Even this baby owes thousands on the national debt
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Lazamataz is hanging by a pixel!
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.
Earlier:
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 ...
You mean that Obama could do an end around on Congress?
He’s already done it. It’s coming through the Obamacare bill and SS. Social Security will be means tested, but Obama wants to make it look as though the Republicans are advocating it.
The tax on the 401Ks will come in the form of reduced SS payment. The bigger the 401K, the higher the tax, the lower the SS payment.
Honestly Eva, I don’t know what exactly “they” are capable of anymore. The track record shows “by any means necessary” and we apparently have a SCOTUS that can’t be bothered with Constitutional matters anymore; least not hot button matters.
“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.”
The number of people with a significant amount of money in these plans is probably not enough to overcome the liberal media’s championing of the cause.
Someone’s got to pay off the Banks somehow.
Bloody way to run a country that could be extremely productive into the ground,same thing that happened under British rule is happening now.Most likely it will lead to the same results.
Then the lunatics running this country will go crying that they had to pay for making a mess of things,what a bunch of ignorant trash.
bttt
What do we get for putting our money in a (pre-tax) IRA or 401K? Do we get a tax break? Not really, we get taxed on the full amount, it is just delayed. So what good is it? It is rules city, limits and penalties if we withdraw early, withdraw late, etc., etc.. And now it is in danger of being taxed or confiscated. For what? The big, great, advantage of delaying taxes from when it is earned to when it is spent. It ain’t worth it.
I don’t know, it seems to me that almost everyone who works in the private sector has a 401K.
Maybe we should suggest that the tax be extended to union pensions at the same rate.
Of course the assumption is that the tax rates in the future will be comparable to today’s tax rates, but what if they are much higher in the future?
No actually. You won't have ANY notice. You'll wake up, and poof they will be GONE.
If you don't HOLD it, you don't OWN it.
Folks, this are two reasons why governments love pension progrms. The first reason is the ostensible concern that people are too stupid to save for their old age. The second is that pension programs create vast pools of wealth that can be easily tapped into because they must account to government.
You do know that distributions from IRA and 401k accounts ALREADY increase the fraction of SS payments included in taxable income. Once upon a time, all SS payment were tax-exempt because FICA taxes were originally subject to income tax. That changed during the Reagan Administration.
Additional means testing of SS benefits is inevitable regardless of whether Republicans or Democrats are in charge. The government’s welfare programs, especially Medicare, Medicaid, and Social Security, are simply unsustainable. They are programmed to blow up, and there is nothing that can prevent it. Goldwater warned of this day back in the 1960s. It’s not a matter of “if”, but “when”.
Exactly. We don’t know what the tax rates in the future will be, but if the debt bomb is any clue, they will probably be much higher.
As soon as the road is paid for we'll stop collecting tolls.
RE: The new tax on private pensions will be 0.6%, and last for four years.
HA HA HA “last for four years” my foot.
Remember what Ronald Reagan warned after years of governing and observing :
“The nearest thing to eternal life we will ever see on this earth is a government program.”
That’s why inflation is goobermint’ favorite tax.
“I don’t know, it seems to me that almost everyone who works in the private sector has a 401K.”
Yes, but what you have to look at is how many people have over, say, $20,000. I read a statistic that said that number was fairly small. The gov’t will say that they are going to take that paltry sum and offer a better benefit.
I think lots of people are dumb enough to believe it.
Unless they make it retroactive, which the Feds have done in the past?
So it is best to spend it all now, instead of saving up for retirement?
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