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Told you so. Obama to target retirement accounts.

Discussion in 'Political Discussion' started by Patradomous, Apr 6, 2013.

  1. Patradomous

    Patradomous Rookie

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    #87 Jersey

    Obama budget to take aim at wealthy IRAs - The Hill's On The Money

    What did I tell you? A dozen times on this forum I said the Bat eared Bolsheviek and his band of commies would be breaking into IRA accounts. And a dozen times I was called a right wing wierd-oh for even suggesting such blasphemy against Jesus Obama.
    Oh and of course the article says its just "the rich." Whatever they deem the rich to be when they know full well that mother lode of the money is amongst the 401ks and IRA's of the middle class. I told you the bolshevieks are just drooling to get into that cache.
  2. PatriotsReign

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    They won't touch 401k's unless they want to deal with domestic revolution.
  3. Patradomous

    Patradomous Rookie

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    #87 Jersey

    Do you realize how much that verbage comes up in everyday conversation with regular folk around diners and small businesses?

    Never ever in my life have i ever heard it so often until these people got into office.
  4. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    The proposal seems reasonable, however if you are prone to hysteria probably not.
  5. PatriotsReign

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    Folks...that's the 432nd time Darryl has used the word "Hysteria" on this board! Any bets on when the count gets to 500?

    I'm saying June 19th.
  6. DarrylS

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    When all else fails, and are proven wrong again.. attack the poster with a hysterical response.

    One might think you would have better things to do with your life.
  7. PatriotsReign

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    Hysteria count now at 433.....
  8. Mrs.PatsFanInVa

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    #24 Jersey

    ROFLMAO

    Amazing that someone who threatens "domestic revolution" is concerned about someone else using the word "hysteria."
  9. PatriotsReign

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    I'm not threatening anything MrsP...It's just what I believe will happen if our gov't continues to squeeze our middle class.

    Like the vast majority of Americans, I'm not willing to work additional years just to help my country. And I have not met one person who is willing.
  10. Mrs.PatsFanInVa

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    #24 Jersey

    Whatever.....the plan is to limit the amount one can keep in an IRA to $3,000,000,00.

    Obama

    I have no opinion as to whether this is right or wrong, a good idea or a bad idea - nor do I really care. All I know is that no one I know is going to be in danger of being affected.
  11. Mrs.PatsFanInVa

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    #24 Jersey

    How many of "our middle class" people have over $3,000,000.00 in an IRA, PR?
  12. PatriotsReign

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    Just as a reminder, it was just last year that our gov't was mulling over the possibility of taxing our 401k's MrsP.

    So it wouldn't be a stretch to consider they might still be considering it.

    Feds eye retirement-fund tax to cut $16 trillion-plus deficit - NYPOST.com

    401(k) tax breaks in lawmakers

    The above is why I stated I and very few Americans are willing to work extra years just to help our gov't. Especially those of us over 50 who have worked 30+ years and have counted on that money.
  13. Mrs.PatsFanInVa

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    #24 Jersey

    sorry..went off topic for a moment.

    My bad.
  14. Mrs.PatsFanInVa

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    #24 Jersey

    But that's not what this thread is about, PR. This thread is about IRAs with over $3,000,000.00 in them.

    Aren't you the one who constantly admonishes everyone to stick strictly to the thread topic?

    So, I'll ask you again....how many "middle class people" do you know that have an IRA worth more than $3,000,000.00?
  15. Real World

    Real World Moderator Staff Member

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    Uh-oh, I think his use of "misogyny" could be getting a run for its money. :D
  16. PatsFanInVa

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    RW, your initial post strongly implies that "Obama" will try to actually take away what's in your retirement account.

    The actual proposal is to limit the amount one can put in the IRA.

    If, after topping out your $3 million IRA, you still want to save, that just means you need to save another place.

    The rules for IRAs confer certain incentives, like all retirement plans. But the government isn't "taking" money out of your IRA, if it says you just don't get the advantages of saving in an IRA past $3m. There is nothing to stop you from saving the remainder of your money in gold bricks, or investing it in equities, etc.

    So once you have $3 m in an IRA, you'd have to choose another retirement savings vehicle (because if you think about it, senior citizens really can't get by on just 200k/year...)

    You guys just don't live in reality.

    And face it: you don't give two sh1ts about the real issue -- which is that more than half of Americans have no savings, and the ones who have 401(k)s have an average of something like 50K in them. Over age 55, that "explodes" to 150K or so, counting all accounts.

    Little clue, geniuses, in fill-in-the-blank form:

    In 10 years, we will have to raise taxes to avoid poverty among the _____.

    a) old
    b) rich

    PFnV
  17. Patradomous

    Patradomous Rookie

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    #87 Jersey

    Will this effect his legacy cost?

  18. PatsFanInVa

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    Again, Patrodumas, the proposal was to limit the amount you can contribute to an IRA. And that's it.

    If you want to save the money elsewhere, fine. You just can't have the government advantages of it being in an IRA.

    Nobody's taking any of the money saved in an IRA by anybody.

    PFnV
  19. PatriotsReign

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    "Once again...."....just kiddn!

    None at all MrsP.

    But if you read my quotes, the money/tax revenue just isn't there from people with over $3MM in IRA's. But in my opinion, they'll start with the wealthy and work their way down to the middle class because that's where the money/revenue is.

    By hitting the wealthy first, it makes it easier for our gov't to tell the middle class, "Hey, we already hit up the wealthy...now it's your turn middle class. We are all being asked to sacrifice in these challenging times we face....yada, yada, yada...." and the beat will go on.

    I will betcha what I just wrote will happen soon in come capacity. Maybe not with 401k's....but maybe the mortgage interest write off or they'll tax our company paid health insurance or company paid cell phones.

    I believe our gov't is making a list and checking it twice....for all of us whether we're naughty or nice!
  20. PatriotsReign

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    We already pay enough taxes if you add up ALL the forms of taxes we pay. Our gov't just needs to take the revenues they get and allocate the money more intelligently.

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