401k & IRA Seizure proposals in the air
Proposals are being laid out for government "seizure" of 401k & IRA accounts. Apparently it may not actually be our money. Who knew?
Who knows how this will play out? The mere fact that it is being discussed is certainly an area of significant concern for all Americans. It seems unconstitutional. Under rationale similar to the recent Berg decision it would seem that nobody in the country would have standing to bring it before the courts. So we need to be prepared. If they want to do it they may be able to do it open and up front. If that gives them problems they (Democratic Congress) will simply remove the tax benefits and confiscate a chunk of the money that way. Maybe we will have to take the 10% hit and reclaim the remaining money. If that starts to happen they will probably bump the penalty to somewhere between 10% and 100% and make that an unreasonable option.
Contact your congressmen and senators!
UPDATE: (discovered Feb 2009) Factcheck.org says it never happened.
Recent visitors to this blog entry:
I wont worry until the DOJ and the IRS visit 😉