Though 3760 does concern IRA's it has nothing to do with confiscation. All it appears to do is require employers to automatically enroll employees in payroll withholding to deposit into an IRA if the employer does not offer a 401(k) or similar retirement plan. It was introduced by Sen Bingaman (D-NM) and co-sponsored by Sen Kerry (D-MA).
I still don't like this bill as its government using legislation to force behavior and could just be the first part of the plan to get more of your money through the tax code.
There may actually be a bill drafted and introduced by Harkin that is set to confiscate IRA's. Even then the most liberal of judges couldn't possibly allow this to stand as it's a clear violation of the constitution (deprivation of property without the due process of law) without being impeached. But I couldn't find it and its not S. 3760. If this has been introduced it should just be used as further evidence of how many on the left hate private property and must be held accountable at the polls.
Another reason to make sure the DEMS don't keep control of Congress. Remember, Tuesday is take the garbage out day. IRA's and 401(k)'s have to remain the property of the individual versus letting the Government get their greedy hands on either. BT-100dc
Here's a thought for what's left of the liberal minds on this site.
The fact that these people would even consider such a thing is a really good reason to eliminate them from public life. Things like this proposed law just go too far!
The Nazi bastards that come up with subversive ideas such as this have only one goal in mind,,,,,Slavery. And it's you and me they are lookin' to slave up, cuz you can bet they will exempt themselves from this legislation totally!
Where have you seen this before? gosh,,, Obamacare?
I say we need a National Referendum to override this kind of crap legislation. If congress passes it, and we don't like it, then put it up for a nationwide vote! and well see how well it does. If it was shot down by a 2/3 majority it should never be brought up again. likewise if a needed law passed by a 2/3 majority kind of like Prop 187 in CA did, then it would go into law and not be able to be challenged for 5-10 years, which would prevent it from being shot down by some liberal Judge, and everybody that voted for it just standing there saying WTF! with no recourse.
Just because idiots get elected does not mean they have ANY right to pass laws that are not in the best interest of ANYONE they affect directly. This is called "discrimination", pure and simple. When discrimination affects the whole population then we've got big problems. Sometimes big problems require serious solutions. They won't stop unless there are very serious consequences! Just like Wall Street!
Neal Boortz has been on top of this for some time. The Dems want to seize your 401K, Iras, etc. and replace it with something call a GRA - Guarnteed Retirement Account. A lot of people will be sucked in by this scam.
Be careful what you ask for. A 2/3 supermajority can vote for something unconstitutional pretty easily. I wouldn't put it out of the realm of possibilities of some liberal states or certainly municipalities stomping all over your 1st or 2nd amendment rights with a referendum. We would certainly need a judge to overturn any law like that. That is what the constitution is there for, to protect the minority from the tyranny of the majority. Remember to vote according to the constitution tomorrow.
James Allen: I understand your concerns, and I don't think for a minute that I would ever get everything I wanted, so I'm willing to compromise.
The Initative Process in CA works pretty well with some minor exceptions. The thing about the tool, is that it can be used to snap the leaders back to reality or deal with situations that politicians are unwilling to deal with due to "corrupt committments" or for whatever reason.
We kicked out Gray Davis when he made deals with the unions that he could not fund, and we will do it again if Brown gets elected and tries to give state employees more of a free ride than they have now. These past affiliations have bankrupted this state, and now that reality is really setting in they will have to be disolved, and boy is the shit gonna hit the fan when the Dems have to go back on their campaign promises.
Our state is pretty much controlled by a near 2/3 majority of Democrats, who are being ran by the Teachers Union, the SEIU, the Firefighters and Police Unions. They are more than willing to throw the rest of the 40 million people in this state under the bus, just to maintain their control.
They have tried 3 separate times to change the state constitution so they can pass a budget with only a simple majority. This measure has failed and is on the ballot again this time around. It likely will fail again, because the stupid people of this state are not really that stupid.
Our system in CA needs to be tweeked slightly so things that are defeated can't just be reworded and put back up again, which is the case for the POT Law being voted on tomarrow, it's been tried before and failed. Also when a Prop like 187 passes by a 67% margin it needs to go into law, not be overturned by some liberal judge who thinks he knows what is best and totally ignore the will of the people. If prop 187 had been enacted our state would still be solvent, as opposed to where it's at right now. If Prop 187 had turned out to be a disaster(which it wouldn't have) it could have been repealed by the same process that put it in, in the first place, 2 years later.
I am willing to put my trust in a 2/3 majority of the people when it comes to issues that affect me directly. I am not willing to put my trust in a 2/3 majority of politicians who will sell their vote for support enough to stay in power for another term.
Our state is ran almost completely by Democrats, all the Governator can do is stop some of the stuff they try. However the actual make up is not nearly as baised towards the left as you would think. That's why we are trying to pass an initiative to re-district the state. To better reflect the political make up of the state as opposed to just giving power to one side, as it is now.
The only way to fight back is thru the iniative provision on the ballot. States that don't have this capability must rely on the integraty of their leaders. In todays world, that is a very iffy thing to bet on. You saw how everybody acted during Obama care. Votes were bought, and the bill was rammed home despite an overwhelming distaste for it at the national street level.
We need a third option, Elephant or Ass isn't enough, and i am not looking for a 3rd party, I want the people to be the third party. I mean, we are supposed to be the first party aren't we? I guess someone forgot that fine point along the way.
Face it folks...
Democrats like Pelosi and Harken look at the large pool of cash currently residing in privately held 401k accounts...and it just KILLS THEM that they can't (so far...) get their hands on it. Going forward, I believe one of the first steps towards the GRA you might see will be the elimination of the tax deduction for contributions to your 401. They have to start slowly...with "baby-steps" to make your 401k option less desirable. THEN...they start selling this GRA B.S. to you through their myrmidons in Big Media...
At the end of the day...this is all about generating a big pool of cash..NOT IN PRIVATE HANDS...but rather..under GOVERNMENT CONTROL so they will have it available to bail out unrealistic,"fantasy-land" UNION PENSIONS.
The simple, and ONLY WAY to stop this is throw the bastiges outta office.
As far as the bill goes their was one similiar passed in the slick willie days. And its law. The bill is in caseof an economic emergency the Federal Gov. can sease all private and public accounts. That means checking, savings, 401's IRA, Bonds, and so on. This was for the caution of the Barney May, And Criss mac housing lending. The Bush thing carried it on, and the Obama care exploited it.
To many dumbass americans that just has not woke up yet but are beginning to.
The people better get their head out of their a$$ now while they have a chance and make dang sure these politicall people start doing their job.