Skip to comments.Government Raids PRIVATE Pensions To Pay For Spending (Ireland)
Posted on 05/11/2011 3:48:26 AM PDT by library user
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 to 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.
From the jobs initiative release:
The various tax reduction and additional expenditure measures which I am announcing today will be funded by way of a temporary levy on funded pension schemes and personal pension plans. I propose that the levy will apply at a rate of 0.6% to the capital value of assets under management in pension funds established in the State.
It will apply for a period of 4 years commencing this year and is intended to raise about 470 million in each of those years. The levy will not apply to pension funds established here and providing services and benefits solely to non-resident employers and members. Further details regarding the proposed application of the levy are set out in the Summary of Initiative Measures.
(Excerpt) Read more at businessinsider.com ...
What is this language comrade? The government will give it back, they promise. Now you let the government worry about your retirement /s
The only way to stimulate the economy is government spending?
Sure it will end in 4 years. Just like the US Congress got rid of the federal telephone tax enacted to pay for the Spanish-American war.
“Sure it will end in 4 years. Just like the US Congress got rid of the federal telephone tax enacted to pay for the Spanish-American war. “
I read that Ireland wanted to do a default /haircut of sorts, Geithner, the Wall Street owned b@stard vetoed it. God forbid Goldman Sachs and others pay for their stupidity.
Comments self censored.
They’ll come for your 401K in the U.S. Bank on it.
I used to think that government was incapable of solving any real problems and that the money they take in the form of taxes was almost universally wasted. I no longer have as positive a view of the federal government.
I was in Ireland in 2005, and things were ok. Six years later, the place is a disaster.
Next stop on the bankruptcy train: snag the money in the accounts entirely and replace it with crappy goverment bonds, a la Argentina.
We will deal with something like this soon. It is what spendthrift governments do.
I am in Ireland for three weeks; there is sure to be a discussion about this tonight at the pub.
having a pension fund is just another sign you are “rich”
fork it over, comrade
after all, you made that money by exploiting the masses and are now seeking to hoard it out of greed
(so goes the obama ideology)
Set up by the fedgov, can be taken by the fedgov.
Spending by Government does not stimulate the economy.
Haven’t they figured that out? Haven’t we here in the goood ‘ol U, S, of A?
They better not try that here. I’ve got a lot in my TSP account (federal government employees equivalent of a 401K).
The tax on private pensions will be 0.6%, and last for four years,
A tax on a taxed asset.
There is no such thing s temporary tax. After 4 years it will be extended, and shortly after that the tax will be increase a tenth or two.
Once politicians find out where they can get supposedly easy money, it becomes a vicious cycle.
Ive got a lot in my TSP account (federal government employees equivalent of a 401K).
Our government will start with TSP first. LOL
“aimed at keeping government jobs”
Even if taken out of context in this article, it’s still the real meaning of the tax.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.