Where the money is....

When Willie Sutton bank robber was asked why he robbed banks he said "Because that is where the money is". How things have changed.

The banker's Bank the Federal Reserve is now robbing savers with near zero interest rates. Why? Because that is where the money is. It is a hidden tax. No law was passed. Still you are having the your money stolen through near zero interest rates to restore bank's balance sheets. If you had $300,000 in an IRA (or 401k) earning 5% in 2007 ($18,000 a year with nearly no risk) you are lucky if you earn half that today. That is a $9,000 or more of hidden taxes.

I hope to expose these types of actions and others by the FED and government. Boomers need to be vigilant - because their savings is where the money is. I will also delve into other areas of finances of interest to Boomers.

Sunday, March 13, 2011

Tax Social Security like other Defined Benefit Pension Plans?

Sounds like a plan to me.  Forget you paid taxes once on that money when it was contributed to Social Security - Uncle Sam Wants Your Money!!!  Think this is crazy?

The Congressional Budget Office came out with a thick report titled:

In here were potential expenditure reductions and revenue enhancers.  This is the one you are going to love if you are receiving Social Security (or expect to in the near future):

Tax Social Security the Same Way That Distributions from Defined-Benefit Pensions Are Taxed = +438b

Be vigilant, raise hell with your congressional representatives.

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