have been lusting to plunder that pile of untapped wealth for quite some time. In fact, Congress occasionally holds hearings on the issue, here. Apparently, the issue is back on the table. $18 trillion sitting in private retirement accounts is a temptation that politicians cannot resist when it comes to plunder and theft.
Uncle Sam, in a desperate attempt to fix its $16 trillion-plus deficit, is leering over Americans’ retirement nest egg as its new bailout fund. Capitol Hill politicians are assessing tax changes that could let the Internal Revenue Service lay claim to a portion of the $18 trillion sitting in 401(k) accounts and other tax breaks used by middle-class workers, including cutting the mortgage tax deduction. A commission looking for ways to close the deficit, and, noting the extent of 401(k) tax breaks, recommends an examination of the system as one way to prevent government bankruptcy.
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New York Post
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