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Obama Proposes Retirement Account Limit In First "Wealth Tax" Salvo
The witch-hunt against the "rich" (as defined by a random group of people) through the establishment of creeping global capital controls continues. First, it was Europe deciding that €100,000 in savings is the "fair" threshold on savings above which any haircut goes, with Cyprus demonstrating first. and next Italy making it clear local depositors above the threshold will also be impaired in the future; then a group of journalists mysteriously lands millions in top secret files exposing essentially every offshore bank account: a perfectly legal option, however when mixed in with the implication that this money is all tax-evasion gotten it provides for a combustible mix, and now it is America's turn to fire the first shot across the capital control bow, because as part of his proposed budget, Obama plans to set a limit of how much one can spend per year on retirement through tax-preferred retirement plans. As it turns out, according to the Obama administration it is only fair to spend a total of $205,000 in nominal dollars per year on retirement, but not more.
Per The Hill, "The proposal would save around $9 billion over a decade, a senior administration official said, while also bringing more fairness to the tax code." Ah yes, "fairness." This means that as a result of the artificial limit, the Budget will set a total cap on retirement plans of about $3 million. Anything above that, feel free to please spend on your peas instead of saving, or just invest in Bernanke's stock market ponzi. After all, that is the only artificial indicator Obama has to point to, when "proving" his policies are working.
Of course, once the administration's destructive policies of attempting to inflate away the debt finally funnel through to the economy, and inflation explodes, that $205,000 may or may not be enough to buy a loaf of bread. But why pretend to even think logically or ahead at this point. It's not like anyone has any real plans about the future of the country when the president is actually willing to release statements like this: “Under current rules, some wealthy individuals are able to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving."
Why thank you Mr. President for telling the people what you consider "reasonable." Of course, it would be so much below you to simply go on the record as saying the rich (arbitrarily chosen as those who have over $1 million in assets... or $500,000... or $50,000 - who knows, it's "arbitrary") are now fair game and all those who recently received an Obama phone would be legally excused if they were to accidentally eat them. Because all is fair in hate and class warfare.
And speaking of hate, that is precisely the cover that Obama will use to pass his proposal:
The most prominent taxpayer with a multimillion-dollar IRA is Romney, the 2012 Republican presidential nominee and co- founder of Bain Capital LLC. Romney disclosed in public filings during the campaign that his retirement account held between $18.1 million and $87.4 million. At one point, the maximum exceeded $100 million.
IRAs have evolved from a retirement-planning technique into an estate-planning tool for some wealthy families because tax laws allow the accounts to be passed on to heirs, said Ed Slott, an IRA specialist and certified public accountant based in Rockville Centre, New York.
“Over the last election it hit a critical mass when a lot of people found out that Romney had $100 million in his IRA,” Slott said. “People thought, how on earth did that happen? I think that was the tipping point.”
The Romney campaign didn’t explain how he amassed that much money in an IRA when contribution limits are much lower. Most taxpayers can contribute a maximum of $5,500 for 2013. Older workers, self-employed workers and those who save through 401(k)-style plans have higher caps and can roll those accounts into IRAs.
One possibility is that Romney included Bain investments valued at close to nothing that later grew exponentially. The value would increase tax-free in the retirement account and would be subject to taxation at ordinary income tax rates when taken out.
Of course, the outcry from those who are stupid enough to actually save cash instead of blowing it all on iPhones and other worthless gimmicks will be loud, but since they are outnumbered about 9 to 1 by those who have zero financial planning skills, zero savings but lots of debt, will be promptly drowned out.
We wonder if the administration be as forceful in limiting the net present value of public worker retirement pensions (funded by other taxpayers of course), already over $500,000/year in some cases, with the same passion as it has in going after private wealth. Or maybe because the purchasing of votes with other people's money might be impaired, Obama will just let this slide?
Finally, like everything out of the administration, there isn't actually a plan on how to do this:
The administration’s statement didn’t explain in detail how the proposal would work. The cap would apply to the total of all of an individual’s tax-favored retirement accounts.
