Well. Just got off the phone with a client who wanted to know what I had heard about the government taking over all the 401k/IRA funds to pay down the national debt. What? After a resounding guffaw from me, she became heatedly adamant that her son, who is on the board of a {major} bank, has indicated this has come up twice this year in their board meetings. I was able to locate some old blogs that were screaming about this based on a comment from a professor testifying before the Senate Finance Committee dealing with long-term financing of Social Security in Oct, 2008, who evidently thought it a good idea for people to voluntarily convert IRA/401k plans to government-subsidized annuity accounts. Somehow this has morphed into a conspiracy by the dems/Obama administration to confiscate everyone's retirement funds? You know, the Internet is wonderful, but sometimes you wonder......
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This happened in Argentina in 2008. I'm sure more than a couple congress critters would like to do the same thing here but are too fond of breathing to attempt it.
In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
Alexis de Tocqueville -
You got that right. There would be a revolution. I cannot imagine how anyone could seriously believe that any political party, regardless of affiliation, would be able to get that idea over on the American public.Comment
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