Is your IRA in danger?
By clrumfelt
@clrumfelt (5597)
Tennessee Ridge, Tennessee
June 22, 2008 9:48am CST
There is another "share the wealth" socialist movement going on in the US Senate to take part of the
retirement funds of people who have invested and put away funds for their retirement. Here is a summary
of what is being proposed:
Windfall Tax
Date: Wed, 11 Jun 2008 15:26:13 +0000
Unbelievable
Windfall Tax on Retirement Income
Adding a tax to your retirement is simply another way of saying to the
American people, you're so stupid that we're going to keep doing this
until we drain every cent from you. That's what the Speaker of the House
is saying. Read below...............
Nancy Pelosi wants a Windfall Tax on Retirement Income. In other words
tax what you have made by investing toward your retirement. This woman
is a nut case! You aren't going to believe this.
Madam speaker Nancy Pelosi wants to put a Windfall Tax on all stock
market profits (including Retirement fund, 401K and Mutual Funds! Alas,
it is true all to help the 12 Million Illegal Immigrants and other
unemployed Minorities!
This woman i s frightening. She quotes..." We need to work toward the
goal of equalizing income, (didn't Marx say something like this), in our
country and at the same time limiting the amount the rich can invest."
( I am not rich, are you?)
When asked how these new tax dollars would be spent, she replied: "We
need to raise the standard of living of our poor, unemployed and
minorities. For
example, we have an estimated 12 million illegal immigrants in our
country who need our help along with millions of unemployed minorities.
Stock market windfall profits taxes could go a long way to guarantee
these people the standard of living they would like to have as
'Americans'." (Read that quote again and again and let it sink in.
"Lower your retirement, give it to others who have not worked as you
have for it".
This lady is out of her mind and she is the speaker of the house!
3 people like this
6 responses
@redyellowblackdog (10629)
• United States
22 Jun 08
Before the Rev. Jesse Jackson lost so much influence because of his out of wedlock child from an adultrous affair, he had already lost much creditability for another of his proposals. What was that? The Rev. Jesse Jackson once proposed skimming a flat 15% off the top of the nation's individual retirment accounts. The outrage was such that hardly anyone would listen to him anymore. At least not the hard working responsible people who saved for their retirement. Only those who expected to get part of that 15% thought Jackson had a good idea. Nancy Pelosi is going down the same road. Stock market profits are not 'windfall profits'. Pelosi's idea will discourage people from saving and investing. She is an idiot or hates America. Hard to tell which it is.
3 people like this
@clrumfelt (5597)
• Tennessee Ridge, Tennessee
23 Jun 08
Another example of what I have referred to as Robinhood Politics. They want to appear to be robbing the rich and giving to the poor. The problem is they are robbing everyone because they will hurt the ecomony overall and make it worse for the poor as well. Idiot sounds about right.
@ladyluna (7004)
• United States
22 Jun 08
Hello Clrumfelt,
Do you have a HR bill number on this? Or a news source that may have listed the HR bill number?
I would really like to read the text of such a proposal, or the actual quote if it was mentioned in a news conference.
If Ms. Pelosi is really suggesting this, then she has gone so far over the line, that 'We The People' must insist that she be removed!!!
A major reason why our economy is in the tank is because people do not save money as they should. This has positioned USA banks to have to seek foreign investors to provide capital for loans. The government already taxes every penny that we earn in our regular savings accounts. And, the only reason why people 'took the bait' to save in IRAs (which help to bail out future Social Security obligations), is because they are tax deferred (Traditional) or taxed now, for future tax-free income (ROTHs).
This foolish proposal would discourage all Americans from responsible saving behaviors. Which will further erode the economy. Thereby crippling our great nation!
I don't want to speak the whole of my mind on this until I have read the actual proposal or source quote. While I do not doubt your word, I have to wonder if the news agency reporting this may have gotten it wrong. Because, if this is what Speaker Pelosi actually said -- then she is too stupid, and too dangerous to represent the people! Let alone serve as the Speaker of the House of Representatives!
As for the "illegal" aspect: I'll reserve my fury until I learn whether there has been some mistake in this reporting.
2 people like this
@ladyluna (7004)
• United States
22 Jun 08
Hello Clrumfelt,
This has been eating away at me, so I put my sleuthing cap on.
Snopes.com is reporting that this is a parody e-mail that has been circulating for some time.
Snopes.com is tagging the origins of this parody to the now accurate Pelosi proposal to windfall tax the oil companies.