So all up in the air and very much unknown. But what is very known is that the tax on the wealthy, which by definition has to be global in nature, is rapidly coming, and the only question is at what threshold of total taxable financial assets it will be arbitrarily set.
However since we predicted all of this in September of 2011, and did some math to go along with it, expect to hand over anywhere between 30% and 40% of your hard earned assets to whatever parasitic government happens to be your host (this of course, after being taxed on the cash flows used to generates these assets).
Because in the new socialist international normal, "it's only fair."
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People are starting to realize that the government is not going to provide for them during retirement. All indicators point towards increased taxation and a decrease in the value of a dollar. This means that the fully taxed IRA and 401(k)s may not get the job done.
With Internal Revenue codes such as 7702 and 72e we have the ability to accumulate cash within a permanent insurance policy as tax-deferred. As long as the insurance contract is constructed within the TEFRA, DEFRA and TAMRA guidelines, cash values can be withdrawn with no tax consequences.
In addition to this there are the advantages of an Indexed Universal Life product (IUL). An IUL is linked to a market indicator or index and then that credited interest is limited by a minimum guaranteed interest rate as well as a capped interest rate. This means you can enjoy the upside of the market without having to be involved in the downside. An IUL product still has all the traditional benefits and advantages of life insurance but because of the above advantages also serves as a valuable engine for tax-deferred wealth accumulation.
Pacops.
Thanks for fleshing it out. I'm 39 and have never expected there will be anything left for me from SS when I get to that point. This sounds interesting.
You are welcome. At 39 forget SS. Find someone with a successful track record of structuring IUL's and look at several, custom designed for you and your desired outcome, and this is where all non-essential $ beyond your PM stacking would be best put. The math works. Congress designed all the laws and IRS regulations for this and you may ask how many congresscritters use this strategy themselves? Duh!
If you are high net worth or will be then check this out: http://www.slideshare.net/JCraigSullivan/the-ideal-plan-article
PostFinance posted my SWIFT xfr from Wells sometime overnight, so they must have processed and executed it in the US within 5 business hours of the original request
If your transfers are taking longer then one business day something is fishy, but here's a list of possible issues that did not come into play in my case-
1. There was no currency conversion (Wells was wiring out USD which they have endless supply of)
2. There was no correspondent bank involved in the transaction, it was between two member banks of SWIFT
3. Even though a CTR was triggered on the US side, I have an established history of wiring funds between US & Swiss banks
4. The US side of the transaction was against the cash balance of a demand deposit account, so there was no issue of transaction settlement or funds availability
5. The US side of the transaction was a normal withdrawal (as opposed to withdrawal-to-close the account)
5. The same Swiss account has received probably half a dozen similar transfers from the same US account over the last 12 months, so there is no reason for a money-laundering review & hold
My corporate transactions are run through CS (which has a more comprehensive realtime electronic banking interface) but since they often involve much larger dollar amounts originating from privately held companies in Africa & Asia -- they are routinely held for a week or so while authorities pretend to do whatever they claim to do for a living (but that always occurs on the receiving/Swiss of the transaction, and always after the transfer has actually been executed between the banks)...
Yes, but loopholes in an advantaged ("tax-free", etc.) savings methods are subject to being closed. I would (and did, in late 2008) get out of IRAs and 401k's. And find quiet places to put savings.
Quiet places like gold and/or other PMs.
Next up:
Financial Stockholm syndrome.
Love to accept your fate slaves!
It's our fault really. Please disarm us and take our money before we hurt ourselves.
Our punishment befits us slaves, but it will also free us up (to die).
Those who are left will serve no one.
We the people voted in the incumbents one more time, and Obama/Biden, so yeah, we like hurting ourselves.
We? As in, you and the rabbit in your pocket?
Don't worry it will never reach most of us and the GOP is tough as nails, they will stop this in it's tracks, we are lucky we have balance of power in this country.
