From Birch Gold Group
Federal legislators are on the hunt for new revenue to offset their planned tax cuts, and some recent reports indicate that they might ransack 401(k) benefits to get it. If Congress gets its way, some employer-sponsored tax-advantaged retirement accounts could be in for a serious haircut.
Let’s take a look at what some in Congress are proposing, why their plans are such an affront to the American people, and what options you may have to keep them from touching your retirement dollars.
It is my sincere desire to provide readers of this site with the best unbiased information available, and a forum where it can be discussed openly, as our Founders intended. But it is not easy nor inexpensive to do so, especially when those who wish to prevent us from making the truth known, attack us without mercy on all fronts on a daily basis. So each time you visit the site, I would ask that you consider the value that you receive and have received from The Burning Platform and the community of which you are a vital part. I can't do it all alone, and I need your help and support to keep it alive. Please consider contributing an amount commensurate to the value that you receive from this site and community, or even by becoming a sustaining supporter through periodic contributions. [Burning Platform LLC - PO Box 1520 Kulpsville, PA 19443] or Paypal
-----------------------------------------------------
To donate via Stripe, click here.
-----------------------------------------------------
Use promo code ILMF2, and save up to 66% on all MyPillow purchases. (The Burning Platform benefits when you use this promo code.)
401(k)’s on the Chopping Block
About 54% of Americans hold a retirement plan through their employer, most often a 401(k). And the Federal government has given workers an incentive to encourage them to save through those accounts: a tax deduction every year on whatever folks put in.
The only time the money inside the account is taxed is when it gets withdrawn. When that happens during retirement, the withdrawals are normally treated as standard income, and even the gains accumulated in the account are not taxed until withdrawal — at least according to current tax laws.
But now members of Congress are looking to slash those tax breaks, effectively turning all traditional 401(k)’s into Roth 401(k)’s. That would mean you’d pay full taxes on any money going into your retirement account. Inversely, you wouldn’t be taxed as heavily on the money when you withdraw for retirement, but you’d lose a huge tax advantage by paying on any funds you deposit today.
Essentially, this would be a new tax on saving, making it less incentivizing and advantageous for American workers to put away money for retirement.
Legislators first got the idea back in 2014 when researchers calculated that, if the tax break on deposits into 401(k)’s got the axe, they could generate upwards of $144 billion in new government revenue over 10 years. (Don’t forget, the only deductions Trump has vowed to protect are for charitable donations and home mortgages. Apparently, retirement accounts are still fair game.)
The Employee Benefit Research Institute already estimates workers between ages 35 and 64 are approximately $4 trillion behind on saving for a safe retirement. On top of that, another recent survey shows only 39% of Americans are confident in their ability to retire comfortably.
If Congress decides to push these new measures through — and Americans are deterred from saving as a result — it could cause millions to fall painfully short of a secure retirement.
Blatant Hypocrisy
U.S. lawmakers participate in one of the most secure and generous retirement plans in the world. They have access to both a traditional 401(k) and a taxpayer funded pension plan. They also pay a fraction of the average American in account management fees, and they receive a whopping 5% matching plan, dollar-for-dollar.
Most Americans couldn’t dream of having such a cushy setup as U.S. representatives. Yet it’s those same politicians that are now eyeing average Americans’ retirement accounts as an easy target for new government revenue.
So, is there a way to circumvent this possible money grab from Congress?
How to Protect Your Savings from Whatever Congress Has Planned
If legislators start moving forward to slash current 401(k) tax benefits, Americans should be ready to protect their hard-earned nest egg.
For those who can rollover their 401(k), one logical option is to move into a Precious Metals IRA. Unlike the money you put into your 401(k), the physical gold and silver that you can own through a self-directed IRA is much harder for the Federal government to manipulate. Plus, unlike the stocks or mutual funds that you likely have in your 401(k) today, precious metals carry permanent value that’s indisputable.
If you’re ready to pull your retirement from the watching eyes of greedy government bureaucrats, this may be the time to move into gold.
