UPDATE- More ON Obama Going after your 401K

Geaux4it

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Treasonist!

-Geaux

14 ways that Obama wants to raid retirement accounts

President Obama’s 2016 budget targets retirement accounts

Published: Feb 6, 2015 6:54 p.m. ET

President Barack Obama's Fiscal Year 2016 Budget was unveiled Monday to the American public, along with the Department of Treasury's Greenbook, which provides further explanation and details of the proposals in the president's budget.

In truth, the president's budget is really more of a "wish-list" than anything else, but it's a good indication of where the administration is headed.

This year's version of the budget included a number of provisions targeting retirement accounts. That was no surprise, as provisions aimed at retirement accounts have been a regular feature in budgets in recent years. What was a surprise, however, is how many proposals were targeting retirement accounts, and how many new proposals there were. All told, this year's budget featured over a dozen provisions that, if they were to become law, could directly impact your retirement savings.

Below you will find a complete list of these provisions, as well as some commentary:

1. Eliminate the special tax break for NUA

The proposal — Net unrealized appreciation, or NUA, one of the biggest tax breaks in the entire tax code for some retirement account owners, would be eliminated if this proposal were to become law. To be eligible to use the provision, which allows you to pay tax on some of your retirement savings at long-term capital gains rates, you must have appreciated stock of your employer (or former employer) inside your employer (or former employer)-sponsored retirement plan and follow certain rules. Any plan participant 50 or older by the end of this year (2015) would still be eligible for the special NUA tax break, provided they meet all the rules.

Comment — The tax break for NUA has been around for decades and now, it suddenly finds itself under attack. Although those 50 and over would be exempt, younger savers who invested in the stock of their company within their retirement plan would miss out on the tax break.

President Obama s 2016 budget targets retirement accounts - MarketWatch
 

HenryBHough

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At one point the Clinton regime was trying to get Congress to accept a "one time" 10% tax on accumulated 401K and IRA accounts.

Apparently those who killed it should have also driven a wooden stake through its heart.
 

zeke

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Net unrealized appreciation, or NUA, one of the biggest tax breaks in the entire tax code for some retirement account owners,


Now who could it be that uses this approach to saving for retirement? And what income levels does this effect most? Is it YOU that would be effected? No you say. I didn't think so.
You just out here shilling for the rich eh?


NUA or Rollover IRA? Below are some high-level considerations you should keep in mind when deciding between the NUA strategy or a Rollover IRA. As always, you should consult your financial representative to determine what may be best for your individual needs. IF YOU: NUA IRA ROLLOVER Realize significant market appreciation in company stock 3 Are in a high tax bracket 3 Are considering an immediate distribution 3 Are leaving stock to heirs 3 Want to defer taxes as long as possible 3 Wish to diversify your holdings out of company stock 3 Using the net unrealized “depreciation” strategy in a down market Participants holding company stock within a retirement plan that has decreased sharply in value may want to consider resetting the cost basis of that stock by selling the stock within the plan and repurchasing it shortly thereafter. Unlike stock transactions outside of a retirement plan, the “wash sale” rule does not apply. Lowering the cost basis of the stock might improve the potential benefit of applying NUA treatment when distributing the stock from the plan in the future.




Lets see, how many middle class people you think this proposed change would effect?
Don't worry goforit. Your heroes in COngress won't let this happen.

Plutocrats looking out for other plutocrats is the new American way.
 

haissem123

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Net unrealized appreciation, or NUA, one of the biggest tax breaks in the entire tax code for some retirement account owners,


Now who could it be that uses this approach to saving for retirement? And what income levels does this effect most? Is it YOU that would be effected? No you say. I didn't think so.
You just out here shilling for the rich eh?


NUA or Rollover IRA? Below are some high-level considerations you should keep in mind when deciding between the NUA strategy or a Rollover IRA. As always, you should consult your financial representative to determine what may be best for your individual needs. IF YOU: NUA IRA ROLLOVER Realize significant market appreciation in company stock 3 Are in a high tax bracket 3 Are considering an immediate distribution 3 Are leaving stock to heirs 3 Want to defer taxes as long as possible 3 Wish to diversify your holdings out of company stock 3 Using the net unrealized “depreciation” strategy in a down market Participants holding company stock within a retirement plan that has decreased sharply in value may want to consider resetting the cost basis of that stock by selling the stock within the plan and repurchasing it shortly thereafter. Unlike stock transactions outside of a retirement plan, the “wash sale” rule does not apply. Lowering the cost basis of the stock might improve the potential benefit of applying NUA treatment when distributing the stock from the plan in the future.




Lets see, how many middle class people you think this proposed change would effect?
Don't worry goforit. Your heroes in COngress won't let this happen.

Plutocrats looking out for other plutocrats is the new American way.
i see it's obama not wall street trying to rob our empty 401 ks. lol. What a bunch of horse shit. He's going after the wealthies vasts sums of hidden wealth. a tax on the owner of us is long past do . the rent is just too damn high
 

chikenwing

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Going after wealthies,LOL more of the same old politics of division,the weak minded lap up like warm milk.
This will hurt many middle class,the doubling of capital gains,anyone that owns a house should be outraged.The gov has no more right to the wealthies money than anyone ,supporting this simpleton politics speaks for itself,this budget is a political document,not a budget.
 

BluesLegend

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You didn't build your 401k wealth government did hence they are entitled to their fair share, just a look inside the average liberal mind.
 

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