He actually touched on another thread about this topic yesterday.

Sorry but you are wrong. All the liberals I know have just as much or more money than I do. Well, except for Steve.

It's both.  Yes, it's aimed at brokerage accounts, but a 410k is just an extra-long term brokerage account to begin with.  Taxing unrealized capital gains is aimed at all forms of wealth accumulation through the stock market or mutual funds.  It's angry poors lashing at out investors, all investors, not just day traders.

Dems for the most part vote in lock step to what the party elite tlls them to vote for.  the only reason you ever see people pealed off from any democrat initiative or bill is because they want you to think they are all not in lock step with each other.  if the dems only had a one seat advantage in the house they would vote like they had a super majority and if chuck the schmuk gets his way the filibuster will be gone and they can shove anything down the throats of the American people with a simple senate majority.  The dems require money to run big government and buy votes from their peasant class and if your 401k or other investments are standing in the way, they will not hesitate to enact legislation that xiben will sign, hell it might actualy go to robo biden to sign and wala your money is gone.  Will it happen over night? no but rest assured the big government people want your money so they can buy other peoples votes and damn well dont care if it burns the whole system down.  Just look at those types of people running most of the central and south American governments?  most of the government class at the top live like kings, while the people live in squalor and cant get regular meals or decent medical care because of the systems of government they live under.  The dems want that for themselves and dont care about you or anyone else to get it.  like the old saying, the dems would rather reign in Hell than serve in Heaven.

Yeah,thats pretty strong but you're not wrong.

At the most basic level, for the equities in your 401k to be worth anything, there must be a buyer willing to pay for them. Even the most democrats aren't dumb enough to believe they can simply confiscate equities and then turn around and sell them to someone else. Who the fuck would buy them? I'll tell you who.

Cool! He's on point with this stuff from what I've seen over the years.

I just wish all of you knobs would calm down.

^ This.   I don't see this happening.

More likely they will mess with social security benifits.

Didn't FBHO have some "America retires plan" or some shit?


Take all the retirement accounts, SS and all the rest and put them in one huge account.  Everyone gets a check kind of thing.

I got an old 401k I'm wondering if I should roll over or do something else with.  Hmmm.....

One of the Founding Fathers wrote about how congress could make no law which did not equally apply to them.  That may have been the plan but it was never written in the constitution so congress exempts themselves from things all the time.

govt workers will have some exemption or tax credit or deduction in their favor so their gains wont be taxed liked the common folks

When I first entered the workforce 25 years ago there were tin foil wearing old timers at work saying this same thing...still waiting.

I've never seen someone so scared of losing their comfort as this one.

You should NEVER have an "old 401k".  It should have been rolled over to a tradition IRA as soon as you separated.

That said, you can always consider doing a rollover from the Traditional IRA to a Roth IRA, pay taxes now, and allow this to grow tax free (current law)....  if you believe that taxes will be much higher in the future.  It is pretty easy to make a Roth inflation proof by investing in equities that inflate in value.

Zimbabwe rich!  

Inflation is the hidden tax that is unseen but not unfelt.

Ultimately, you'll own nothing and you'll be happy.

They've been stealing (the value of) money from savers for 100 years through inflation. There's no need for them to actually take the dollars out of your actual account.

Can you cite a source?

Can't ... knickers are twisted.  Logic be damned!

After the stock market crashes, your 401K will be worthless anyway.

When the left is losing or isn't getting their way, they change the rules at their first opportunity so that they can win.

Every time they start to do this, the right's initial response is, "don't worry about it. They're all talk. Their plan will never work. It's so stupid we're not even going to acknowledge it." Then the left changes the rules and after the right gets steamrolled, they looks around and say, "what just happened?" Over and over again.

The left just took power. A main part of their platform that got them all elected is the "unequal distribution of wealth." Their agenda can't work if millions of Americans have access to privately held retirement accounts that reduce or eliminate their dependence on the govt. The left can not allow that practice to continue.

The OP may or may not be wrong about HOW they'll kill 401k plans, but everyone quoting the rules or regulations while explaining that it can never happen is not seeing the forest for the trees. They might not be able to kill the plans RIGHT NOW, but killing them is definately in their plan. The signs are there and once again our brave patriots on the right are saying, "meh. Don't worry about it. The current laws and regulations say they can't touch them."

