Mexican_Hippie
TGT Addict
I lost my retirement account in a boating accident.
Does the government want your retirement account?
- Thread starter Sapper740
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Mexican_Hippie
TGT Addict
ROGER4314
Been Called "Flash" Since I Was A Kid!
There was a lady in my life long ago who was studying to become a CPA. Later, she completed the requirements and did become a CPA.
Rita hit me with a zinger one day when she asked me a question about taxation. The question was "What is the main purpose of taxation?" My answer was predictable: "To generate government income." She said that I was wrong! The main purpose of taxation is to "IMPLEMENT FISCAL POLICY."
According to the CPA financial types, taxation is the way that government makes money harder or easier to get, save, invest, or spend. My uneducated observation is that Obama and his Liberal, Socialist crew want the middle class to be broke, suffering, weak and less apt or able to be politically active. Politics is not on your mind when you're scraping and clawing to feed your kids!
So.............manipulating how your personal pool of wealth is managed would be a valuable tool to "Implement fiscal policy". Liberal, Socialist types can then keep the middle class on a leash. I do not believe the government will TAKE your investment funds. I believe they will restrict/limit your access to it.
Flash
Rita hit me with a zinger one day when she asked me a question about taxation. The question was "What is the main purpose of taxation?" My answer was predictable: "To generate government income." She said that I was wrong! The main purpose of taxation is to "IMPLEMENT FISCAL POLICY."
According to the CPA financial types, taxation is the way that government makes money harder or easier to get, save, invest, or spend. My uneducated observation is that Obama and his Liberal, Socialist crew want the middle class to be broke, suffering, weak and less apt or able to be politically active. Politics is not on your mind when you're scraping and clawing to feed your kids!
So.............manipulating how your personal pool of wealth is managed would be a valuable tool to "Implement fiscal policy". Liberal, Socialist types can then keep the middle class on a leash. I do not believe the government will TAKE your investment funds. I believe they will restrict/limit your access to it.
Flash
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Mexican_Hippie
TGT Addict
Thats not the main purpose of taxes, but they can be used that way (eg tax penalties for early withdrawal of retirement account)
The main driver is Fed policies not government taxation. They influence how much the gov can borrow, interest rates, money supply, savings vs borrowing, etc.
The main driver is Fed policies not government taxation. They influence how much the gov can borrow, interest rates, money supply, savings vs borrowing, etc.
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Ole Cowboy
TGT Addict
WELLLL kinda, sorta, could be, would be, has been and maybe.
To say its to IFP is a very broad and loose definition. If we look at history we can say that indeed IFP was the case in that slice of time. BUT for many years now it has been used to IMPLEMENT SOCIAL POLICY. The govt picking winners and losers, certain minority groups receiving special considerations, certain groups being denied while others recieve.
In its purest form its to pay for the workings of the govt. From that it morphed into Fiscal Policy at times it was to raise money for a war effort today its main purpose may be debated: 1) Feed a bloated and dependent govt or 2) Implement Social Policy and the answer is BOTH!
I question how much of a Fiscal policy does a govt need if it needs any. I cannot find a single case of bad economic times that were NOT brought on by the govt in the US or any other country. If good times were here, its was because the govt GOT OUT OF THE WAY of capitalism.
It's funny how military... a very much socialistic society... screams so loudly against socialism.
Ole Cowboy
TGT Addict
Right off the bat its NOT socialism.
"from each according to his ability, to each according to his need" THAT is socialism.
Really? Does the Army provide everything a new soldier needs? Can a soldier rise through the ranks regardless of performance provided he/she doesn't completely screw up?
Everything is a for profit business... even socialist and communist governments. I wasn't trying to be negative but things are what they are no matter how we choose to perceive them.
Does the government want your IRA? Of course it does. It wants everything you have because it's controlled by a wealthy greedy few who only care about absolute control.
Does the government want your IRA? Of course it does. It wants everything you have because it's controlled by a wealthy greedy few who only care about absolute control.
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Funny how somebody who got so offended because he thought someone called him a Taker is quick to call the military socialist.
If you haven't noticed, mike is a troll and tends to troll in fairly obvious ways. It's what he does.
If you haven't noticed, mike is a troll and tends to troll in fairly obvious ways. It's what he does.
I'm not putting the military down. Not at all. But it is fiscally socialist-like... everything members need is provided for them and all new members need to do is accept the training. Then, mostly regardless of performance (to a point), they rise through the ranks. What's not socialist-like about that? It's only years later that performance and hard work begin to make a difference in rank and pay.
I'm not trolling... not intentionally at least. But I not afraid to speak my mind. If you don't like what I say I understand. You have every right to your own opinion. Do you call everyone who disagrees with your ideals, views and opinions a troll? I guess that's common in forums. And before anyone says it... no, I'm not butt-hurt.
No, I don't call everyone who disagrees with me a troll. Only those who make a habit of posting utterly ridiculous or inflammatory posts such as yourself.
Your post history makes you a troll.
Your post history makes you a troll.
More valuable info here about Obama eyeing your retirement accounts: Is the Federal Government Eyeing Your 401K?
Excerpt from that website:
“If you haven’t noticed how our country really works, it’s crony capitalism in the good times and crony socialism in the bad times. During severe economic weakness and Social Unrest we will see the outcry from the public, most of whom will have already spent their 401Ks to live off of while the Social Security system is going broke.
Over the past 50 years, the US government has trained society to believe it’s the government’s roll to be the provider of last resort from everything to economic stimulus to healthcare to retirement. The masses may cry to further socialize retirement for all by confiscating the remaining 401K and IRA plans, which will only be held by those of wealth in a few years.
Therefore, by making the fundamental tax decision to take money out now to avoid higher tax rates we know are coming, you also protect yourself in case the government insanity gets so bad they come after your retirement plans. And remember this idea, much higher taxes in the future is a confiscation of your 401K and IRA without actually taking it.”
Excerpt from that website:
“If you haven’t noticed how our country really works, it’s crony capitalism in the good times and crony socialism in the bad times. During severe economic weakness and Social Unrest we will see the outcry from the public, most of whom will have already spent their 401Ks to live off of while the Social Security system is going broke.
Over the past 50 years, the US government has trained society to believe it’s the government’s roll to be the provider of last resort from everything to economic stimulus to healthcare to retirement. The masses may cry to further socialize retirement for all by confiscating the remaining 401K and IRA plans, which will only be held by those of wealth in a few years.
Therefore, by making the fundamental tax decision to take money out now to avoid higher tax rates we know are coming, you also protect yourself in case the government insanity gets so bad they come after your retirement plans. And remember this idea, much higher taxes in the future is a confiscation of your 401K and IRA without actually taking it.”
If Uncle Sam wants it... he's going to take it... one way or another and he'll probably be sneaky about it.
Mexican_Hippie
TGT Addict
He'll get it from those that follow his path and comply
That "article" reads like an ad for annuities with scare tactics thrown in. What do you expect from a site named Annuity Watch?
But I do agree with the premise that if you believe marginal tax rates will be higher when you have to start your MRW's then you should cash out and pay the tax now. I am systematically moving $ out of tax deferred, paying the tax on it, and putting the $ in a Roth. But there is no guarantee they won't F with the Roth accounts also.