Birch Gold Group helps Americans protect their savings with physical gold and silver. Clients can purchase precious metals for physical possession, or move their IRA or 401(k) into a Precious Metals IRA. To learn more, request a free Info Kit on Gold – there is zero cost and zero obligation to you. All you need to do is enter your details at www.birchgold.com
Here I was reading and waiting for some good advice on what to do and I get a Gold pitch – Fuck Off.
Didn’t you see “Birch Gold Group” at the top of the article? Every single one of their articles ends the same way……….EVERY TIME! It’s almost like a……pattern or something.
EVERY crime of this type is predicated on the INCOME TAX and its continued existence in our lives. If you support the taxation of income, then you support this kind of garbage -inevitably. Retirement savings should be about what YOU want to do, what your employer wishes to do for you, and should NEVER be incentivized, subsidized, penalized, etc. by the TAX CODE. Social engineering (modifying behavior to achieve the goals of another) is the ENTIRE POINT of the current income tax code and its 60,000+ pages of BS. 401(k)s are ultimately just a giant handout to Wall Street packaged as the government’s blessing to address the way the Federal Reserve is systematically destroying the value of the dollar through inflationary policies (combined with the non-existent link to gold or similar barriers to non-stop printing). Were the government NOT STEALING over $3Trillion from the productive economy every year, another Trillion or more through inflationary money-creation, etc. and were the Federal Reserve not around to artificially keep interests rate FAR BELOW what the market should be providing, our savings would return good amounts, our money would hold its value, and safe, reliable, and stable investments (or even just savings) would be sufficient to provide a comfortable retirement for everyone. Once again, another failed government program designed to “correct” the ills caused by the last failed government program.
AND the gateway/nexus to this unholy income tax scheme is the allegedly condoned use of Federal reserve bank credits as ones preferred CHOICE in what medium of exchange they wish to use to conduct commerce.
There are two paths:
One is using statutorily authorized money (Title 31) minted and issued by the U.S. Treasury. All of this being authorized under article 1 section 8 clause 5.
The other is using a medium of exchange created and issued by some other entity. Where that issue of “money” is not directly under the control of Congress.
Federal Reserve Notes are authorized under Title 12 section 411 to be issued at the discretion of the board of governors. THAT IS NOT Congress. https://www.law.cornell.edu/uscode/text/12/411
This case sets the precedence that money not issued directly by Constitutional/congressional authority (1:8:5/Title 31) can be taxed as an excise. This case predates the 16th amendment by 44 years, and is the true reason why your paycheck is diminished each and every payday. https://en.wikipedia.org/wiki/Veazie_Bank_v._Fenno
The basis for the income tax was the 16th amendment, which was fraudulently adopted (did not have a majority of states votes). Read Bill Benson’s “The Law That Never Was”.
Rise, There are 3 separate distinct primary income taxes. Each comes at taxing income differently. In order of enactment:
#1: income tax on income paid in non-Treasury issued “money”. (targets bank notes or other non-governmental mediums of exchange.)
SCOTUS case: Veazie Bank v. Fenno, 75 U.S. 533 (1869)
Secondary income taxes once the above is triggered for individuals being paid wages.
a. Social Security b. Medicare c. Obamacare (penalty)
#2: income tax on income realized via conducting commerce as a corporation.
SCOTUS case: Flint v. Stone Tracy Co. 220 U.S. 107 (1911)
#3: income tax on income derived (separated) from property. (rents, dividends)
16th amendment (1913) whether or not it was properly ratified. You will not win if arguing its legitimacy. Just sayen.
Was Birch one of the sites with articles saying that the gold spot price WASN’T being manipulated after the spot price fell $400 in 2013? As soon as it happened, I was telling anybody who would listen that gold was being sold in naked shorts to foreign central banks on 90 day contracts by investment bank operators. I was being told then that I was full of shit, but I was pretty sure that I was right.
I don’t remember reading anything from Birch on the subject back then, but the fact that they are saying a PMIRA is a good idea shows that the author of this piece is full of shit.
” I was being told then that I was full of shit, but I was pretty sure that I was right.”
I can’t imagine that.
I know it, AB. Mongoloids like you have no imagination.