The progressive GOP is dead.....at least I hope so.
We seriously can't afford to build any moon-bases.
Now if we could just kill the progressive Democrats.....maybe we could turn this ship around.
I'm quite sure the original comment was sarcasm.
Blue/Red is a scam.
It is.....hope no one figures it out before we steal all the money.
Thanks for the laugh. I just choked on my coffee.
Thanks, Lord Stanley. I do feel better.
Finally, the collapse of the system was in 2008 and it has taken 5 years.
Is this the Mitt Romney clause?
These @sshole will go after everything ; even if it's bolted done. Should be good for gold.
And especially good for the other (digital, unregulated, free-market) currency: BTC. If you can handle the math and the truth, you'd see that altough both AU/AG and BTC are useful in keeping you free, only the latter lets you buy things nilly-willy anywhere. Time to wrap your mind around that fact, if you haven't dones so already. Cheers.
To paraphrase another poster on another thread, I want to be able to hit people over the fucking head with my savings. What's better for that, PMs or Bitcoins? If it's not in your hands, it's not yours...
Those bit coin mining things in the sidebars might be pretty robust. Theyve gotta have a power supply and metal chassis. That'd hurt! Still, a good old fashioned gold mining pick axe is great for finishing the job.
wealth tax is theft WTF. its like were living in the twilight zone
as if those other taxes were no theft ...
edit: I'm speaking of the twilight zone
Wealth tax is a tax on after tax incomes. Taxed one more time, because, social justice, to each according to his needs, from each according to his abilities. The wealthy have more abilities, so more must flow from them.
"If we steal more money, we can save $9 billion every year" Um, that's a funny way of putting it, theft = saving.
"Fairness" is having to say "I consented to none of these fuckers that are swinging from this orchard"
Pretty soon everybody is going to call Putin for a passport: including some French actor(s).
Move to Russia to be free......never thought I hear that.
at least they are honest about their theft.
I never thought I'd see a world where Russia Today has better reporting about economic issues than the US does, but we really have fallen way down deep into the rabbit hole.
Obozo really really wants to start a run on his banks, just keep on coming up with brilliant ideas like this.
In the UK you only retire with that sort of money if you work for the government. I guess they will find a way to exclude themselves from the Laws they apply to everybody else, as usual.
I'm not familiar with the UK, but didn't they find said way alreay, long ago?
You may be referring to the Magna Carta, in which King John agreed to play by the Law, and not make up things as he went along and arbitrarily confiscate estates at his whim. So the said way, long long ago, was the opposite of what we have today. We have less protection of our wealth than in the feudal times of tyrant kings.
On further thought, there are lots of other types of retirement vechicals that would absolutely collapse and blow up if similar types restrictions were put on them. Why not cap Calpers eh?
Obozo really really wants to start a run on his banks, just keep on coming up with brilliant ideas like this.
Not just him, there has been a panel studying the seizures of Roths IRA's/CD's/401k Funds, going on for several years now.When the Mfgr jobs left the US back in the early 80's, I knew it was only a recipe to bring US down to the std of living as the rest of the world(sooner or later), and LO and behold here tis.
I have seen all I want,I am removing cash as fast as I can from my Banks, starting next week.(appt made already).Not going to wait for the Holidays.
After Cypress, the handwriting is as clear as day. The rule of law now only works for the select few.(and it is not enforced on the uber wealthy), so WE are the ones left to take it like Bawney.
Trial balloon.
Socialists steal down the line from the richest to the poorest. Question is how do they prioritize who they steal from when everyone is equally poor.
Them bitcoins and crypto-styled in general currency/banking/checking/savings systems are looking more and more attractive to free and fair enterprise and economics each passing day.
exactly...
their floatin this shit little by little but knowing that the FDIC has already outlined what's coming anyone who thinks they aint coming for your little pennies in these inslovent banks is seriously sleep...
i done told mother fuckers...always appear to be broke and the best way to do that is to be gone from the fraudulent fractional reserve banking system - zero debt coupon dollars in them parasitical institutions..............
