Mor' money, Mor' money.

[bonkers1919]

I have done combat with the IRS many times. I use their own rules against them and win, thereby keeping my money. They have always backed off when I tell them, "take me to tax court". The IRS tries fear and intimidation tactics into compliance. The government has thought of another creative way for us to "voluntary" give them more money.

Article 6 - Why Do Taxpayers Lose Most Every Case Against the IRS? - Chicago Tax Attorney | Tax Debt Relief | Tax Clinic at Chicago-Kent College of Law, Illinois Institute of Technology Read the first sentence of this synopsis as this is why the IRS backs down. Fear and intimidation only goes so far.

Now the new way to take my money.

How Obama's 'myRA' retirement accounts will work - Jan. 29, 2014

Obama's MyRA Savings Plan: Wolf In Sheep's Clothing? - Forbes

Is the Federal Government Eyeing Your 401K?

These articles are quick reads or just scan thru them for the "meat & potatoes". For various reasons I realize there is no difference between the R's & the D's. Both parties want my money. My great grandfather, grandfather, dad and now me have seen every combination of the US Congress and POTUS. We have never see taxes go down no matter who was in power EVER. Wealth distribution in the US has been going on for a very long time by both parties. Now the government has found another way to take our money and given us another promise. Much like SS, Medicare, etc. the money contributed has and will be given away for everything except what it was intended for.

I don't believe my money will be there when the time comes, Do you? Would you sign up for this?






I

 

[ghostdncr]

Yeah, myRA has stink all over it.

 

[GodFearinGunTotin]

You can almost hear it now..."It's not fair that a few have so much and that so many have nothing to live off of in the golden years of their lives".

 

[Twangbanger]

Some idiots would go for it, on the grounds that it's "guaranteed," vs. the market which is a crapshoot. Sadly, many Americans think they have a "deal" with Uncle Sam...not realizing Uncle Sam can change the terms of that "deal" as circumstances and politics necessitate.

If Americans continue to be dumb...why wouldn't the gummerment try to take advantage?

 

[PeaShooter]

As far as the last article, I would be very leery of investing ANY money in annuities. Remember that these are just insurance contracts, and only as good as the insurance company who issues them. They are also sold by insurance salespeople who are not a fiduciary for your interests. All the financial advice I have been given by any independent source says there are only rare instances where investing in annuities is recommended.

 

[rockhopper46038]

Yeah, annuities sound like a fine idea, but I can't bring myself to drop a bunch of money into them. They are definitely expensive, and they are certainly subject to the underwriting insurance company going bankrupt. On top of that, right now the annuity rates are pathetically low.

Will the government at some point decide to confiscate our 401(k)s and IRA's? Maybe. Probably. That will be a bad day.

 

[Eagle1 Firearms Aca]

unlike traditional Roth IRAs, the accounts will solely invest in government savings bonds. They will also be backed by the U.S. government, meaning that savers can never lose their principal investment.

or......unless the dollar collapses.....or......inflation runs rampant, making said dollar worthless.....or.....the gub'ment freezes all account withdrawals in the name of "National Security" to prevent the sheep from making a run on the banks at the same time. Sounds like the making of a modern-day, "It's a Wonderful Life" all over again... I'll bet they'll really push this onto the aging or elderly folks', as they have most of the generational weath in the US these days anyway.

No thanks. I'll stick to Mason jars, shovels and the backyard- thank you.

 

[bingley]

Shouldn't it be "mo' money" rather than "mor' money"? That e is silent. Get your dialect straight, man!

 

[jedi]

Some idiots would go for it, on the grounds that it's "guaranteed," vs. the market which is a crapshoot. Sadly, many Americans think they have a "deal" with Uncle Sam...not realizing Uncle Sam can change the terms of that "deal" as circumstances and politics necessitate.

If Americans continue to be dumb...why wouldn't the gummerment try to take advantage?

Darth Sam: Citizen. Take the MyRA and the Wookie to my ship.
Citizen: You said they'd be left in my account under my supervision!
Darth Samr: I am altering the deal. Pray I don't alter it any further.