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Discussion: (11 comments)

  1. Mike Jonze

    I’m genuinely curious whether there’s any way to protect my 401(k) and IRAs from being raided/taxed going forward aside from taking the early withdrawal penalty and regular income tax rate and putting it into a Swiss account somewhere, which will be taxed at the Swiss rate and subject to taxation back in the US. Is the 50% hit I’d be taking immediately plus the taxes going forward worth it to protect these accounts? I am quite certain that the Democrats are going to be confiscating +50% of my retirement accounts at some point in the next 15-20 years.

  2. RonRonDoRon

    Seems like the underlying hostility is to having an economy based on private control of capital.

  3. SeattleSam

    If there was ever a doubt that pandering trumps economics, this is it.

    401(k)s are one of the few parts of the tax code that make economic sense. The present value of the taxes collected when the 401(k)s are liquidated years from now is greater than the taxes that the government could collect today. From an economic standpoint, the government should want people to pile as much money as they can into those deferred savings plans (or deferred revenue plans form the government’s perspective).

  4. Todd Mason

    Mr. P is paid to repeat the benedictions, but readers one hopes are not married to dogma. The economy is literally awash in liquidity — trillions parked in money funds, corporate treasuries and banks. By any school’s precepts, Chicago Austrian South Dakota State, the economy should be booming. A realist would ask what else?

    That is what O is doing. He wants more taxes from people who can pay. He wants to put money in the hands of people who will spend it. The only thing unreal about our situation is those the folks who insist the world is flat despite much evidence to the contrary.

  5. “By any school’s precepts, Chicago Austrian South Dakota State, the economy should be booming. A realist would ask what else?”

    That’s. Just. Rubbish.

    No right-of-center economist is scratching his/her head wondering why Obamanomics has failed. Indeed, they are issuing out “I told you so’s” to the hopeandchangey folks like Todd Mason.

    1. Todd Mason

      Fine, let’s go back to the facts. Money funds are holding $2.6 trillion. Corporations are holding $1.9 trillion in cash. The Fed is holding $4 trillion in bonds purchased with dollars hot off the printing press. So, Professor Paul. We’re all ears. Please explain to us why the economy is bumping along, contrary to the thoughts of Austrians and Chicagoans, and why the answer is more preferential tax treatment for private investment..

      1. Todd Mason

        BTW, sneering Obamanomics effectively answers “No, yo mama!”

      2. You’re missing a very salient fact there obamaboy, the Kenyan Kommie Klown is using other people’s money to buy votes via the ‘pander to parasites‘ socialist safety net crapola…

  6. Todd Mason

    More pearls of wisdom from Juandos the Juander Dogma.

    1. More pearls of wisdom from Juandos the Juander Dogma“…

      More witless babbling by the progress-0-todd, always appreciated for its entertainment value…

  7. mesa econoguy

    Obama is a leftist neo-fascist, so he has no belief in private property or assets.

    It’s that simple.

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