This is a call to each and every one of you.

In case you did not know, the corrupt failures in Washington, D.C that have spent us into oblivion, to where all they do is deficit spend and have no care, no pain and no qualms whatsoever. And just print money to pay for these deficits, which will cause long term problems.

Guess what they’re talking about now. Yes…I’m not making this up.

They are now looking at retirement accounts. You see there’s about $18 trillion in retirement accounts. And now they’re trying to do something different with them. Why? That’s where the money is.

Do not let these crooks get away with it.

The only thing good that has ever been done is retirement accounts:

  • Our ability to take money and put it away on a tax deferred basis, whether it’s a regular IRA or a SEP, where you do not the taxes on it now, but you pay it later when you take it out.
  • Or a Roth IRA where do you do not get your deduction now, but you tax out tax free.

Now our wonderful sleazy scummy politicians want to get their greasy grimy hands on this. This week, the House Ways and Means Committee heard from several experts on the subject, now meaning there’s increasing focus on retirement savings. What they’re thinking about is changing the tax structure and the way you get the write-offs.

They are looking at:

  1. Taking away tax advantages for inherited IRAs, making the heirs empty them out and pay any income tax due within 5 years.
  2. Capping retirement plan contributions at $20,000 or 20% of compensation, when right now it’s capped at $50,000.
  3. Replacing exclusions and deductions for retirement savings with a tax credit

…and I could go on and on.

Kids, start yelling and screaming at your congressman, senator and whoever else.

That’s all I can tell you.

Every politician in Washington is an abject failure as stewards of our money and our Treasury. Our Treasury Secretary is an abject failure. Our President, an abject failure. George Bush, an abject failure. Hank Paulson, an abject failure. Ben Bernanke, a double abject failure…as stewards of our hard-earned taxpayer dollars.

And you have Barack Obama who simply took Federal spending from $2.5 trillion to approximately on average to $3.5 trillion approximately on average overnight and has kept it there–enriching his cronies, his buddies, and his friends. He lied to each and every one of you about who he was and what he’s about.

And now he’s across the country yelling and screaming, “do not change who’s running the show because they’ll take it away from you.”

Anyone who’s interested in balancing budgets now are “extremists, racists and uncaring people who want to throw out the poor in indigent. They do not care about children and the elderly.”

That’s the game. Ladies and gentlemen, except about 5 to 10 people in Washington, they’re all abject failures. And it’s getting worse by the day. Every day when I go to GaryK.com and look on the right side at this little clock that keeps on going DEBT, DEBT, DEBT and more DEBT put upon your children.

Now watch this.

Just stop reading for 10 seconds.

$417,000 was just added to our debt in the past 10 seconds.

You got me on that? Leave no doubt. At the end of this road, there will be a debt implosion. Because the people running the show do not give a crap about it. This president does not care about debt. He thinks it’s funny.

And they want to come after your retirement accounts.

Just letting you know. 


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Gary Kaltbaum owns Kaltbaum Capital Management, LLC (“KCM”), an investment adviser registered with the U.S. Securities and Exchange Commission. The opinions expressed herein are those of Mr. Kaltbaum and may not reflect those of KCM. The information offered in this publication is general information that does not take into account the individual circumstances, financial situation or individual needs of an investor. The information herein has been obtained from sources believed to be reliable, but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results.