All you need to know about Virginia House Speaker William Howell.
Howell says there’s “talk in Congress about basically confiscating your private 401(k) or IRA,” which suggests there is serious consideration of such a proposal. He cites two-year-old testimony by a think-tank economist that makes no mention of seizing tax-deferred saving plans.
We can’t find a single story in a national newspaper that warns of confiscation. AARP, the nation’s largest lobby for seniors with a reported 40 million members, says it “hasn’t heard anything about it at all.” The web sites reporting government seizure efforts cite statements and reports that, in fact, make no such suggestion.
And it gets even more ridiculous when Howell, himself, says he knows it’s not going to happen. We rate his claim Pants on Fire.
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