Fascism on steroids. What a clusterfuck.
Bingo! Tell us Mr. President, is there also a limit to how abitious or how hard a person can work? Capital and talent will go where they are respected. If you think things were corrupt before, just wait. Anyone who can't move their operations out of the country will go underground (circa. the Soviet Union in the late 80's, early 90's. The outcome will be no different). Long black markets and sharecropping...
And long Offshore Asset Management services. The savings in taxes saved pays for the services many times over.
@.." Or maybe because the purchasing of votes with other people's money might be impaired, Obama will just let this slide?"
.
the time is coming when the federal government will require some
percentage of all retirement accounts be in treasuries or government
bonds. that will fix it for a minute or two. maybe 50 % ? the other
50 % in mbs or slbs or something equally fraudulent. the fed needs a market
for all its garbage resulting from their distaste for doing any oversight
or exercising any restraint. g.c. said .." they are coming for your retirement
money and they will get it."
"the time is coming..."
Indeed. I can also see this happening. Not to mention regular savings accounts too.
They already require pension plans to hold at least 40% in highly rated fixed income.
Does this mean all those divorce settlements of the rich, where one spouse gets $100k per month living expenses will be cancelled too? No wait, can't do that, they contributed to my campaign.
I think it is actually a good idea. No reason to allow that much wealth to remain tax-deferred. Apply it to 401k's, SEP's and every other type of retirement plan. Close the loopholes on loans from cash value life insurance as well. Eliminate deferred compensation also. If you make it you need to pay taxes on it.
The other solution is to just kill taxes and print our budget annually which is actually my prefernce.
Zyklon-B.
Hell, as long as we're changing the rules after the game started, let's get rid of SS, medicare, medicaid, and welfare as well. The savings will be in the trillions.
A better option is to let it crash and burn so that people who advocate this sort of hyperpowered central government wither and die.
"The proposal would save around $9 billion over a decade".(peanuts) Meanwhile Obunga deficit spends over a trillion dollars a year. The problem isn't saving, it's spending.
Exactly YC, we are not spending enough to properly stimulate our economy!
Sincerely,
Dr Paul Krugman
Too right. That $9b in "savings" MIGHT buy you a .gov hammer in a decade from now.
I TOLD you as recently as early this week that they'd first introduce capital controls (pen in the sheep), before they shear or fleece them with direct taxes, indirect taxes (currency devaluations), 'haircuts' (money confiscation/theft).
Expect more: Milked daily, sheared regularly and fleeced once a generation.
And, sad to say, I haven't seen any "Shepherd" protecting his "Flock" from the wolves in thousands of years. Looks like we're on our own. Still, again. Plan & hedge accordingly.
So we have a FED policy designed to create excess wealth for the top 5% and then a government policy to confiscate it. WOW .. no wonder why we are a job creation machine. NOT. Michael Savage is correct, Liberalism really is a mental disorder.
That will teach most of you Fuckers that actually worked for your money. You shouda just gone on God Damn Government assistance from the beginning, as we are all headed there anyway.
So Bill Gates should not need more than $205K per year in retirement? Why should any central planner determine how much is "reasonable" for retirement. Enough is enough!
I've been saying for many years, the forces of socialism are strong. The whole of Europe, Australia and the UK have succumbed and under Obama the US is falling prey at a gathering pace.
Socialism is a multi-headed cancerous snake. The more it impoverishes people, the more support it gets from the unthinking and unknowing masses. How they love to hate "the rich"! In actuality anybody who has achieved more than themselves.
There is no known way back from socialism except thru violent revolution. See Soviet Union, China, NK for details.
Envy is very real. But you are a bit delusional about how the very rich get their money. Almost all of it was stolen and obtained through violence and deception. Do you think that the Google billionaires obtained their wealth through fair competion? Do you? Do you think Bill Gates did? Do you think Lloyd Blankfein did? Warren Buffett? How about the athletes whose leagues are exempted from anti-trust legislation?
