Wednesday, August 25, 2010
US Preparing New Laws To Seize Americans Retirement Accounts
I wonder will Australia follow suit. This is interesting if you can drag yourself away from Dancing With the Stars long enough to read it.
Remember the labor election promise to increase your superannuation? All this money is our money, yours and mine. It comes from the taxes we pay. I wonder how Obama came to have little Johhny Howard appear with him in the pic above? Anyway let's have a look at what The European Union Times has to say!
'First They Destroy Private Healthcare in America – Yes, the socialist Democrats won their first battle to destroy the private healthcare system in the US but the automatic IRA bill now in Congress is their next attack to also control, confiscate and destroy the private retirement system.
Ultimately, nationalizing healthcare is designed to create a major new government revenue stream by replacing private health insurance with a nationalized, mandatory, government program and their goal is identical with your retirement plan.
Next They Steal Your Private Retirement Benefits – Just as with the Obama Administration plans eventual nationalization of healthcare, the tremendous amount of funds in private retirement plans and IRA accounts are also being targeted to meet future revenue needs. Bills have just been introduced in both the House and Senate to create the new Auto IRA accounts which will at first be voluntary but later will become mandatory like Social Security and I expect the early 3% employee after tax contribution levels to eventually rise to 10 to 15% of compensation rising even more than Social Security has increased over the years.
Just Robbery Pure & Simple – The Auto IRA is the first step to grab and control your retirement assets and replace our private system with a forced, government controlled Social Security type program. In addition they will force much of your retirement funds into buying junk treasury bonds along with the Federal Reserve when the dollar/national debt crisis hits as billions of retirement funds become the buyer of last resort when the rest of the world are dumping dollars and treasury securities.
Americans with substantial private retirement benefits will also likely be “means tested” out of their promised Social Security benefits and discover their private retirement benefits will be subject to confiscatory levels of taxes and penalties which will even target previously taxed Roth IRA accounts.
Read more: US Said Preparing New Laws To Seize Americans Retirement Accounts