When Argentina moved to nationalize pension funds, the media correctly identified it as a “grab” and people took to the streets in protest. I think Americans might just roll over, however.
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Actually, as far back as 1993, Hillary Clinton, while working on her Health Care Task Force, proposed a 15% one-time tax on IRA and 401K and Keough plan balances — Charlie Rangel has since proposed a one-time 5% tax on these accounts to fund inner-city “investments.” The reality is that there is something along the lines of $6 Trillion in these accounts, currently, all in cash or equivs, and, at some point in time, it will be FAR too difficult for politicos to keep their hands off of it. I cashed mine out, and I will pay the tax penalty. I do believe that these accounts will be seized, at some point in time. To me, I think it’s OBVIOUS. $6 Trillion, just sitting there, all in cash, all just waiting for the first politician bright enough to recognize the amount of money here and just how easy it would be to seize the whole thing. In my opinion, anybody stupid enough to have one of these accounts deserves whatever he gets — and will most certainly get it, too: robbed.
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