I never mentioned anything about how the rich got their money. My comment simply criticised the step-by-step socialism that's gaining ground in Western countries under the vote-winning banners of fairness, equality and social justice etc.
As we see under Obama and in the EU, it is a fascist model of socialism that's taking shape, with many more political elites willing to sanction theft of private wealth and take on ever more central planning/control, whilst being on the payroll of the super-rich and big money corps themselves. Meaning, they're creating a class war between society's poor and the middle classes, but not including the criminal banksters and super-rich oligarchs who fund them and fill up their slush buckets with dollars. Widespread impoverishment is the intention and likely outcome. We will then be governed by a super-rich class of oligarchs and big corporations.
This will not end well.
I largely agree with you that many of the names you cite did not get wealth thru fair means. I can confirm this absolutely regarding Microsoft. Gates was always a prize asshole and I speak with some knowledge of him and his outfit. But all that tells us is that corporatism has been around much longer than many people think.
This really isn't about socialism or any of the usual ol parameters anymore. That's just more smoke n mirrors, exactly as is this talk about 'retirement incomes' and other legacy concepts that the media still pushes whilst the walls of the big Circle K compound and holiday ranch close in a little bit more everyday.
Ask yourself, what kind of 'retirement' is there from hell? This patsy Obama has been installed to fulfill the last chapters in the grand scheme outlined in the original Protocols of Zion, which successive generations have now managed to miss the whole point of being advertised - the cabbalist necromancer must always warn their victim...so as to gain their compliance through their complacency.
Once the next congressional farce is done with, and the gloves come off, the only retirement anybody in the once formerly free nations of the West are gonna have is the Long Sleep of Eternal Rest.
But your point about violent revolution is well taken!
There's already a wealth tax for the middle class. If you have any savings, you lose college financial aid and you get your Social Security taxed extra.
Most deductions disappear if you make over $180K.... and then hello AMT. No one on a salary is ever going to be wealthy
Not if you structure your assets properly. Some are counted against you in the financial aid calculations. Others are entirely exempt. But you must start the planning and restructuring process while your child is at minimum a sophmore in high school to take full advantage.
That is another reason to have a properly structure IUL policy I posted about earlier.
This is the reason I no longer contribute to a 401k or any other retirement vehicle. I would rather pay taxes now and save the money than face a haircut later with higher taxes or outright confiscation.
instead of buying into the 401K with 1.5%+ annual fees, buy some agricultural land with a 4.5% interest and ultralow taxes NOW. Since rates will rise you will bw paying the loan off with currency worth less and less.
Most 401k's offer a dollar for dollar match for the first 3-4% that one puts away. You double your money immediately. With that bone I could care less about their high management and administrative fees.
"With that bone I could care less about their high management and administrative fees."
Lets say your fees are 2% overall. (I am being kind - they are more generally like 3%). And you are in for 30 years. That means your brokerage house skimmed 60% of your potential principal whether you lost or gained OVERALL on that 30 year participation. Then the IRS want's their cut.
Did you sign up for the 30% or the 45% value sharing plan with them when you started your 401k?
The math never did work for 401ks, IRAs. etc. unless the company you worked for matched your contribution. They were/are the best savings plan for the government that congress ever came up with. You take all the risk, Wall Street gets their cut in commissions and fees and the IRS collects 30-40% or more if you don't exactly follow the rules when you take distributions.
HA HA HA HA HA
You think there won't be a wealth tax on non-IRA financial accounts?
HA HA HA HA HA
How will the government collect it if it's not in the bank and I already paid income taxes on it?
"if it's not in the bank?"
What kind of financial accounts are not in the bank or other financial institution under Big Brother's watch?
Now if you're talking shiny relics off the grid, I think you're on to something.
I'm an art collector, and I have an exhibit in Bermuda coming up. I'll be showing 1oz gold coins. Here's a brochure Mr. TSA.
