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Capitalist Pig Hedge Fund founder Jonathan Hoenig on whether the government will tax 401(K) accounts in an effort to boost revenue.
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For fiscal -- negotiations grinding on and on their seems to be growing buzz the government will soon -- get this retirement accounts.
In order to raise revenue.
It's actually happened before other countries but couldn't happen here Jonathan Hoenig is a Fox News contributor and founder of the hedge fund capitalist pig.
Jonathan -- back to the show okay thanks Terry who would you put the possibility.
Of congress come and after our four of one case that and it's a big.
Out of money.
Well it's an immense pile of money -- -- we know they're already going after -- investments right raising taxes on dividends and capital gains.
And given in the president's collect it is them.
I think that some sort of direct wealth confiscation of people's borrowing -- It is not impossible to begin with -- the tremendous amount of wealth.
And at the very least it might be eliminating the tax deferment that people have enjoyed it and it it -- further -- the Specter may very well be.
An outright wealth tax as you said it's happened many times in passive -- and Ireland that it's happened in Argentina could happen here as well.
-- I here's this big pot of money we're talking about eighteen point five trillion dollars.
You know we'll have these people -- in Washington they like to get their hands on whatever they can't -- Jonathan let me tell you this I had a guest on this week you told me that it was eerie sponsored ball.
Irresponsible.
For journalists report the possibility that the government sticky fingers might get onto our 401 case do you agree.
I don't did disagree -- all -- -- hopefully it's a warning sign in and look the president's proposal has been why has been widely reported that it contained.
No net new tax cut -- been spending cuts -- has been no real effort to reduce spending.
And it's I just thinks that that I was keeping and I in this week.
After the thirty days following election we've seen the biggest spike in physical gold sales -- gold coins and ever and they people are piling I've actually brought along that this is the F hunger.
A thousand Graham palladium bar people of Miley -- the precious metals now because they think the idea that with because there.
I -- -- out there or else government contacting their wealth and that's a very real fashion and capital markets.
What -- -- actually asking it it is that this guest of mine said it was irresponsible of the media to report that the government might do this.
And I actually think it's our solemn obligation.
To report.
Anything the government might be considering that they might tax to raise revenues.
And I think the 401K would be such a disaster on so many levels look it's not just.
That you might have to pay additional tax on your 401K is that we have a retirement crisis in this country people have not saved enough money.
And to tell them that they couldn't has said it set aside their money.
Tax free to tell them there was going to be it's more taxes when they take their money out of -- -- retirement accounts.
That would be a tragedy.
That would stop -- retirement saving as we know what don't you think Jonathan.
-- be a tremendous destruction of wealth but you know it it it's -- it happens all the time but people always compared to US is being the next priestly you know what.
Confiscation of private pensions.
Happening in Greece it happened just -- last year it happened in Argentina they confiscated thirty billion dollars in Ireland to pay for stimulus spending so.
-- -- a wealth tax of some sort especially -- borrowing keys with -- you pointed out people of put aside to try to you know save for their own future.
I don't think that's out of bounds for this president -- is firmly committed to spending and collective ism and eventually the bills have to get paid -- They can use.
-- -- not just -- -- it every elected official in Washington seems to be the exact same way.
And want to get their hands on our money.
And we need to be alert to -- it's not irresponsible not to mention -- I sure don't think so Jonathan thanks for coming on talking to us about it really appreciate your time.
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