MONEY: The Congress reneges on Coverdales

Yet Another Reason Not to Make Tax Avoidance Your Top Goal
For Immediate Release
August 06, 2010

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Congress cuts a tax break retroactively – again!

Congress creates a program that offers tax benefits. Taxpayers participate in the program. Congress then eliminates the program’s tax benefits, retroactively denying the benefits to the taxpayers who had participated in good faith.

If you think you can trust Congress to honor its obligations, think again. Congress has changed tax rules retroactively several times before — and it just did it again.

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By the way, Congress currently says that money placed into a Roth IRA can be withdrawn tax-free in the future.

Do you really believe that?

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One of my initial reluctances to get involved with IRAs was the “political risk”.

We’ve seen several trial balloons about the Gooferment seizing the IRA / 401Ks in exchanged for an enhanced social security benefit. Where else are the politicians and bureaucrats going to find the amounts of money they need to keep the merry-go-round turning. And, all they have to do is issue diktats to the relatively small finite number of “custodians” to turn it over. It’ll be easier than FDR’s gold confiscation.

Does this start the NEXT american revolution?

Do the Sheeple have to see the boxcars destined for the camps waiting to be loaded before they wake up?

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