You can borrow that money out, and, uh, move somewhere else...someplace warm...with sand...and tan beauties...and beer...and Mitt.
he is too much of a chickenshit to go after the billionaire kleptocrats
Time to quite literally divert to a non-electronic means of purchasing: this will kill the bond markets
I've been predicting this for years, and receiving nothing but scorn in return. I'd like to say "I told you so" but this is not one I wanted to be right on. I don't have $3m but know people who do - and they worked for it. Unlike this asshole in the WH who has never had a job and whose retirement is guaranteed. By us.
If you really told us so, you'd be wanting to cry by now ...
He's had a job and it's always to advance Marxist/Communist policies and control, with he and his friends in charge of it all. His friends include the media.
Yep, Bob Chapman, - rest his soul - wrote about the coming rip off of retirement accounts for several years. Whenever I passed that information on to others I'd get the typical blank stare and no response that seems to be characteristic of most American t.v. heads today. Sometimes theyd actually reply with a "Huhhhh? Nawwww. . . just wait till we elect X to office."
Whether the law passes or not, it's one more good reason to take your money out of the system, buy gold, and hide it as far away as you can get it from the banksters and politicians. Just be prepared when you do.
From the latest edition of the Financial Dictionary:
en·e·my/ pronunciation [en-uh-mee], plural en·e·mies, noun
1. Anyone who holds wealth in any form outside of the Wall Street surveillance grid.
.
We've made such progress in wealth suppression since the Cultural Revolution. None of those loud and noisy marches, and show trials. An accounting adjustment here, a change to a depreciiation table there.
The future looks so bright, I can hardly see.
A $3million cap won't be a problem for 99.9% of Americans. And if it is bothersome perhaps you should move away from the Big Satan.
Of course this will be a big policial issue for the republicans who will get the peons all fired up over it most whom can't easily calculate in their heads that they'll never earn $3million let alone save that much. Discloser I hate both parties. I'm just saying it's funny how much the peons get up in arms over complete bs and get fucked into supporting the rich nearly every damn time in some way or another.
Tyler,
I think he just called you a peon.
YOU ARE ABSOLUTELY RIGHT!!!
If one will never earn $3M, don't get all fired up.
Along the same line of reasoning:
Those peons are smarter than you - they all know that people who make that much money are the ones who hire "peons" and pay them for their work. You speak like one of those government thugs who thinks wealth and jobs come from the government...
"And if it is bothersome perhaps you should move away from the Big Satan."
Nah, I was born here--perhaps the Big Satan should move away from ME. Or better yet, perhaps we should all just start STEALING from the Big Satan! Would the Big Satan like that? He'd better, because it's coming--and the Big Satan will only have the Big Satan to blame...
The best investment vehicle right now is a leaky boat...
By the way, it seems the current occupant of the Oval Office's real name is Harrison Bounel.
This will surely motivate all of the young people to work as hard as they can, because ... uh ... quick, tell me: why was it?
;-)
So you retire at 65 $200k/yr -- at 80 your time is up? .... Next Headline: Obama proposes maximum age of 80.
btw
-------------
Laiki’s UK arm to escape Cyprus deposit charge
http://www.lasvegassun.com/news/2013/apr/06/eu-britain-cyprus/
And that is why so many individuals (tax-paying income earners and businessmen) are legally moving some portion of our assets and revenue streams out of the hopeless, socialist, bankrupt, fascist countries -- until they've had a Hard Reset, and once again look like some kind of free-market, democracies.
If Halliburton and others can do it with impunity or being 'branded' as evil tax evaders, then so can We: /The other 'people' who "are people too", per the US Supreme Court. /s
Tyler,
Who edits this shit? According to you Cyrpus was the "first" thing, so it can't be the case that "now it is America's turn to fire the first shot across the capital control bow". I'm tempted to say block that metaphor, but it's really just a matter of basic logic.
Almost every single post on ZH has some serious knot that should have been edited out. Few things marr polemic as much as failure to speak in complete, coherent, grammatical sentences.
