I've made some predictions in the past that haven't come true .. some, not a lot. I have absolute 100% confidence in this prediction. It WILL come to pass - unless, that is, the voters of this country rise to the occasion and turn the Democrats back in November.
The prediction? You leave the Democrat Party in power in Washington and they WILL come after your pension funds, your IRAs and your 401K plans. There is simply too much money in these plans to be ignored by the Democrats --- as much as $3 trillion dollars. Do you want to see that in Arabic numerals? Try $3,000,000,000,000.
The Clinton Administration was working on just such a plan when the voters tossed the Democrats out of power in 1994. Now that the Democrats are back the plans will return. Oh, there are all sorts of excuses the Democrats can use. They can say it just isn't fair that all of this money is sitting out there in private hands that has never been taxed. They will say that people who have been "fortunate" enough to establish these accounts have a responsibility to the "less fortunate." One way or another, the Democrats will come after your retirement money. Some examples? Well, here are three:
- Levy a one-time tax (The Clintonistas were thinking in terms of 15%) on the outstanding balance of all of these plans.
- Require the owners of these plans to use all or a portion of the money to buy U.S. Treasury Bonds, thus demanding that these Americans buy American debt instead of investing the money the way they see fit.
- Simply seize the outstanding balance in all of these plans (a 100% tax) and roll it into Social Security. Then promise the people that they will get much of it back when they retire. This is the Argentine method pursued by Obama's hero Christina Kirchner.
Don't believe me? Vote for the Democrats in November and say Alpha Mike Foxtrot to your private pension.
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Another idea being floated is that you will only get a flat 3% return on your investments and the government takes the rest...NICE. If it's less than 3% they won't bother you. Oh so nice.
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