Gunpowder Chronicle posted on November 3, 2008 6:07 PM | Rating:
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If Barack Obama is elected President tomorrow, you can bet your bottom dollar that Democrat/Socialist plans to invoke the largest seizure of private savings ever in the history of our country will go through during an Obama Administration. Congressional Socialists like Barney Frank -- chairman of the House Banking Services Committee that presided over the entire Fannie Mae/Freddie Mac scandal and collapse -- are planning to seize private 401(k) retirement accounts (as well as 403(c) and 403(b)) and turn them into government-controlled "guaranteed retirement accounts".
These new accounts would stipulate an annual $600 government contribution (max), a 5% tax (above your FICA tax) on workers, and give a measly and miserly 3% return. But here is the biggest kicker that no one is talking about: government retirement accounts like Social Security are not transferrable to heirs on your death. Neither would these accounts.
And that is the allure to the socialists. By seizing these funds and removing them from the asset pool of inherited assets that can be passed on to children, the socialists are rigging the actuarial game. They will fund that $600 contribution out of the funds of those who died.
How do you spell "death tax"? If you think a 50% confiscatory tax on your savings when you die (and on which you have already paid income and capital gains taxes at least once) is bad, this is a 100% confiscatory tax on your savings while you are still alive. It represents a fundamental betrayal of trust of the American people in the Internal Revenue Code. It represents theft, confiscation, and fascism. It would be the largest single seizure of private assets by the government since the founding of the Republic.
Why aren't more people talking about this? I have no frakking idea. But as a direct descendent of Col William Wallace -- founder of Washington County, Pennsylvania, the last private owner of the land now occupied by the Nation's Capital, veteran of the 5th Baltimore Regiment, Continental Army, and leader of the Whiskey Rebellion, I would have no choice but to advocate open revolution agains the Government of the United States of America.
Congress should be made aware that no force of law would overcome the force of arms of a righteous and free people fighting to preserve their rights.
Barney Frank and his fascist allies would be best to reconsider this ill-conceived path.