HIRE A FUCKING EDITOR.
e.blair
P.S., And don't be such fan boys for the ultra rich. Your motives are getting called into question. Almost all the ultra rich relied on the theft. I know you didn't get much time to read much history while you were learning about bond spreads, but it happens to be true.
you are reading weekend tyler.
Arguing against the idea that government should dictate what people can or cannot put into their own retirement accounts has nothing to dow ith being a fan boy for the ultra rich, it is a question of principle and dangerous precedent.
Question the Tylers' motives all you like, I question your intelligence.
"And don't be such fan boys for the ultra rich ... Almost all the ultra rich relied on the theft."
If socialists spent more time worrying about themselves and less about "the ultra rich," I promise you, we'd all be much better off.
I find it hard to believe the rich, who own the politicians, would allow this, or anything even close to this, to happen. The rich, not wealthy, would simply fund/buy another candidate to stop or undoe anything that would restrict the funds they earned.
the big money will be gone, out of the country. the stuff that
stays inside will be recycled back into more debt creation as the
machine inches along on fumes, like a slow motion central bank
robbery or de facto national repossession. money as debt makes it
impossible for anyone to see what is happening as the left and right
columns are interchangeable with the help of off shore accounting
in the shadows and 6 degrees of complexity in a lawless and dynamic
financial domain. so, i'm confident and optimistic concerning the
future.
this from another thread concerning the future.
The Firesign Theater - I Think We're All Bozos on This Bus (1971) (Complete Album
https://www.youtube.com/watch?v=lmWFrMq3qNY
there are degrees of "rich"ness, and although I agree with you to an extent, know that some "rich" folks aren't in the club, and will be pick-pocket'd as time passes. . .
the super-fab-rich all know that a percentage of their pixels will be used to fund foundations and other loop'd black-holes, they realise they are stewards of figures that they'll never see/use, but merely get the fame for fronting the bizness that does the work.
examples? gates 'n' buffet, BFF.
many, many more.
NEW BANK RUN IN CYPRUS
THE (CYPRUS) GOVERNMENT, Central Bank and Cooperative Movement rushed to calm fears of a new raid on bank deposits yesterday after rumours, texts and reports circulating spread panic among depositors who formed long queues mostly outside cooperative banks.
http://www.cyprus-mail.com/co-op/co-op-rumour-spreads-panic/20130406
Excellent news!
The tallest nail is hit first but in the end,
we will all take a hit to the head.
"The avalanche has already started,
it is too late for the pebbles to vote." Kosh, Babylon5.
Upvote, 'cause not only you are right, you also cited Kosh
Does Staples have a "Reset" button?
Anyone who puts their money into a vehicle that is defined by a federal law is nuts.
The rules of the game are changing on a daily basis. What's the fucking point?
It's all just mash.
The point is to make the rules
The real point is to have the power to selectively not enforce the rules.
No, the real power is to get you use a system with a specific set of rules meant to push you into a specific behavior so they can pull the rug out from under you and take your shit. I call it the "welcome mat trap". Your house, being designed to have a front door, guides visitors to that door and sets rules for staying on the path and waiting on the mat. Then I open the trap door under the mat, you fall in and I take your shit. See? oldest trick in the book and people fall for it every time.
The most preious metal is lead, beacause when that runs out you are enslaved.
Tyler's posts are starting to become schizophrenic..you can't one day say Obama is owned by the Wall Street Plutocrats and he's really just a lackey for the rich in disguise, and the next day say cry that he is starting a class war against the same said plutocrats/oligarchs. Which is it? I'm not under any illusions myself as to the state of affairs in Washington...but Tylers posts lately have a severe case of cognitive dissonance.
