Regardings IRS and Bank Rumors
This regards the alleged notions and rumors that the government can seize your entire IRA or 401K to pay itself. The answer is a resounding N-O “NO”. https://cashmoneylife.com/can-the-us-government-seize-your-401k-or-ira/
There has to be a federal tax lien against YOU to allow the IRS to seize anything in a pension or retirement plan that is taxable.
What has happened in Ireland, France, Argentina and Hungary is the basis for and source of these rumors. However, as the author of this article clearly indicates, such a law would require an act of Congress, and end up in the Supreme Court.
From the article: “Every few years there are rumors that a particular administration wants to seize private retirement funds, and so far it hasn’t happened. The rumors come in different flavors and several ideas have even been proposed before Congress. For example, the Clinton Administration proposed a one time tax against the value of private pensions, 401k plans, and IRAs.
A more recent proposal involves seizing and converting a portion of privately held assets into US Treasury bonds. A more extreme proposal is a true government takeover of retirement plans which involves seizing private retirement accounts and converting them to government-sponsored annuities that would guarantee an annual income for all Americans. – article
Read the entire article. There is more to it than just grabtastic antics by the US government, and before anything like that might happen, remember that it would also be applied to the politicians who might vote in favor of such a stupid ass idea. That would be the perfect opportunity to remind those bozos that you voted for them (even if you didn’t) and they had better vote against it if they want to keep their jobs.
Also, remember that Social Security Retirement Income is taxable income. It may be taxed at 50% of the annual total, but it is still taxable and you have to take that into consideration when you do your tax return in January (or April or whatever). It might make more sense, if the SS Trust Fund is running out of cash, to tax earned income to 100% of its total, and even un-earned income, such as interest on bonds and stock dividends could contribute to the SocSec Trust fund substantially if they were also taxed as ordinary income. Would that deal a blow to the stock market? No. It would only piss off investors who pay no SocSec tax on investments.
I do not know if it would take an act of Congress to do this, but it might be something to consider as a means of easing the drain on the SocSec Trust Fund. (Don’t start with me, Hondo!)
The other part of this freak-out rumor-mongering, that the USGov will somehow seize your savings, meaning your savings account – and I have yet to find a valid source for that rumor – is based on pure ignorance. If you have a standard savings account, it is usually an interest-bearing account. This is what is called “ordinary income” as opposed to earned income. It is subject to taxation, but at the same rate as taxes on dividends from investments, and that is clearly outlined in the guides to taxable income that the IRS puts out. You can also ask them directly what the percentage rate is for taxing ordinary income, but I think it’s on the tax form that you fill out when you do your taxes and whine about how much Uncle Sam is getting from you. And frankly, since most checking accounts now pay interest on deposits, that $.035 per quarter is something you should report, just to stay honest with the Revenooers.
Some income is nontaxable, but is clearly defined as that. And below a specific level, you don’t pay taxes, anyway, as the standard deductible posted on your tax return clearly indicates. This year, it was $12,000. Next year (2021), it may change so keep an eye on it.
In regard to your savings account, you may or may not remember that the Glass-Steagall Act of 1933 was dismantled during the Clinton administration, and the Obama administration signed the Dodd-Frank Act into law. Under Dodd-Frank, if the bank is in financial trouble it can “legally” seize your meager funds and give you what one would loosely term an IOU (credit).
However, if you read that article with a jaundiced eye as I did, you realize that banks are required to carry FDIC deposit insurance, which means that if they try to rip you off, they get held responsible for it.
Glass-Steagall should never have been repealed, but it was, so now banks can invest in “stuff”, instead of keeping investments separate from banking activities (Dodd-Frank).
But frankly, no, unless you have a tax lien of some kind against you at the Federal level, which requires paperwork, due process is required for the government to seize any of your assets. And this is true, despite the infamous and repeated instances of small business owners getting “busted” for what the IRS considered money-laundering (withdrawing small cash amounts from their business accounts) when it wasn’t. That’s another story all by itself. I didn’t realize they are still that stupid. Those Revenooers must not have enough to do these days, since Prohibition ended. Poor things.
Still, it’s always a good idea to have some cash hidden away where the grandkids can’t find it.
I hope this will put a cork in those rumors for you. Now, go buy yourself something nice, like that set of flies and sinkers you had your eye on for ice fishing this winter.