I am torn. I know that admin spends a lot of time doing this and that he needs to make some scratch for the effort. On the other hand, I too find it more than a bit annoying to find that I have read a piece that is actually an advertisement. I wonder how I can see that the article is an ad before hand…oh yeah, I can quickly scan down to the bottom to see if there is a pitch there and then I can avoid the wasted time reading the spewings of some criminal shyster.
Uhhh………did you ever notice that at the top of EVERY ONE of their articles it says “Birch Gold Group”? If you had, you’d know how EVERY ONE of their articles ends………..EVERY SINGLE TIME!
Rob, you and Michael should meet.
Any article by a goldbug is going to be all gloom and doom. Their professional recommend is to buy gold.
Gold is not a store of value. It is a strategy for staying ahead of inflation. Gold is not useful to the holder anymore than money is. But you can use it to trade, You could use steel as a means of trade but it would be unwieldy to try to buy something with a steel beam. You could try using a hog or a deer but there is a time constraint. So, gold it is by convention.
I rather like the idea, the concept of bitcoin. It is like the soul of money stripped of the sinful flesh; the filthy ‘almighty’ dollar bill. Of course, we are playing right into the hands of the bankers who want to rid us of uncontrolled cash. It seems they have our number. They told us not to vote for Trump. Did we listen? Yes, we played into their hands then, too.
Hurry, Hurry, Step Right Up and put your after-tax or retirement monies down right here to spin the gold wheel. We also have Miracle Tonic for what ails ya’ in the back room…
How can I Go Wrong, I read it on TBP without a disclaimer. . . Maybe other people are in on the play ? So many rubes, So little time.
P.T. Barnum was RIGHT.
Bonus Question: How many dwt are in an oz of au ?
The answer to your bonus question depends upon whether the ounce is ozt. or ozadp. You reveal yourself as a dickhead with that question, as if there was any doubt left after the rest of your post.
Gold is always traded (and quoted) in troy ounces unless grams or kilograms or some other obscure unit are specified.
That’s the international standard and has been for a long time.
If you find it necessary to ask which, well …….. even a dickhead would know that and not have to ask the question.
” You reveal yourself as a dickhead with that question, as if there was any doubt left after the rest of your post.”
Correct Answer. Sticks & Stones Remember ? Thank you very much for your constructive and intelligent input and laser-like thinking from your obviously superior mind.
I look forward to your next post and the next Birch Gold Group advertisement disguised as a topic.
Cheers.
ps: So, if you’re not too busy lashing out and calling people names behind the safety of your keyboard, What are the answers, Big Brain Ed ?
20
I gots no dog in that hunt for that very reason.
401k……..because suckers buy into the scheme every time. I’m surprised they have not pushed the legislation to make you invest into .gov 401k’s policed up by the IRS like ObamaCare.
This world is so fukkin corrupt it’s almost not worth it anymore. A yurt on a mountainside in BFE is starting to look good.
Roughly half of all 401k savings has been outright printed by the Fed and other central banks. Perhaps as much as 80%. So what difference does a couple hundred billion make? This could be the racket that closes the budget deficit. The Fed prints even more money, buys more stocks and bonds (directly or through other central banks), and congress taxes 401k inputs at 50%. This would be yet one more way of doing the same thing as printing the money to pay the debt.
That explains why opting to cash a 401k from a former employer (their offer) gets you audited by the IRS. My wife did that in 2015, and we’re being audited for it now.
Any competent tax advisor or a few minutes of reading da innerwebz would have told you “why opting to cash a 401k” from any employer is a bad idea. Normally, cashing an IRA requires that 25% or more be withheld for the IRS so I don’t know why that would trigger an audit unless some shenanigans were involved but regardless, cashing in a 401k before retirement age is a boneheaded move.
Unless you are facing a financial emergency with no other way out and that is the only way you can remain solvent.
You go belly up and you lose the 401(k) anyway along with everything else.
Something the economically overextended find out every time easy money times dry up and with a predictable recession and economic retraction forcing a reckoning of their position with reality.
Keep running these Jim.
It helps to pay the bills and if guys do not want to read them,they can skip it.
It states at the beginning of the article that it is from Birch Gold Group.With the exception of newbies,everyone should know that that means gold and precious metals will be the solution for every situation they write about.
