It’s your money, and they want it NOW!

Here’s one way for the government to pay off the national debt: seize your 401k, IRA, and other retirement funds.

The approximate value of all retirement assets was $16 trillion in 2011.  The total value of the national debt: $16.7 trillion as of the date of this post.

Viola! Budget problem solved! No more partisan bickering over the budget! No more national debt! Well, $700 billion leftover as debt but a VAT tax and death panels will take care of that.

This plan to confiscate convert your 401K and IRA accounts to Government Retirement Accounts has been in the works since at least 2007.  The government is going to claim that people aren’t saving enough for retirement, so the feds will ‘help you out’ by taking control of YOUR retirement funds.  The Feds will take control of the money in the account and ‘invest’ it in government debt (Treasury bonds, T-bills, etc.)

This is just another cash grab by government.  The Feds will set up GRAs and tax you allow you to contribute 5% of your income to your account.  When you die, half of the balance in the account will be taxed away left to Uncle Sam as a reward for letting him help you.

This is theft so blatant that I have no snarky comments to add…

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Categories: Government Shenanigans, Stupid People

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  1. Govt Claims 401(k)s Through “Office of Older Americans?” – Senate Hearings Already Held: National Retirement Accounts | Maggie's Notebook

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