Category: "Your Tax Dollars At Work", 2020 Election
“The answer is a resounding N-O”
Well, no, as the article you link to cites, it IS possible under a Democrat-controlled Congress with a Democrat president and a Democrat-packed Supreme Court, and quite in line with what the Democrats have already promised.
As for Congress exempting itself from that which it mandates for the citizenry, may I suggest you read this:
https://www.foxnews.com/us/congress-exempt-from-several-federal-laws
With the corruption already endemic in Washington politics, do not kid yourself into believing that such a move as seizing the savings of private citizens for purposes of government redistribution is not possible be cause it most assuredly is.
And if you think Democrats won’t play favorites in such a redistribution with those they politically favor, maybe this will refresh your memory:
https://nypost.com/2014/07/25/the-autoworkers-obama-robbed/
I think you might need to rethink your optimism…
because…not “be cause”
Poe, just how long do you think the Democrats will last if they tried that? The very moment word got out – and it will – the howling from all eight points on the compass will start.
I get your point, but fortunately for us, the law IS on our side and we do have a GOP-laden bench on the Supreme Court, as well as GOP still having the Senate President.
I’m just basing what I said on the actual laws in place, not on the “holyshite! Dey robbin’ us!” stuff.
You ought to realize that if the Dems try to clean out bank accounts, people will not put up with it, no matter how they voted.
I’m waiting to see what comes out of this turmoil. This election may be the worst thing the Dems ever have had, and I hope it drives them right down into the effing ground.
I was thinking the same thing that Poe mentioned.
Ex, the law is on our side NOW.
Look how quickly the Dems began changing all sorts of laws in Virginia as soon as they achieved total control of state government. Do not be so short-sighted as to believe they can’t and won’t do similar things on the national level. What do you think Schumer was telling us this week?
https://www.washingtonexaminer.com/news/congress/schumer-wont-rule-out-extreme-senate-makeover-america-needs-some-change
I agree they cannot seize private savings without opposition, which is why they will seek to nullify the 2d Amendment as one of their first moves, likely igniting a state-federal conflict, as many states or portions of states will refuse to go along with that.
Miz Poe and I are fortunate to live in a solidly red state, that will protect our 2d Amendment rights and hopefully, our locally-banked savings, although our IRA’s, by far the bulk of our retirement savings, will still be at risk.
If you are a resident of one of the blue states that will readily move to disarm its citizens, you should not be sanguine regarding your gun rights or your savings.
You, Ex, would be well-served by moving to one of the smaller towns in the southern part of your state where common sense still reigns.
As for this election being bad for the Dems, that remains to be seen. The problem there is that if it does turn out that way, it may make them more desperate to achieve their “fundamental changes” and spur them to move more quickly.
One thing this election has shown us is that they have become much bolder with their corruption, enabled by the thoroughly corrupt media turning a blind eye to it.
Nothing quite so emboldens a corrupt government as a compliant media and a disarmed populace.
Testify! I say again, Brother Poe…”They would not be trying to take our weapons away from us unless their plan was to do things that would cause us to want/need to shoot them.”
Okay, but try to remember this: this isn’t Europe in the 1930s and we are NOT the kind that kowtow to false kings/queens.
Why do you think we fought a revolution 244 years ago?
These Democrats are getting uppity, well beyond any justification for it, have been since LBJ wound us into a war that wasn’t necessary, just to feed his useless ego.
Let these jackass politicians brag and strut and scratch the ground like banty roosters. All that FSA stuff is baloney and you know just as well as I do. They will be blamed for sending the US into bankruptcy and they will never, ever live it down.
Most of the folks in the FSA don’t care if the US becomes bankrupt and will not bat an eyeball if it does. They will continue to vote for the same folks who continue to promise them free stuff and refuse to arrest them for looting and burning.
Our GDP was less than our national debt before Covid. We already ARE bankrupt, but like a chicken sans tete, we don’t know it yet.
Democrats, making paranoia about government popular again!
“If you like your doctor/health insurance, you can keep your doctor/health insurance”
If you like your house, you can keep your house”
(Kelo v. New London)
“Read my lips, No New Taxes!”
” Article I, Section 9, Clause 3: No Bill of Attainder or ex post facto Law shall be passed”
https://www.latimes.com/archives/la-xpm-1994-06-14-mn-3963-story.html
Somehow I don’t seem to have as much faith in the established order as you do.
