Don’t Think This Can’t Happen Here
Lots of folks in DC would love to see the Irish get away with this
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.
“Ireland has few ways of spending to stimulate the economy.” Never mind the fact that it was the rampant spending that totally hosed their economy; no, no, the idea is always that Government spending is this magical elixir that “stimulates” the economy.
And if the Government has to literally reach into your cookie jar or under your mattress and steal from you to keep it going, well, by gum that’s what they’ll do.
Because that’s what they do.
Biz, Morality, Nanny State, Politics | Mr. Bingley | 
May 11, 2011 6:41 am
Subscribe
Yup, that’s what they do.
Oddly enough (or perhaps not so oddly), Ireland has very restrictive gun laws.
0.6% lasts for four years. 6% the next four years and then 60% forever, especially on those who have benefited the most, and who now must give back.
I think there has been more talk of outright confiscation, as opposed to taxation, over here. Oops! Did I say confiscation? What I meant was relieving you of the stress of private ownership and bringing it under the control of a caring government.
Here in the US they don’t want to confiscate anything, just force people to move some or all of those retirement funds out of stocks or other risky investments and into very safe t-bills. It will be for our own good, because everyone knows we are too stupid to manage our own retirement. Besides, it will be our patriotic duty to buy t-bills when nobody else will.
/sarcasm
A more likely tactic in my opinion will be an attempt to lower the age when you must start taking from retirement funds and an increase in the minimum annual distribution to get at the deferred taxes that are currently locked away. More and more commentators on the left include those deferred taxes when they talk about “costs” to the government every year.
That is also why people are starting to womder if they shouldn’t just spend the money in their Roths, as there are concerns that the roth accounts may be the first thing targeted by the feds.
Stopped putting money in my superannuation account. Regularly buy a bar of gold, or silver. The superannuation money won’t be there when you want it anyway. Government will find a way to confiscate it, or inflate it to zero value.