In response to:

Fiscal Cliff Idea: How About We Tax Your 401k?

restoreliberty Wrote: Nov 30, 2012 12:58 PM
I had a typo earlier.....the appropriate IRS publication for all the rules and limitations on IRAs is Pub 590 http://www.irs.gov/publications/p590/index.html The best way to deprive the beast of sustenance is the legal way! Use the IRS code and existing tax deferred retirement savings vehicles to starve the beast. If you aren't using the tools at your disposal then are paying VOLUNTARY extra taxes to the government that you are not obligated to give them. If you are leaving your income on the table for them to steal then you deserve to have it stolen. Opening up an additional IRA and making intelligent decisions on when to and how to use those funds, weighing the consequences of choosing to pay a tax or not, leaves the control and
restoreliberty Wrote: Nov 30, 2012 1:06 PM
your money earned from your labors at your disposal, not redistributed to a bunch of lowlifes that didn't do your job for you.

If you think it is too costly to save then you are saying that government can make better decisions regarding your income than you can. You are letting them decide on how much you are taxed instead of you making those decisions through choosing to withdraw money, or not, at a time of your choosing based on your needs or wants. You are voluntarily throwing your money at the government and saying - "spend it as you will". You cannot cry over your own self-inflicted wounds, no pity party when it is easy to learn about how to keep more of your own hard earned money and pay less taxes.

And that is my soap box!

How do you feel about the government touching your private retirement account known as your 401k in order to "pay down the deficit?" Not so good? Already feel like the government has stolen your retirement through Social Security? Well get ready because taxing the 401k is floating around as an idea while the fiscal cliff talks on Capitol Hill continue.

One of the earliest fears about tax-favored savings accounts like IRAs and 401(k) plans was that when this pool of savings grew large enough Congress would not be able to resist tapping it to help solve the...