Ireland Proposes To Tax Pensions

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Tue, 05/10/2011 - 14:15 | 1259820 max2205
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Tue, 05/10/2011 - 14:31 | 1259903 carbonmutant
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Consumers are the Krill at the bottom of the food chain,

Without their revenue the whales die.

Tue, 05/10/2011 - 15:05 | 1260030 That Peak Oil Guy
That Peak Oil Guy's picture

You're probably thinking of phytoplankton, which krill feed on.

Your metaphor is good, but we do see the same behavior in the natural world, with humans doing things that kill off the phytoplankton, setting us up for long-term failure:


Tue, 05/10/2011 - 16:56 | 1260559 caconhma
caconhma's picture

Now I understand an old saying that Irishmen are a missing link between a man and a monkey.

Tue, 05/10/2011 - 14:32 | 1259911 4shzl
4shzl's picture

"the imposition of the levy is for a relatively short period"

LOL.  That's right, and I'll only stick it in a little ways -- just the pink part.  So be a good lad and grab your ankles . . .

Tue, 05/10/2011 - 14:49 | 1259967 JimBowie1958
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You know it.

There is no such thing as a temporary tax on anything.

Tue, 05/10/2011 - 14:48 | 1259980 Dr. Richard Head
Dr. Richard Head's picture

This true, but they will never get me pot of gold. 

Tue, 05/10/2011 - 14:35 | 1259913 CPL
CPL's picture


Only way to get out of debt is to tax the debt.

Tue, 05/10/2011 - 14:41 | 1259940 SilverRhino
SilverRhino's picture

Actually this is a tax on the Irish equivalents of the 401K / IRA programs.  

Basically it boils down to the .gov stealing your retirement account piecemeal under color of law.

Tue, 05/10/2011 - 14:43 | 1259954 A.W.E.S.O.M.-O 4000
A.W.E.S.O.M.-O 4000's picture

I think that's "colour" of law laddie.

Tue, 05/10/2011 - 23:55 | 1261771 Harlequin001
Harlequin001's picture

Actually the correct word is 'color'...

Tue, 05/10/2011 - 14:36 | 1259914 MonsterBox
MonsterBox's picture

yeah, right.  once it's in, it's in forever. 

thanks, Mick.  now we'll try it out over here on our sheeple

Tue, 05/10/2011 - 14:48 | 1259963 Hacked Economy
Hacked Economy's picture

Reminds me of a recent attempt by our own U.S. Senators to introduce a tax on our 401(k) and IRAs.  They were laughed out of Dodge, but determined people looking to take your money always find their way back to try again.

Tue, 05/10/2011 - 23:57 | 1261779 Harlequin001
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There is no way that any government will default rather than steal pension fund assets. Or leave precious metals investors with their gold either, simply because they were so smart...

Wed, 05/11/2011 - 07:13 | 1261789 Harlequin001
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Wed, 05/11/2011 - 08:20 | 1262289 TheMadNumismatist
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To right! In the UK our private pensions funds just about match the national debt. As it does in the US. Now, with the furore over public sector pensions, it will be easy to distract the unwashed masses with an assault on the public sector. With the other hand they take private savings and hand over a few coupons for the soup kitchen.

Most people are so dumb they will actually THANK the scum bags for doing it and the sense of schadenfreude will assuage most.

Tue, 05/10/2011 - 14:39 | 1259924 falak pema
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Tue, 05/10/2011 - 15:07 | 1260035 Bob
Bob's picture

That was one large leg on the map that got them to their current position, after all.  Why change something that's workin' so well, I guess. 

Tue, 05/10/2011 - 16:35 | 1260433 Nels
Nels's picture

You are comparing an income tax with a wealth/property tax, which is not quite on target.  The neat and dirty trick is that by taxing the assets, rather than income from the assets, the government is assured a steady stream of money.  I wonder if they got the idea from the hedge funds 2+20 fee structure.  If so, yet another reason to hate the hedgies.


Tue, 05/10/2011 - 23:56 | 1261765 Harlequin001
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Correct, an income tax is dependent on these funds making money whereas a direct tax on assets such as this indicates that they know for certain that when the defaults arrive and the value of these funds plummets, they will still take their 'tax'. These funds are not going to make any profits.

The good thing about all of this is that after the collapse and ensuing revolution we will all have a system that protects individuals rights of ownership and prevents governments simply levying any old claim against some one's assets. That is more commonly known as stealing. Income is a different matter...

Tue, 05/10/2011 - 17:00 | 1260562 lynnybee
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BINGO !!!  throw the bums out / take back our countries .

Tue, 05/10/2011 - 14:44 | 1259951 bigwavedave
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longer range. now im thinking of retiring to ireland instead of Canada. 


Tue, 05/10/2011 - 16:15 | 1260364 Romford_Dave
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The Emerald Isle has been good for pensioners for a long time Bigwavedave as found out by UK mainstream media back in the summer of 96 Maybe not quite so much now after this latest ruse but there's still many a Molly to keep you feeling alive alive o even after the Guiness.

Tue, 05/10/2011 - 15:18 | 1260102 Hugh G Rection
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Just don't tax the whiskey, all hell would break loose...

Tue, 05/10/2011 - 16:27 | 1260413 tao400
tao400's picture

Don't laugh. That is the first step in confiscation of private assets by the state. Anyone who does not think this can extend to the US and to physical gold is a fool. The state/government will do whatever it damn well wants to do. This to me is beyond scary. They have moved from cutting the value of money/dollar to an outright confiscation.