Additionally,I personally find the articles interesting and informative.
However,how many of you guys would rather he go to a paid subscription site,and how much would you pay each month?
Yeah anyone who trusts the government is a fool at this point. The entire point of 401(k) is so Uncle Scam has another pocket to steal from you. Social Security is a SCAm and so is the 401(k). Put it in gold, or tulips for that matter. Doesn’t matter. Try to get it out. Go ahead and try. Get set for a Wake Up Call from REALITY. You have to ASK to take this “money” out. You have to Get Permission from Uncle Scam. You won’t get it. They tax you when you make it, when you spend it, and when you save it. You lose money in every transaction – INCLUDING DEATH. Also, all that “money” is LOST FOREVER WITH INFLATION. Save it. Go ahead. When you “retire”, its worth Bupkus. The Federal Reserve is a Legalized Counterfeiting Racket. Its Monopoly Money. ITS ILLEGAL TO BUY ANYTHING WITH GOLD. Why? THE FEDERAL RESERVE ACT. Sucker…
“…if the tax break on deposits into 401(k)’s got the axe, they could generate upwards of $144 billion in new government revenue over 10 years.”
If my math is right, $144 billion equals less than 60 days of deficit spending at current rates. The sheep will barely look up from their iCrap when they cancel the tax benefit.
A bigger concern should be the two meetings held between the the Treasury Dept. and the Dept. of Labor a few years back. They were taped by CSPAN and are available for viewing on da innerwebz. In those meetings they discussed not *if* but *how* they intend to steal the roughly $24,000,000,000,000 (trillion) in US retirement accounts. Much like bank bail-ins, they intend to steal our cash and replace it with US Treasury bonds. The difficulty comes in making it “palatable” so they proposed three steps. 1. Introduction of the myRA which Obutthole did during one of his SOTU speeches. The next step is to make it required for those earning or possessing (I forget which) over a certain amount and the final step is to make it mandatory for everyone because your govt loves you and has your best interests at heart.
It’s not the total amount of deficit spending it would cover or offset that counts, it’s the amount of deficit spending (debt) that the 144 billion can service (the interest & payments on it) that counts.
That 144 billion could, under the right circumstances, service maybe as much as a trillion in new spending deficits.
It’s like how much of a new balance can x amount of dollars cover in minimum payments on your credit card.
Indecent,
I don’t know when that meeting was held but during the ’08 campaign,when people were fearful that the system was collapsing,a Dem congressman from California proposed rolling all retirement accounts into a government retirement account so that,you know,”workers”would be protected.
He was shut up immediately but he would not have put it out there if it had not already been being talked about.
However,I don’t really believe that it will ever happen because the vast amount of these accounts are managed by Wall Street,and they will fight it tooth and nail.
Keep it simple.
Fiat dollars = fraud
401k = trap
Social security = modified ponzi scheme
Gold and silver = real money (coinage act of 1792)
The Birch group is just giving you another way to hang onto your money when the SHTF.
A lot of TBP readers also read Zero Hedge, and you should know that the stock market is a really big bubble that is going to burst. When it does, what happens to your retirement savings?
Here is my advise: Divest some of your 401k into a self managed IRA with gold and silver that you can hold. If you don’t hold it, you don’t own it.
Or buy a lot of booze, cigarettes, spam, and ammo to barter with.
Keep stacking.
Yea, force everyone into a Roth, pay the tax now, save the money and the govt promise 40 years later that after it has grown you will owe no tax…..until Obama wannabe comes back and needs more taxes and says oh sorry we must now tax it at capital gains at least…..forgive them father they know not what they will do, to themselves. Imagine a bunch of snowflakes going through life and waking up one day around age 50 realizing they have no assets, no land, no money and owe tons of debt. Just how do you think that is gonna turn out. Revolution, you ain’t seen a revolution until you get 200 million people that were told to spend spend spend and the govt will take care of you only to find out socialism really didn’t work, again. While. Out of today’s politicians will have died of old age Imwould hate to be in office in 40 years. Many kings and queen were beheaded by the masses, remember your history……or the present Venezuela…….just sayin.