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View Full Version : Could this be the beginning of the FEDGOV confiscation of retirement accounts???


TheHumanAlphabet
10/8/2012, 12:21 PM
How else will they pay for all the so-called entitlements??? (http://www.foxbusiness.com/news/2012/10/03/us-authorities-eye-retirement-accounts-as-possible-tax-dodges/)

Sad to think all my hard earned work and savings will be confiscated one day...
pphilfran
10/8/2012, 12:30 PM
No
Midtowner
10/8/2012, 12:37 PM
If you contributed more than the annual limit to your IRA and it is now worth north of $100 million, I'd say you should be pretty worried.
pphilfran
10/8/2012, 12:43 PM
If you contributed more than the annual limit to your IRA and it is now worth north of $100 million, I'd say you should be pretty worried.

I guess he rolled over his 401k into an IRA.... lol
TheHumanAlphabet
10/8/2012, 01:05 PM
Why should he be worried, its his money and if he pays whatever tax, he can place the money wherever. I have never liked the "limit" on retirement funds. It makes one beholden to SS, perhaps the plan...
TheHumanAlphabet
10/8/2012, 01:06 PM
If you contributed more than the annual limit to your IRA and it is now worth north of $100 million, I'd say you should be pretty worried.

Why do you hate successful people?
Midtowner
10/8/2012, 01:12 PM
Why do you hate successful people?

How often do you beat your wife?
pphilfran
10/8/2012, 01:14 PM
There are limits to how much you can invest into those sheltered assets....about ten thou a year in a 401k and a couple of grand in an IRA..growth would have to be spectacular to grow to a hundred mill...maybe I am missing something...sheltered investments in some of the Bain companies?
TheHumanAlphabet
10/8/2012, 01:15 PM
How often do you beat your wife?

Less often than you...
Sooner5030
10/8/2012, 01:40 PM
Not to sound too MadMaxish but I wouldn't advise anyone to put everything into traditional IRAs. There's no telling what the mob will demand when times get rough ahead. We didn't have IRAs back in the 1890s or 1930s so it's kinda hard to guess what would happen.
rock on sooner
10/8/2012, 02:36 PM
There are limits to how much you can invest into those sheltered assets....about ten thou a year in a 401k and a couple of grand in an IRA..growth would have to be spectacular to grow to a hundred mill...maybe I am missing something...sheltered investments in some of the Bain companies?

Just guessing here, but one can put stock shares into an IRA and if the stocks
do extremely well then the dollar limits to IRA doesn't apply. There are theories
that that is what Romney did with some of the stuff while at Bain. He will have
to pay taxes when he uses it (age 70 1/2). However, anyone who can do that
will have a veritable army of tax accountants to lessen the impact.
LiveLaughLove
10/8/2012, 03:16 PM
I don't pretend to know about this stuff. What I do know is if there is a large chunk of money sitting anywhere there is a government bureaucrat or politician trying to figure out how to get a large chunk of it.

From day one, politicians planned on raiding social security. The lie had to be told to get the populace to go along.
BigTip
10/8/2012, 03:52 PM
We didn't have IRAs back in the 1890s or 1930s so it's kinda hard to guess what would happen.

Holy Cow! How old ARE you anyway?

lol, I keed!

I have read other articles warning about this as a possibility. Damn, I hate to be a reactionary, but more and more of this type thing is getting my attention.
diverdog
10/8/2012, 04:16 PM
If you contributed more than the annual limit to your IRA and it is now worth north of $100 million, I'd say you should be pretty worried.

How in the hell do you get a $100 million in a retirement account. The Republicans would scream bloody murder if this were a dem and demand an investigation.
FaninAma
10/8/2012, 09:27 PM
How in the hell do you get a $100 million in a retirement account. The Republicans would scream bloody murder if this were a dem and demand an investigation.

I suspected he invested it in a venture capital compnay he knew about. The returns can be enormous.

How did Boone pickens turn a 10 million dollar investment startup in his hedge fund into billions?
rock on sooner
10/10/2012, 08:19 AM
How in the hell do you get a $100 million in a retirement account. The Republicans would scream bloody murder if this were a dem and demand an investigation.

DD, look at my post #11. I looked into that premise and the more
I looked the more I'm convinced that's how Romney did it...

Your other point about if it were a Dem is spot on...
badger
10/10/2012, 08:30 AM
There's no telling what the mob will demand when times get rough ahead.

I feel bad because it's those that sacrificed to save that will end up screwed, rather than those that spent more and retired early.

In any event, I don't expect Social Security to still be around in 40ish years when I retire. The retirement age will probably be 90 by then anyways.
Bourbon St Sooner
10/10/2012, 08:45 AM
In a traditional IRA, you are allowed to put money into the account and deduct that from your AGI. So essentially you are saving that with pre-tax dollars. You then have to pay taxes when you withdraw it. Now, you can put money into an IRA account above the limits, but you can only deduct off your taxes up to the limit.

Given Romney's income level, I'm sure he's been audited at least once in his life.