Government Theft

One way of describing taxes is legalized theft. This time they just may be stepping on their own dicks.

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.

Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.

And . . . can you believe it actually gets worse.

GRAs would guarantee a fixed 3 percent annual rate of return, although later in her article Ghilarducci explained that participants would not earn a 3% real return in perpetuity.

All workers would have 5 percent of their annual pay deducted from their paychecks and deposited to the GRA. They would still be paying Social Security and Medicare taxes, as would the employers.

With a GRA, workers could bequeath only half of their account balances to their heirs, unlike full balances from existing 401(k) and IRA accounts.

Over the years I've averaged well over 8% on my investments. Naturally not for the last few months, but it'll come back in a year or two if the bastardly socialists will keep their fingers out of the pie. A 3% return is a joke, if it actually wasn't so sad.

That my friends is a discussion about stealing our money. It's conspiracy to commit theft. Now the damn Demorats are immune to prosecution. They have no respect for the constitution nor for the law of the land. They have no respect for We The People. I wonder if they'll gain some respect for We The Armed Population.

Found via DirtCrashr