The left will start really pushing how 87% of 401k plans are held by privilaged white people. They'll tell of evil capitalists who are "double dipping" by drawing from their retirement account while also remaining in the work force, thereby "stealing" jobs from less-privilaged workers. They'll preach about how white-collar jobs that already pay hundreds of thousands of dollars have astronomically better investment results than the poor minimum wage worker trying to invest 4% of his lowly $15.00/ hr minimum wage job. Before long, the virtue-signalling masses - even those with funded 401ks - will be DEMANDING the govt to restructure investment regulations to create a more "equitable outcome" for all workers.

And the right will see this happening and say, "that's ridiculous! We're not even going to dignify that plan with a response. It will never happen."

This is why when I quit my federal job, I left my money in the federal TSP account. I figure the government would steal from themselves last.

Teresa Ghilarducci is still touting her GRA and is foaming at the mouth at the thought of it implemented by the Biden Administration.

Basically; the GRA or Guaranteed Retirement Account, would be a mandatory retirement account managed by the Social Security Administration. One version of it would seize all 401ks and transfer the money to the GRA.

I defer to those who know more about it but to me it just sounds like a reworded version of Social Security, funded by stealing money from everyone’s 401ks, to then give the money to others.

She says that the 401k experiment has been a disaster. What she actually means is that 401ks have failed those who don’t contribute to them. She believes the State needs to force people to save for their retirement.

Anybody know what she says about underfunded pension plans? State pension plans in the US are underfunded to the tune of close to $1.5 trillion.

The reason they work is;

- Contribution matching which gives you an instant profit of 4 or 5%.
- It lowers your income taxes since it is tax deferred.
- Tax deferral. I don’t expect to be in the 35% tax bracket when I am retired.
- The stock market may have bad years but it averages a 6% increase every year.
- It forces you to save automatically if you opt in. And you then learn to live with less income.

It’s free money if your company matches and thus it’s a no brainer for most people.

I cut off my contributions last time this was brought up and went without the company match for several years.  If they actually move on it, I'll do it again, and take the maximum withdrawal I can.

OP aside, they're absolutely going to steak 401k's.   Via inflation, if nothing else.

Not sure what you are implying here. Democrats want to take or tax 401k accounts as well as means test social security and medicare.

The irony is that almost all 401 money is tied up in the markets. As soon as they make a serious attempt to take the funds, the market will tank and the funds will be destroyed.

But that's a leftist for you: can't think things through and even if it goes sideways you've destroyed the wealth of all those evil rich people with any retirement plans.

Dot gov isn't about to confiscate 401s. Many have correctly pointed out that it would crash the markets, and the "1 percent" has a significant portion of their assets (on average 34%) invested in those markets. Seeing as they are major donors to both political parties, this will never fly.

All the money printing and coming inflation is where the wealth transfer is happening. You and I get $600, while the 1% gets 100x that in the form of payroll protection and low interest bonds. The middle class will also bear the brunt of the coming tax increases. Lawmakers will ensure the ruling class has new loopholes to avoid additional taxes.

You’re going to have to draw out in crayon how exactly that bill was intended to seize everyone’s 401k.

You effed up big time by not adding at least 100k worth fidget spinners to your portfolio.  They'll outperform those Beanie Babies by 1000%.

Should have bought legos.

They won’t flat out steal your 401k. They’ll just start doing required mandatory distributions (RMD). They’ve already fucked with IRA RMDs. It won’t be all out theft, just incremental taxing that forces you to take distributions and as such get taxed in those distributions.

until they change the ROTH tax rules

That will be the first legislative change as most don’t use a Roth IRA. What better way to go after unrealized capital gains?  I can think of no more perfect target as it will only piss off a small minority.

Nothing is sacred, nothing is safe..

Most people who parrot this nonsense over and over again are people who haven't saved much or anything for retirement.

Why is it nonsense if democrats keep proposing it?  Unrealized capital gains?  Raising cap gains tax, eliminating ltcg, etc?

There is a serious wealth inequality in our country and democrats seek to “fix” that.