Tue, 05/10/2011 - 23:48 | 1261751 Harlequin001
Harlequin001's picture

Anyone who buys gold and silver is a fool, unless you've taken care of the tax issue first.

They will simply demand it from you and you will have no option but to pay.

Tue, 05/10/2011 - 14:13 | 1259822 economessed
economessed's picture

Why don't they just grab citizens at random by the ankles, lift them up, shake them, and take whatever money falls out of their pockets?

Tue, 05/10/2011 - 14:17 | 1259832 SheepDog-One
SheepDog-One's picture

Why dont we just grab bankers, put a rope around their necks and haul them up lamp posts?

Tue, 05/10/2011 - 14:19 | 1259849 Id fight Gandhi
Id fight Gandhi's picture

Oh my no. You can't tax corporations or bankers. They might stop laundering their money there. Just make the peons pay. If they don't throw them in debtors prison.

I've heard you can be jailed for not paying your mortgage there.

Tue, 05/10/2011 - 14:31 | 1259887 EscapeKey
EscapeKey's picture

You can, but that would cause a substantial drop in tax revenues in Ireland, as they're all there to take advantage of the low rates.

And if you were to force all countries to have the same tax regulation, you'd effectively land in world government, and there's fuck all chance I'd trust any politician with that kind of power.

Tue, 05/10/2011 - 14:22 | 1259850 economessed
economessed's picture

OK, but who would continue paying-off the politicians if we snuffed-out all the bankers?

Tue, 05/10/2011 - 14:49 | 1259972 JimBowie1958
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Who cares?

Tue, 05/10/2011 - 14:50 | 1259974 JimBowie1958
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double post

Tue, 05/10/2011 - 14:52 | 1259995 Francis Dollarhyde
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Well you see, we let COMEX handle our hemp reserves, and when we went to take delivery...

Tue, 05/10/2011 - 14:59 | 1260009 uno
uno's picture

pay per view of gangsters (banksters) getting Mayan heart extraction


Tue, 05/10/2011 - 14:23 | 1259854 Troy Ounce
Troy Ounce's picture


The Irish gov is doing that before smashing them against the wall.

What is interesting is that the Irish population seems to like it.

Tue, 05/10/2011 - 14:28 | 1259873 ivana
ivana's picture

they better exectute 20-30% of "non-performing" population for start

Tue, 05/10/2011 - 15:14 | 1260080 A.W.E.S.O.M.-O 4000
A.W.E.S.O.M.-O 4000's picture

I think it's time for them to put down their pints, stop fucking sheep, and get on the ball.



What's that? I've just been informed that it is in fact the Welsh, and not the Irish, who are a bunch of sheep fuckers. Apologies to all parties concerned.

Tue, 05/10/2011 - 15:21 | 1260121 reload
reload's picture

LMFAO ! excellent

Tue, 05/10/2011 - 14:14 | 1259823 Xibalba
Xibalba's picture

Spooz on highs. 

Tue, 05/10/2011 - 14:14 | 1259827 SheepDog-One
SheepDog-One's picture

How is this news? This has been talked about for months now, of course pensions will be looted by the fat pigs in the banks!

Tue, 05/10/2011 - 14:27 | 1259869 Franken_Stein
Franken_Stein's picture


Allied Irish Banks and Anglo-Irish Bank.


In this context Sean FitzPatrick is tried for:

  • Temporarily transferring his loans from Anglo Irish Bank to Irish Life and Permanent to avoid financial statements
  • more Irish Life and Permanent transactions in 2008.
  • A Willie McAteer loan of 2008

David Drumm is tried for:

  • Temporarily transferring FitzPatrick's loans from Anglo Irish Bank to avoid the financial statements
  • The Irish Life and Permanent transactions in 2008.
  • The alteration of terms for ten key customers
  • Loans to four other key management personnel

Willie McAteer is tried for:

  • Temporarily transferring his loans from Anglo Irish Bank to avoid financial statements
  • The Irish Life and Permanent transactions in 2008.
  • Not declaring a loan in 2008

Peter Fitzpatrick is tried for:

  • Irish Life and Permanent transactions in 2008.


Tue, 05/10/2011 - 14:14 | 1259830 silvertrain
silvertrain's picture

I wonder if it applies to those who keep there pension in Krugerlands?

Tue, 05/10/2011 - 15:28 | 1260164 nmewn
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Tue, 05/10/2011 - 14:30 | 1259831 hugovanderbubble
hugovanderbubble's picture

Middle Classes Destroyed...thanks.

  Uk Financial Institutions will be most affected by Irish Government Debt Haircuts schemes- Haircuts Range goes Between 40-60%- Sell Uk Financials next quarter. Peterssen, Hugo -


 Also Short Heavily GBP/EUR and GBP/USD for next 2 quarters,


Tue, 05/10/2011 - 14:15 | 1259834 BrianOFlanagan
BrianOFlanagan's picture

governments absolutely despise savers.  Stealing it through inflation is not enough for them, now they must tax it too.

Tue, 05/10/2011 - 14:22 | 1259848 topcallingtroll
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To spend on special interests and the politically connected to obtain faster "growth."

Tue, 05/10/2011 - 23:49 | 1261744 Harlequin001
Harlequin001's picture

If you save, they can't sell you a bond either directly or through your pension fund...

Tue, 05/10/2011 - 15:39 | 1260200 Crack-up Boom
Crack-up Boom's picture

No no - they love savers.  It's so easy to steal from savers!

Tue, 05/10/2011 - 14:19 | 1259838 Silver Bug
Silver Bug's picture

Wow, they are simply hollowing out that country (as they are many others). They need to simply default on the banksters, and let the healing process begin.

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