MORE REDISTRIBUTION TAXATION

Time after time President BO has confirmed his commitment to the redistribution of wealth in the United States.

From his proclamation to Joe the Plumber that spreading the wealth around is a good thing, to his vision of health care legislation, he has been remarkably consistent about this.

Now we have word of another example.

With the prodding of Congressmen George Miller and Jim McDermott, the move to end the tax break on 401(K) plans and “redirecting those tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute.”

As we know, nobody in the U.S. making less than $250,000.00 will never face any kind of tax increase. We got this promise from Taxer-In-Chief, Barack Obama, himself, and we all know from which bodily orifice he makes promises and how much we can count on them.

Does not this “redirecting those [401(K)] tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute” sound a lot like the provision in both health care bills to tax anyone who does not purchase health insurance?

If you have a 401(K), keep an eye on this proposal by the fed.

According to Business Week, in an article by Theo Francis, “The Obama administration is weighing how the government can encourage workers to turn their savings into guaranteed income streams following a collapse in retiree accounts when the stock market plunged.”

Phyllis Borzi (assistant secretary of labor) and Mark Iwry (deputy assistant treasury secretary) proposing the idea of “the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams.”

This kind of annuity is a bad deal for everybody except the person selling them. Consumer experts have been warning against them for years. They are little more than a pure, unadulterated rip-off.

Karl Denninger, of The Market Ticker, believes this is really a scheme to prop up the market for Treasury bonds by forcing citizens to “invest” in them.

Some 401(K) owners initially thought this might be a good idea, that is, until the stock market made its inevitable rebound.

We’ve been told to stop trying to convince people that President BO is moving us toward socialism.

Well, here’s another example of his desire to have complete control over every dollar exchanged in America and to enable the government to “discover” new ways to tax you in order to swell its coffers.

How much more of this despotic administration and congress are you willing to put up with?