If you like your retirement, you can keep your retirement

[JTScribe]

'Act big' now to save economy, worry about debt later, Yellen says in Treasury testimony

Janet Yellen, U.S. President-elect Joe Biden's nominee for Treasury Secretary, urged lawmakers on Tuesday to "act big" on coronavirus relief spending, arguing that the economic benefits far outweigh the risks of a higher debt burden.

www.reuters.com

She raised eyebrows of some senators and Wall Street when she said that Treasury would consider the possibility of taxing unrealized capital gains - through a “mark-to-market” mechanism - as well as other approaches to boost revenues.

 

[BugI02]

I predict an all out push by the Fed to pump up markets each year just before the 31st in order to make those unrealized gains as big as possible. I also predict you will not be able to deduct unrealized losses

 

[phylodog]

Golly, who could have seen higher taxes coming? I'm sure we'll all get our money's worth.

In before we hear "you didn't earn that" from Biden

 

[Ingomike]

I have feared for years they would get get the idea of super social security and your buy in is the contents of your retirement accounts. It is a big pool of money and the political class wants it...

 

[fullmetaljesus]

But I want free money for nothing, and free healthcare, and free school, and a big fat raise to flip burgers!

 

[churchmouse]

I have feared for years they would get get the idea of super social security and your buy in is the contents of your retirement accounts. It is a big pool of money and the political class wants it...

They have been open about this. Taking our savings and leaving a (worthless)
IOU same as they did the Soc. Sec. fund when they raided that.

 

[1DOWN4UP]

Barry's 3rd term on steroids.

 

[CampingJosh]

But I want free money for nothing, and free healthcare, and free school, and a big fat raise to flip burgers!

What? Do you mean "to be an influencer"?

 

[BugI02]

But I want free money for nothing, and free healthcare, and free school, and a big fat raise to flip burgers!

"The problem with socialism is that you eventually run out of other people's money." - Margaret Thatcher

 

[fullmetaljesus]

Why are you talking about money? It's FREEEEeeEEEEEeeEEEEEEeeeeEE!!!

 

[indyblue]

Why are you talking about money? It's FREEEEeeEEEEEeeEEEEEEeeeeEE!!!

Biden will finish what Obama started, “overwhelming the system” To the point of collapse.

 

[mbkintner]

How about "screw you Janet"? Do a better job with the money you get now and don't spend more than you have.

 

[JTScribe]

They have been open about this. Taking our savings and leaving a (worthless)
IOU same as they did the Soc. Sec. fund when they raided that.

Correct. This was discussed during the Obama admin.

Dems Target Private Retirement Accounts

RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.

www.carolinajournal.com

 

[KittySlayer]

It’s all about Climate Control.

If we can stop carbon emissions the Money Trees on America’s farms will thrive. Dollar bills will fall from the branches like rain. The new influx of illegal aliens Undocumented workers will harvest the ripe dollar bills. After keeping $15 (before taxes) each the rest will be loaded on unicorns and shipped to DC for proper disposition.

 

[Pepi]

Wonder how 'unrealized capital gains' being taxed would work for people that moved them into 'Cash Only' in their IRAs?

 

[cobber]

So the unintended consequence will be less and less savings available to tax. What then? On the road to Zimbabwe.

 

[Expat]

Surely we can all agree that confiscating all of the wealth of racist nazis, like Trump voters would be a great idea. Think of all the good we could do with that money then.

 

[jamil]

'Act big' now to save economy, worry about debt later, Yellen says in Treasury testimony

Janet Yellen, U.S. President-elect Joe Biden's nominee for Treasury Secretary, urged lawmakers on Tuesday to "act big" on coronavirus relief spending, arguing that the economic benefits far outweigh the risks of a higher debt burden.

www.reuters.com

She raised eyebrows of some senators and Wall Street when she said that Treasury would consider the possibility of taxing unrealized capital gains - through a “mark-to-market” mechanism - as well as other approaches to boost revenues.

That ***** is crazy.

 

[JHB]

This is a slippery slope. Taking retirement savings will be a one time only move they will never get the chance the second They do this there won't be a single person in this country with a retirement account, savings account nothing ever again. The banks will not have money to lend business will not be able to expand. Our economy will take the worlds down with it.

 

[1nderbeard]

They have been open about this. Taking our savings and leaving a (worthless)
IOU same as they did the Soc. Sec. fund when they raided that.

it's really the inevitable next step from public healthcare.
Of course it will be to "protect" our money form "volatile" markets.