{"id":140,"date":"2014-09-26T18:29:38","date_gmt":"2014-09-26T22:29:38","guid":{"rendered":"http:\/\/www.torrid-tech.com\/community\/?p=140"},"modified":"2014-09-26T18:49:47","modified_gmt":"2014-09-26T22:49:47","slug":"torrid-technologies-unveils-new-report-cautioning-consumers-to-beware-of-legislative-ira-taxation-talks","status":"publish","type":"post","link":"http:\/\/www.torrid-tech.com\/community\/index.php\/torrid-technologies-unveils-new-report-cautioning-consumers-to-beware-of-legislative-ira-taxation-talks\/","title":{"rendered":"Is the Government Planning a Power Grab on YOUR Retirement Accounts?"},"content":{"rendered":"<p>Marietta, GA, September 24, 2014 \u2013 During a recent hearing on Capitol Hill with the Senate Finance Committee, the old rumors and fears of taxing retirement accounts were reborn. According to the hearing information released from the Senate Committee on Finance, Chairman, Ron Wyden (D-Ore), who wants retirement savings on the tax reform agenda, used a recent Governmental Accountability Office, analysis to\u00a0support claims that:<\/p>\n<ul>\n<li>incentives for savings in the tax code are not getting to the people who need them, and<\/li>\n<li>something is out of whack with a system that he said taxpayers are subsidizing at a current $140 billion\/year.<\/li>\n<\/ul>\n<p>Additionally, the same GAO analysis that the Chairman referenced contained the following data<\/p>\n<ul>\n<li>9,000 of population have IRAs greater than $5 million<\/li>\n<li>43 million of population have IRAs less than $5 million<\/li>\n<\/ul>\n<p>Sen. Orrin Hatch (R-Utah), Ranking Member of the Senate Finance committee claimed that to consider the Chairman&#8217;s claims are a &#8220;political strategy by some in Congress to turn pension policy into just another partisan battleground&#8221;.<\/p>\n<p>&nbsp;<\/p>\n<p>The committee noted that \u201cIRAs were never intended to become tax shelters for millionaires \u2013 they\u2019re designed to help typical Americans save for retirement.\u201d<\/p>\n<p>The committee\u2019s release goes onto say: \u201cAs the Finance Committee continues to work on modernizing the tax code, it should take a good look at fixing this issue. With limited resources, it\u2019s crucial to use taxpayer dollars wisely.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p>This language indicates that they don\u2019t want to allow IRAs to be tax shelters, which in turn implies taxing them because it\u2019s \u201ccrucial to use taxpayer dollars wisely\u201d.<\/p>\n<p>&nbsp;<\/p>\n<p>Torrid Technologies\u2019 founder and attorney Timothy Turner says, \u201cThe committee seems to be leaning towards the idea of eliminating or reducing the ability of IRAs to shelter money for retirement. They are doing this under the guise that it\u2019s somehow unfair for some people to have saved so much money, but the problem is once you go down this dangerous route where will they stop?\u00a0 How big or small of an account do you have to have before they eliminate the tax shelter?\u00a0 U.S. citizens don\u2019t want this type of intrusion into their retirement accounts.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p>For more information about the before mentioned U.S. Senate Committee on Finance hearing, please visit (http:\/\/www.finance.senate.gov\/newsroom\/chairman\/release\/?id=6605d837-6ab3-4bf8-938b-ce327bea119b)<\/p>\n<p>&nbsp;<\/p>\n<p><b>About Torrid Technologies<\/b><\/p>\n<p>Torrid Technologies offers a keep it simple retirement planning tool that allows you to hold onto a strong retirement future, even if the powers that be in Washington try to make a grab for it.\u00a0 You can download a complimentary demo copy from their website at:\u00a0 http:\/\/www.torrid-tech.com<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p align=\"center\">###<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Marietta, GA, September 24, 2014 \u2013 During a recent hearing on Capitol Hill with the Senate Finance Committee, the old rumors and fears of taxing retirement accounts were reborn. According to the hearing information released from the Senate Committee on Finance, Chairman, Ron Wyden (D-Ore), who wants retirement savings on the tax reform agenda, used [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,4,45,6,2],"tags":[12,13,22,23,28,10,31,33,34,7],"_links":{"self":[{"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/posts\/140"}],"collection":[{"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/comments?post=140"}],"version-history":[{"count":3,"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/posts\/140\/revisions"}],"predecessor-version":[{"id":143,"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/posts\/140\/revisions\/143"}],"wp:attachment":[{"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/media?parent=140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/categories?post=140"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.torrid-tech.com\/community\/index.php\/wp-json\/wp\/v2\/tags?post=140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}