I wish a motherfucker would. Starting with the public employee pensions.
public employee pensions are not funded in savings or investments so there is nothing to seize.
I think my last interest payment on my savings account was something like .45 cents on over 18 grand for the quarter.
I trust the Congress of the United States just about as far as I can toss an 8 inch bore, self propelled, tracked Artillery Piece. Anybody out there that thinks they bastards and bitches have the best interest of the tax payers of this country in mind, well, I still got that bridge and ocean front property for sell…cheap!
When I had to make decisions on my 401K disbursement last November, I asked if I could take it tax free, in the form of gold coin of the realm. Got nowhere with that. The grifting career politicians of our grubermint are ONLY going to look after themselves AND the useful idiots of their FSA. Period! Some of us got a little piece of Chinesecommunist Originated Virus Infecting Disease of 2019 (COVID19) stimulus monies. How much did the Kongress Klowne Kritters give to themselves and/or their pet projects? In case y’all forgot, “We the People” owe somewhere north of 27 TRILLION $. Not only have those mofos put us into debt, they owe us a Debt of Honor. Anybody know of a pissed off JAL driver that has the keys to a wide body? Asking for a friend.
Why do you think I have an envelope full of cash money hidden away in plain sight, like the purloined letter?
I’m neither naive nor stupid, and no, I don’t trust banks any more than my grandfathers did. But we have to watch Congress to find out what they really will try to do, and my guess is that the Dems will overstep themselves enough to really piss voters off.
Yeah, but the voters wouldn’t know because the media will not tell them.
Millions of Americans still don’t know about Ukraniagate.
“No man’s life, liberty or property are safe while the Legislature is in session.” –Gideon J. Tucker
You gotta remember one thing, they don’t care what you think. They are all wannabe dicktaters and I only offer NY itself and commiefornia as the examples.
They don’t care in the least what you think.
They are working to rid themselves of elections so they can put themselves in power and stay there.
I have no idea what the real plans are, but it doesn’t take a rocket scientist to realize that these people don’t give a flying you know what about laws or what us peeons think about anything.
We are here to serve them, period…
Now you’re catching on, Stixx. They won’t watch where they are going, either, until they get to the edge of that cliff. Should be a long way down.
Yes, and it is not a mystery why they want to replace us with semiliterate poor from the third world whom they assume will be compliant subjects.
And The They miss that part about how those semiliterate poors’ children go right into good schools and start catching up and are no longer semiliterate.
Ahh, but then they have been proglodyzed by out education system into becoming more compliant and they are now totally left thinking. Plus, they will believe anything the MSM puts on their smart phones and Ipads.
Why do you think the D-rats want all those illegal aliens crossing our borders? It is isn’t because they love Central Americans and Mexicans. It is because that 80% of them that vote illegally, vote D-rat. Also, it is no surprise Gropey Joe and his ilk want to make citizens of 11 million of them after he enacts his amnesty program. Why do you think D-rats want to stop the wall and tear down what has already been built?
That’s why left/libtards destroyed education with “social justice” and grievance BS…
You left out Governor W-hitler and her cabal of demorat morons running Michigan. She’s right at the head of the list of wannabe diktaters.
Rumor circulating today(Nov 15) is that the Wicked Witch of the Midwest is going to shut down the bars, restaurants and the rest of businesses today at 5pm. Done by the Health Dept. because the courts said the governor had overstepped her authority. So, now she gives orders to the health dept. They shut things down now.
Ladies and gentlemen, can you honestly look at what’s happening right now and say that you still believe those in power CARE about what we think, what the law says, or believe that they can be harmed by our votes? I hate to say this, but the worm has turned and not in our favor. This not to black pill everyone, but things have changed. Drastically. Voting? They believe, rightly or wrongly, that they can cheat their way out of any vote they don’t like. The last four years and this election represent a phase change in government: the Republic was on life support but it’s now an unapologetic oligarchy. The only things remaining are the forms, and only because they’re useful for keeping the plebs from revolting. It won’t last. Rome found out the hard way and suffered a hundred years of turmoil before Augustus put its republic mercifully to death.
If TPTB decide they want your money, they will take it. It will hasten their demise in the long run, but in the short your money will be gone. It probably won’t happen tomorrow, but don’t delude yourself that there is a darn thing we can do to stop it peaceably. The looting phase began years ago, and it only gets faster from here. Act accordingly.
