Skip to comments.Irish Bombshell: Government Raids PRIVATE Pensions To Pay For Spending (Could it happen here?)
Posted on 05/10/2011 9:52:37 AM PDT by SeekAndFind
Ireland's minister of finance, Michael Noonan, has outlined plans for a new tax on private pensions in Ireland.
The new tax on private pensions will be 0.6%, and last for four years.
This was just tweeted by Ireland's RTE News:
BREAKING: The Government is to impose a 0.6% levy on private pension funds for the next four years to fund its #jobsinitiative #dail
Doubt this will go over well.
More details to come...
(Excerpt) Read more at businessinsider.com ...
Well, someone has to go first ...
Is not the I WON going to Ireland sometime soon? Who knows what ideas and concepts he plans to bring back.
Will the last industrious, productive person in Ireland please turn off the lights upon leaving.
Didn’t Argentina seize all the money in private pension funds?
Do Irish pensioners pay income tax on the pension?
I already pay on my private pension at regular US federal tax rates.
It’s a helluva lot more than 0.6 percent obviously.
No - you pay income tax on withdrawels.
“0.6% to the capital value of assets under management in pension funds established in the State.”
This plan is to confiscate 0.6% of you fund balance, for each of the next four years.
Imagine if you have $100k in an IRA, and the government just confiscates $2,400 out of the fund balance.
Spreading the wealth, I think they call it.
Looks like it’s already starting to happen here:
Illinois Senate president wants to look at taxing retirement income
And here’s what other European countries are doing:
European nations begin seizing private pensions
Hungary, Poland, and three other nations take over citizens’ pension money to make up government budget shortfalls
Could it happen here? You betcha.
Sorry I am not well versed in finance or for that matter, any money matter.
Is this saying they are proposing no difference between the Before Tax and the After Tax contributions for your pension?
And it will only last 4 years,if you believe that i got a bridge for sale..
I wonder how quickly America will be locked down so the cowards in D.C. can move freely after their massive theft.
The problem with it happening here is that we will have some notice and a whole lot of money would leave the country in a very short period of time.
Really? They try and pass un-popular legislation all the time in the middle of the night while America sleeps..
The US Gov’t carries out its stealth taxes differently.
We have the FED buy Gov’t debt/print money. Money is printed, Gov’t spends it on “jobs programs” or whatever scheme they have in mind, the money stock is diluted, you pay more for food, fuel, etc... due to inflation, your savings are expropriated through negative real interest rates, and your real salary declines.
The end result is as the same as Irish though.
The GOP has control of Congress and there are enough T-Party people there that would not let this go through without a public vote.
No member of Congress who voted for it, would ever be re-elected.
The money was to be used to fund "inner city" projects.
Folks, that's how 1960s Marxist-Alinsky street/campus revolutionary rabble and their ideological issue feeeeeeeeel about these things. Arguably they are now "the Establishment." Certainly in the universities and the MSM they are. They are the Rat Party (formerly the traditional, patriotic Democratic Party).
Under ordinary circumstances, I would agree with you, hands down. What we have witnessed as of the last two years is a federal government that barely acts within the Constitution as it is.
At some point people may wake up and realize that what the Fed is doing is nothing short of Taxation Without Representation.
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