Here is the snopes.com link:
http://www.snopes.com/politics/soapbox/pelosi.asp
1 person likes this
@clrumfelt (5597)
• Tennessee Ridge, Tennessee
23 Jun 08
After researching the originally posted statements, I found it to have been widely circulated on the internet as an urban legend. However, a closer look at the topic took me to an interview in which she was asked whether she was in favor of the windfall profits tax. It is probably the basis for the urban legend that has circulated. She doesn't propose a tax, but she is in favor
of the tax. Here is the link to the page containing the interview:
http://www.gop.com/media/PDFs/102806AmericaWeakly.pdf
1 person likes this
@clrumfelt (5597)
• Tennessee Ridge, Tennessee
23 Jun 08
BTW, anyone who reads the interview will realize the post isn't an urban legend.
1 person likes this
@coffeebreak (17797)
• United States
23 Jun 08
I am far from rich, I have no IRA, no retirement - never fortunate enough to work for a company that offered them. I have nothing. IF this is true and I have no doubt it is, I have no doubt it will pass as it will be "promoted" as making the rich pay their part of taxes instead of the poor paying so much, and no one will see it hit them right smack dab in the middle of their face.
SOunds like safety deposit boxes might be on the rise. I mean, no better interest you get these days on savings accounts, it is hardly worth it cause then you have to file on the interest which is probably just enough to boost you over into the next highest tax bracket and that interest only goes to pay the more taxes. IRA's and such are constantly being targeted for one thing or another ... and they conveniently can be cause of the early withdraw penalty and other things like that and since the money is literally just sitting there, people like this woman see it as literally "open range" for money for nothing but to make themselves prosperous. Cash and cashiers checks in a safety depost box sound like a good "retirement account" to me.
1 person likes this
@clrumfelt (5597)
• Tennessee Ridge, Tennessee
23 Jun 08
She stated she is against windfall profits. She says against the oil companies that make so much on their windfall profits. But 40% of this tax will come from the retirements of thousands of people who will be depending on their investments. Not just rich people. Everyone.
@irishidid (8687)
• United States
22 Jun 08
I have mixed feelings about this. While you should have a right to hold onto your money the poor are suffering.
When you've worked all of your life and finally are able to collect social security it should be there for you, but while the poorer retiree is struggling to make ends meet every month the rich retiree is spending his social security on fun.
I'm sure there are some who are using it for more than just having fun. Some could be helping out someone less fortunate or giving it to charity.
We don't need to spread the wealth, we need to give more people the opportunity to have more stable incomes.
2 people like this
@clrumfelt (5597)
• Tennessee Ridge, Tennessee
23 Jun 08
If there was a way to tax the big oil companies' windfall profits without affecting millions of peoples retirement funds, it would be worth considering. But the people with these retirement funds aren't necessarily wealthy. They will be depending on those funds for their futures. I think you're right the government should focus on finding a way to put people back to work. But they should find better ways to fund their jobs programs.
@kenzie45230 (3560)
• United States
22 Jun 08
Like another commenter, I would love to have a reference for a bill or article to read, not because I doubt you either, but because this is insane.
Sadly, this is the same party to which Obama belongs and some of that change he's proposing will most likely have to be paid via new taxes. Wonder if he's counting on this to go through?
2 people like this
@clrumfelt (5597)
• Tennessee Ridge, Tennessee
23 Jun 08
Here is the link for an interview where she said all the things in the original post.
http://www.gop.com/media/PDFs/102806AmericaWeakly.pdf
Incredible as it seems, it is widely reported on the internet
as being an urban legend. She has not yet proposed a bill, but
in the interview she says it all.
1 person likes this
@joyouskay (113)
•
22 Jun 08
I have heard about this too; one of the scariest parts of the upcoming election to me is the fact that there seems to be a lot of "equalization" talk out there.
I'm not rich; I work hard for every cent I earn and as a result I am proud of what I do make. I don't need hand me downs from others, and at the same time I certainly do not want to be giving any of my money towards others.
There is always talk of these things only impacting the rich, but think about it- most politicians are rich. They aren't going to pass bills that are going to hurt them. In reality, it's the middle class that generally pays the price.
2 people like this
@clrumfelt (5597)
• Tennessee Ridge, Tennessee
23 Jun 08
You are stating the problem exactly. Congress keeps giving themselves raises, not taxing themselves. I don't have investments, but my daughter is in the USAF, and she and her husbandare making enough to begin investing in mutual funds. They are making ends meet and saving every dime so they can invest. I hope Pelosi doesn't get anywhere with her ideas about windfall profits taxes and ruin things for them.