…What I’ve said for many years is this: the Federal Government is as addicted to money as much as any junkie is addicted to their drugs.
And never, ever forget for one moment what a junkie will do to get their fix.
If an Administration with sufficient allies in Congress and the bureaucracy decides to confiscate our 401k’s, they’ll do it and SCOTUS be damned even if they know it will bring the whole thing down around them.
“Government always finds a need for whatever money it gets.” – Ronald Reagan
FWIW, a lien is not a judgment nor a levy. Nonetheless, domestic terrorists seem to operate with considerable impunity.
Don’t tell Democrats; they’ll think it’s a good idea.
It’s been in their OPLAN from Day 1, Anon.
Those IRA’s and 401K’s look like lambchops to that pack of Democrat wolves…
Gotta keep the Free Shit Army happy… and their other lackeys.
The bad guys have, can, and will do anything they think they can get by with just because they are, well, bad guys.
I woke up about 0400 with this thought.
We are standing at the precipice of the end of the USA.
Make no mistake, it’s the end of America if this fraudulent election is left to stand by SCOTUS.
Sidney Powell talked with Lou Dobbs Friday and opened up the discussion on Dominion Voting computers that reallocated hundreds of thousands if not millions of ballots for Trump to biteme.
Louie Gohmert announced that there was a raid in Frankfurt Germany by the US Army where numerous servers were confiscated from a bankrupt computer company SCYTL after having something to do with our election.
Pamela Geller, a true FOX if ever there was one has posted this article with all the information I can find on the raid.
Whether or not it was sanctioned by Trump and the AG Barr remains to be learned as rumours are rampant as you can imagine.
Remember when we heard Barr state that the results of Durham’s investigation wouldn’t be released until after the election ???
I’m wondering if Barr and Durham are on Biden’s side, of course, I believe they have been there along with Wray and the rest of the FBI and God only knows who else all along…..
I’m telling you boys and girls, they don’t give a damn about the corruption we are seeing on display.
Things are getting curiouser and curiouser as we go along…
https://gellerreport.com/2020/11/scytl-company-website-crashes-company-reportedly-released-statement-refuting-reports-of-us-raid-in-germany.html
Watched both Rudy and Sidney with Maria this morning and now feel much better about the final election results being closer to a true vote count. No, I don’t expect that we will ever know exactly what the count might have been had it been done correctly in the first place. Too much fraud to ever sort it all out. What will likely happen instead is that with the proven fraudulent ballots, legitimate votes will also be eliminated.
At this point what does it matter? Only the survival of the Republic.
The problem is that once all the illegal/fraudulent votes are intermingled with the legit ones, there is no mechanism to separate them out. There is no evidentiary way to even prove the fraudulent mail-in ballots were overwhelmingly Biden votes. About 9500 dead people voted in Michigan, but how does one prove they all voted for Gropey Joe and the Ho. Obviously, we can’t get an answer when we ask their gravesite how they voted.
Folks need to remember, the election for President has not yet occurred. That one happens in December.
If the PA election is tossed by SCOTUS, then Biden is still likely at 270.
That means if any other state gets tossed, no one gets 270. Then it goes to the House of Representatives,which likely breaks 26-24 Trump
If PA gets tossed, and even one Elector switches from Biden to Trump, no one gets 270. Off to the House.
If PA gets tossed, and even one Republican legislature refuses to certify an apparent Biden elector win, no 270 and off to the House.
Of note: Bookies are refusing to pay the “Biden wins” bets yet. Hm.
Also, electors have switched before. It cost Clinton a couple of votes in 2016.
There are still 46 days left in 2020. Plenty of time left for “You are not going to believe this but…”
And so it begins:
https://pjmedia.com/news-and-politics/rick-moran/2020/11/14/biden-coronavirus-advisor-says-we-need-a-4-to-6-week-lockdown-n1144221
Just what do you suppose this Biden Transition Official thinks that “Big Pool of Money Out There” that the government can “BORROW” is?
Inslee announced a 4 week restriction on social gatherings and other things… done all this stuff without recalling the state legislature into special session.
https://www.columbian.com/news/2020/nov/15/new-covid-19-restrictions-on-dining-gyms-in-washington/