by Randall Smith | 3:19 pm, April 7, 2013
It looks like President Obama is firing the
first salvo in the battle to seize the savings of Americans. Their
first target? Retirement accounts. The plan, as it’s starting to come
out, would limit the amount that individuals can keep in these
Under the plan, a taxpayer’s tax-preferred retirement account, like an
IRA, could not finance more than $205,000 per year of retirement – or
right around $3 million this year.
Yup. The government is going to decide how much a person
needs for retirement.
The proposal would save around $9 billion over a decade, a senior
administration official said, while also bringing more fairness to the
Did you catch the double speak? Confiscating more of your money is
now considered government “savings”. The money Obama wants to
confiscate is the deferred taxes that are granted to those who invest
in these types of accounts. IRAs and 401(k)s encourage long term
savings by deferring the taxes on money placed in those accounts until
it’s withdrawn much later. In fact, there are heavy penalties if a
person withdraws that money before they’ve reached “retirement
age”. Those taxes are not lost.
As an aside, I’d like to note that money in these accounts is not
sitting idle. It’s invested in companies, helping them to grow and
employ more people. Apparently, Obama wants to discourage such
investments in our economy.
Now, let’s take a look at the other half of that last quote. Again,
that magic word “fairness” shows up and once again, it proves that it
does not mean what progressives think it means.
Let’s consider fairness in sports. The NCAA basketball tournament
has been played out over the week or so. Sixty-four teams enter the
tournament and compete until one emerges as the champion. Every team
competes under the same rules. It would not be fair for one team to
have the standard ten foot hoop while the other must use a 20 foot
hoop. Nor would it be fair for one team to be allowed 12 players while
the other is limited to four.
To apply the logic from the Obama proposal to the basketball court,
it would be as if baskets made after a team was more than ten points
ahead or had more than 40 points would only count one point no matter
where on the court the shot was taken.
Let’s come back to the first point about how much a person
needs. Progressives love to define need. No matter the topic, when
they start drawing a line of need, it means that they will soon start
outlawing possession above that line.
Look at the recent gun debates in Colorado and elsewhere. They
declared that a person doesn’t need magazines that hold more than ten
rounds and then started to ban them. They declared that people didn’t
need rifles with certain features like pistol grips and then started
to ban them.
Now look what they’re doing with retirement accounts. They are
declaring that people don’t need more than $205,000 per year. The next
step is obvious. They will begin to confiscate any money stored in
these accounts above this magic number. The recent actions by Cyprus
to seize the money in Cypriots’ bank accounts proves that that will be
the next step.
Americans have two choices to prevent this (short of
revaluation). First, they can vote the looters out of office before
such confiscation can take place. Second, the can pull their money out
of their retirement accounts and stuff it under a mattress in the form
of cash or something of actual value like gold.
Illinois is already taking steps in case people make the second
are starting a statewide precious metal registry. As we’ve seen in
the history of guns, registration leads to confiscation. It’s already
happened in American history. When private gold ownership was
outlawed, the banks were closed while Federal agents raided safe
deposit boxes to seize any gold stored within.
Despite the clear evidence to the contrary, President Obama has the
gall to claim that citizens don’t need guns to defend themselves from
by Eileen | 7:06 pm, March 15, 2013
In one day, two major court decisions have put Executive overreach on the defensive and given civil liberty advocates momentum. In California, a federal judge held that National Security Letters, with their built-in gag orders, are unconstitutional. (Decision, here.) Meanwhile, federal courts also reinstated an ACLU lawsuit challenging the CIA’s ‘Glomar’ response of targeted drone [...]
In Which Eric Holder Takes Care of His Correspondence Whilst Mssrs Graham and McCain Pursue Political Hari-Kari
by Eileen | 4:44 pm, March 7, 2013
And, on that note, may hordes of angry voters wing you to irrelevance and powerlessness: John, Lindsey, you have brought shame on your office and neither of you is fit to serve the Americans – and that is the official editorial position of the Peoples Press Collective. Rand Paul, meanwhile, has a lifetime honorary membership [...]
by Eileen | 11:46 pm, March 6, 2013
We are into the 13th hour of a filibuster to demand accountability from Barack Obama on drone killings. At this moment, I feel better about the state of the Union and the hope for this nation than I have in years. I adore the concept of the filibuster and I am downright lovin’ this particular [...]
by Eileen | 4:32 pm, March 5, 2013
The last public news on John Brennan, Barack Obama’s pick to head the CIA, was weeks ago, when his public confirmation hearing was held. In short, Code Pink made fools of themselves, Brennan lied, committee chair Dianne Feinstein lied and made a fool of herself, and there was posturing all around. In other words, all went according [...]
by Eileen | 9:40 pm, February 26, 2013
In a 5-4 ruling with Alito writing for the majority, SCOTUS upheld warrantless wiretaps of Americans, provided the government states it has a good faith belief the citizen is speaking to a foreign national involved in terrorism. Plainly, provided they can keep a straight face while claiming they thought your pen pal was an al’Qaeda [...]
by Eileen | 8:23 pm, February 26, 2013
John Kerry has assured the Germans that Americans have the right to be stupid. Read into that what you will. It certainly continues a tradition of wannabe statesmen making asses of themselves to Berliners. To wit, Kennedy’s moronic ‘Ich bin ein Berliner’ comment. This was profoundly stupid (as was his right) not because the President [...]
by Jon Caldara | 2:17 pm, February 26, 2013
Obama is trying to spook state governors about budget cuts that could effect their states. I say call his bluff. I also say no one can notice my double chin thanks to my manly beard. Watch this 9news piece and see if you can catch my chins.
by Corey J. Wesley | 9:57 am, February 25, 2013
In his 2013 State of the Union Address, Barack Obama proposed an increase of the federal minimum wage to $9.00 per hour. Since the president’s address pundits, politicians and voters have weighed in with varying opinions on the topic, most of which are based on feelings and emotion. In this assessment of the issue I [...]
by Eileen | 7:49 am, February 17, 2013
CISPA, the Cyber Intelligence Sharing and Protection Act, is back. In the last Congress, House Intelligence Chair Mike Rogers (R-MI) and ranking member Dutch Ruppersberger (D-MD) introduced the bill and got it through the House. After that, the Senate ignored it. Now, Rogers and Ruppersberger are running the same version of CISPA that passed in [...]keep looking »
- PPC Training for Activists
UPDATE: Something apparently got messed up with the PayPal buttons during this past weekend’s database glitch – fixed now. Yes, it’s that time again — PPC will be conducting training classes for center-right activists on Saturday, April 20 and Saturday, April 27, at Independence Institute in Denver. The tentative class schedule is as follows: Saturday, [...]
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