November 28, 2012

“401(k) servicing industry sounds alarm over tax changes”

I wrote about this probably going on a year ago, and at the time it seemed like some sort of wild-eyed conspiracy theory, even to many on “our” side.  But look at the facts:  we have an insatiable government spending over a trillion dollars beyond its yearly means, with politicians breaking their no-tax pledges to bleed “the rich” in the name of “economic patriotism.”

Do you really think that such deplorable creatures will leave “your” retirement money alone, untaxed?  When we all know that whatever money there is belongs first to the government, who then gets to tell you how much you can keep?

How could anyone not have seen this coming, is the question.

It’s another “nudge” to get servicing industries out of the business, leaving a void to be filled by the feds, who will likely propose an annuity plan in exchange for controlling “your” retirement money.

Luckily, that makes it easier for them to bill you for your “free health care” once you are into retirement and the piper’s fee comes due.



Posted by Jeff G. @ 1:09pm

Comments (38)

  1. Oh, you morons.

    No, today they’re only seriously talking about mortgage and charity deductions. And they’re already destroying health insurance.

    But you’re fiiiiiiine.

  2. Racist anti science denier conspiracy theory.

  3. JD, I have to thank you for inventing ‘twatwaffle’. I can’t tell you how handy it is.

  4. Whaddya know? One more reason to work off the books. I guess since they’ve accomplished their goal of ruining healthcare benefits, they can move on to ruining retirement benefits as well. On the bright side, at least their trashing of 401(k) will make Social Security look better by comparison! Win-win!

    Time to take “early retirement” and start collecting benefits, like the noble 47% of my neighbors do. Start working cash jobs under the table for fun money. Heck, between the welfare benefits and the lack of income taxes, I’ll only need to pull in a few cash jobs a year. The rest of the time I can spend sailing and playing video games.

    I’m willing to bet there are a few doctors who’ll go the same route. Heck, they’ll probably offer checkups in the marina clubhouse!

  5. Squid, don’t count on it. The company I work for does consulting for governments here and overseas, so they require an annual review of the various “corrupt practices” acts. This year, something new was added: doctors and nurses in countries with govmint healthcare are considered “public officials” subject to the act. In addition, the attempt carries the same penalty as actually paying, and both the briber and bribee are equally liable.

    That will almost certainly kill both concierge and cash-only medicine.

  6. OT: They are going to discuss the “nuclear option” on the FauxNewz panel in a minute. My response is, “so what?” Let the Democrats force their legislation through. I don’t care.

    The GOP fucked up. This is what they get for it.

  7. Will extradition be a topic of discussion? The “Brothers” may bring it up with the brother. Perfect circus to distract as we dive off the cliff.

  8. I am trying to figure out a reason to keep my 401k and not cash it in and spend the money on a house/property. Even if the Feds don’t steal it outright, I don’t see much chance of it beating all the QEs down the road.

  9. Wow. Michelle Malkin is on hannity right now and she sounds angry. Is she going to go back to being a harcore voice against Islamism? She’s really let the subject drop quite a bit since 2009 or so. She’s even using the term “Dhimmi” in regards to the administration and state department.

    Could it be that some’ secret treaties’ of the wiffle-blog-o-torus (not really much of a sphere anymore) are breaking down in the face of a big GOP loss and the resurgence of violence in the ME?

  10. does anyone think that canadian currency might be a place to park some money?

  11. Malkin always sounds angry to me. Kind of the way Ann Coulter sounds like your sarcastic homeroom teacher in middle school. The one who told you that you were never going to amount to a hill of beans.

    Plus MM dissed Jeff.

  12. If you have savings mouldering away, nr, buy some minted gold or silver coins that will accrue more value over time. Or if you have a lot of money, buy loose, cut precious stones and natural pearls.

    Both of coins and gems are always worth money and will become more valuable over time.

  13. i was looking for sumthing more liquid than gold or stones in the fiat economy

  14. Those twatwaffles better not fuck with our 401Ks. No way will I see SS anyway.

  15. Real estate if you can handle the tax burden.

  16. real estate isn’t liquid. just looking for a hedge that doesn’t draw baracky interest. swiss francs might.

  17. No, it isn’t. I’m just trying to steer you away from currencies.

  18. Guns & ammo, primers, powder, bullets, coffee & TP.

  19. And alcohol.

  20. missfixit has got me thinking a little place in the country with some fruit trees and room for some chickens might not be a bad idea. Some place out where the taxes are low and zoning is non-existant.

  21. the barter economy is full fiscal collapse. the canadians et al ain’t doing dat. buying their currency is a hedge of sorts. or buying swiss whatever

  22. I’m almost thinking we should go reverse Galt, and all of us apply for every government benefit in existence. Crash the system.

  23. If our economy collapses, I doubt any paper will be good. Certainly not Canadian.

  24. There’s going to be a global economic collapse, probably sometime in the spring.

    Paper is paper and it’s not good for much unless it’s a deed or certificate of origin.

  25. I am an old white guy with no children.

    There is no government assistance in existence for me.

  26. If our economy collapses, I doubt any paper will be good

    depends on the basis of said economy. if you’ve got product to sell then your currency works. otherwise julia and her body parts.

  27. I am an old white guy with no children.

    what no aarp mailers?

  28. I am an old white guy with no children.

    T’was in a hospital seeing a niece’s brand-new baby t’other day, asked the attending maternity nurse her opinion of ObamaCare’s provisions for newborns. She explained, there’s an age slot (25-45 if memory serves) that’s the primary age range that’s getting the most attention (the most productive age range in our society); younger or older than that will be getting less. Past a certain age, you just won’t be worth the effort to keep patching up.

    But don’t you dare say ‘Death Panels’!

  29. Oh. Brand-new baby’s great grandfather died the day after she was born. Circle of life.

  30. Serr8d, the UK has moved on from starving oldsters in nursing homes to letting sickly babies die in hospitals.

    I fear we’re not too far behind.

  31. Even though I kinda like the idea of paying back loans with QE-depreciated dollars, we’re still thinking about emptying our 401ks–penalties be damned–to pay off the farm.

    Short of the government going “full Mugabe,” land should be a fairly safe asset. And it can be defended more easily than bits representing dollars in an account on someone’s server somewhere.

  32. Serr8d, the UK has moved on from starving oldsters in nursing homes to letting sickly babies die in hospitals.

    Oh leigh, we can multitask here.

  33. “And it can be defended more easily than bits representing dollars in an account on someone’s server somewhere.”

    More easily may not amount to much comfort. Railroads, malls etc. have been seizing land and laying pennies on the dollar for it for a long time. Squatters become raiders if they get thick enough. And when the EPA declares your alt flat a wetland and thus unusable and or even uninhabitable because 29 million years ago it was a shallow sea…

    And of course if you stand up to their land grabs in court effectively enough, they’ll deputize/hire the modern equivalent of Hessian bounty hunters and soldiers of fortune. In the 20’s in the USA they called them ‘strike breakers’ and bum rushers. I think in Zimbabwe they are called “war veterans” and their average age is around 15. But someone will come and kick you off your land or if you resist hang your remains up as a warning and the local sheriff will look the other way while it happens. Maybe they’ll blame stuff like that on the Zetas or MS13 these days. ‘Nothing can be done’ they’ll say. ‘We tried to get him to move off that land. It’s sad. ‘

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