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| Economy |
| Ireland: Government Raids PRIVATE Pensions |
| 2011-05-11 |
| Now...now... I'm sure nobody in Washington D.C. is even dreaming about doing this. Will they might be past the dreaming stage... The Irish government plans to institute a tax on private pensions to drive jobs growth, according to its jobs program strategy, delivered today. Without the ability sell debt due to soaring interest rates, and with severe spending rules in place due to its EU-IMF bailout, Ireland has few ways of spending to stimulate the economy. Today's jobs program includes specific tax increases, including the tax on pensions, aimed at keeping government jobs spending from adding to the national debt. The tax on private pensions will be 0.6%, and last for four years, according to the report. I'm sure it'll only be on until the spending to stimulate the economy suceeds in actually stimulating the economy. Which, of course, will never happen. |
| Posted by:CrazyFool |
| #13 And so the transition from citizens to subjects becomes more clear, and the concept of private property morphs to collectivism under the rubric of social justice and "equality". Too many generations were asleep at the switch, and we lost the educational system to marxists who have taught our children that this is the brave new future. Get what the wookie was saying when she made the prophetic announcement that her husband was going to be a transformational president? |
| Posted by: NoMoreBS 2011-05-11 16:07 |
| #12 Your 401K's? Your money? Tsk, tsk, comrades. This board is populated by a gang of deviationist kulaks. |
| Posted by: Matt 2011-05-11 12:33 |
| #11 they were thinking about flat out seizing ROA's and 401K's so that the Government can administer it for you The Gubmint doesn't have to seize these funds, they are perfectly capable of attaching so many restrictions to their investment & use that the putative owner of the funds winds up paying a chunk to get something back eventually. For example, the Gubmint could require all (or a portion of) 401K's to be invested in treasury paper. At this moment the minimal restriction is that the owner must pay ordinary income tax rates on money withdrawn from the funds in a given year. Cashing in an entire 401K could entail tens of thousands in federal income taxes if done in a single year, or only thousands in taxes if done over many years. I say 'minimal restriction' because the rules for tax deferred retirement funds vary depending on age and other factors. 'Minimal' is as generous as it gets. |
| Posted by: Anguper Hupomosing9418 2011-05-11 11:38 |
| #10 Same for the guy down the other road who has the fancy boat and TV and RV and bikes... but not a red cent saved for his retirement - he's entitied to a cut of my savings too right? I don't have a boat or TV or RV because I planned ahead and saved - yet the looters in DC just can't wait to start sucking the life out of that nest egg. |
| Posted by: CrazyFool 2011-05-11 11:29 |
| #9 I heard about that 'trial baloon' Mike - but the way I heard it they were thinking about flat out seizing ROA's and 401K's so that the Government can administer it for you - and everyone can have a 'fair' piece of your pie. From each according to his ability - to each according to his need. Meaning the generational welfare queen down the road who hasn't worked an honest day in their life (sounds like Obama... is that racist?) gets to have what I worked and saved and sacrificed for decades to have. |
| Posted by: CrazyFool 2011-05-11 11:26 |
| #8 FTA: a rate of 0.6% to the capital value of assets under management in pension funds established in the State. Note, this is not an INCOME tax but a PROPERTY tax, the total value of the funds is clipped 0.6% per year. I've owned my home since 1980, and the total amount of property tax I've paid on it since then is getting very close to what I paid for it. |
| Posted by: Anguper Hupomosing9418 2011-05-11 11:17 |
| #7 1937 Because times are tough, we'll open the bridge and charge $ .50 toll until it's fully paid off. 1955 Paid off, But, we'll keep a $ .25 toll only for maintenance. (fast forward 56 years) 2011 Because times are tough, we're going to postpone a toll increase from the current $ 6.00 to $ 7.00 but we still need more money to subsidize the buses and ferries from Marin County. On the table raising the toll during peak periods. Bridge |
| Posted by: GolfBravoUSMC 2011-05-11 11:07 |
| #6 Whilst QE is just naked inflation there isn't the money to pay creditors back. The choice is a haircut or inflation. I prefer the honesty of a haircut, and the economy would be far far better for it, but Governments are run by liars, for liars. |
| Posted by: Bright Pebbles 2011-05-11 10:16 |
| #5 They're stealing your 401(k) right now - Quantitative Easing is simply inflation, which is a devaluation of (confiscation of) savings. |
| Posted by: Glenmore 2011-05-11 09:22 |
| #4 They try stealing my 401K, my guns come out. This government keeps they way its going, and we will have an upheaval against the government that will make McVeigh's bomb look like a firecracker. |
| Posted by: The Other Beldar 2011-05-11 08:53 |
| #3 1930 Because times are tough, we'll open the bridge and charge $ .05 toll until it's fully paid off. (fast forward 81 years) 2011 Because times are tough, we're going to postpone a toll increase from the current $ 1.00 to $ 1.25 Bridge |
| Posted by: Besoeker 2011-05-11 08:01 |
| #2 Now...now... I'm sure nobody in Washington D.C. is even dreaming about doing this. Will they might be past the dreaming stage... CF, it's already been quietly suggested but there was a very quick withdrawal of the idea. You can bet though that there are folks in Fortress Washington who are watching this very, very carefully. Remember: US governments from the city to the Federal level are addicted to money as a junkie is addicted to heroin. And never for a single instant forget what a junkie will do to get his fix. Mike |
| Posted by: Mike Kozlowski 2011-05-11 07:51 |
| #1 Government evolved from "mafia" type entities. It's just reverting to form when it impoverishes its host. |
| Posted by: Bright Pebbles 2011-05-11 07:35 |