I'm also laughing at all the gun hoarders on this post that are indignant about something like this, when it effects absolutely zero of them, oh yeah, slippery slope of socialism/communisim, blah, blah...I would also say 99.9% of posters on this forum are not putting anything close to $250,000 into an IRA when they wouldn't invest in anything but hard assets anyway, but they are still screaming at the heavens at this insult to the rich. The rich have already diversified and could care less about IRA rules, they will do just fine in the coming days.
You want to protect someone like Mitt Romney's ability to game the system and continue to dismantle the US piece by piece, be my guest, but don't pretent you're being patrioric or an adherent to Austrian economics.
ZH has become quite shilled up. Evidently at least one of the Tylers is a shill for the ultra-rich, at least judging by this piece. And of course, ZH like Keiser and Drudge, can't pass up any chance to sensationalize.
I agree that this is a puff piece which seems designed to simply rally the usual ranters and gather the obligatory eyeballs on a slow Saturday...
but it's really nuthin new...that element of crazy over the top Austrianism has remained part of the Tylers' charming idiosyncracy.
cue...rational discussion about alternative taxation methods less transparently favorable to the crony state-corporo capitalists!
like anything else in public or private spheres
the population is diverse. there will be all kinds
covering the entire spectrum and everyone has their
own agenda disguised as something else. wild praise
and contempt are forecast for the evening, followed by
showers of distrust and camaraderie.
the complexity and illusion of the basis and basic unit/s
of finance make the crimes and violation of principle and
laws unenforceable and it is by design so ....
to protect the innocent is to condone the predator,
to convict the guilty is to oppress the victim as they unwind
and destroy the value of the dollar in waves and surges of
greater corruption and deceit.
shills and marks must always stand side by side.
the shills know who they are and that is a consolation !
the marks need to pay close attention and embrace their
natural self preservation instincts and guts.
Fuck giorgio and e.blair. The point of all postings defintiely rests exclusively within the Austrian school. 90% of the articles expose the economic insanity of the FED (et al Central Banks) that protects the 1% while fleecing the 99% through debasement and pomo that erodes savings and can hardly be said to be free market. The other 10% (such as this article) exposes the arrogance of a government that intends to interfere witht with the intertemporal decisions of individuals - that it somehow knows best the efficient measure for "retirement" savings.
The point is, there shouldn't be any fucking tax considerations like this, if the government would stop pissing money away that it doesn't have to keep people in jobs producing shit that nobody wants! Your tone suggests that the government actually makes efficient decisions! THAT'S SOCIALISM fucktard. You mock the gun grabbers for this observation while you fail miserably to recognize that the government destroys wealth through its monetary policies, making everybody poorer and thus equal! THAT's SOCIALISM. Cappping what I can and can't save protected from the insideous reach of government - THAT'S SOCIALISM.
Here's the deal. If it appears Mitt Romney is "gaming" the system and he gets away with it, then that's one less dollar of waste the government is able to effect. If Romney actually felt that the government could/would actually do something with his wealth, he wouldn't desparately seek to shelter it. But, all I am hearing from you is, he isn't paying his fair share, to which I say, who the fuck are you to decide that quotient? To this end, you are no different from the political elites that want our money, want our guns, and with interest rates at near zero, WANT OUR TIME! fuck off and take your grand designs with you.
...and we have a winner! All you are actually saying is you agree with Socialism for the Rich. The IRA is a government icentivized program moron, so you're now complaining that the uber-rich can't abuse the government run program. That by definition is Socialism for the Rich. The real Austrian answer would be to get rid of the IRA vehcile entirely and icentivize people to invest in profitable businesses.
My tone suggests that Tyler and it appears your own thinking is not consistant at all, one day you're an Austrian/Hayek principled purist, the next you're wondering why we can't actually have free markets when oligarchs are making the rules...I am not fan of Obama or any politician in Washington, and am quite heavily invested in real hard assets, not the "stock market" through an IRA.
You're deeply confused if you think this argument you are making is doing anything but playing right into the hands of the 1%, and quite frankly, they don't really need your help. Keep screaming about Socialism and don't be surprised when you've created Facism (look it up) in it's place. I'm quite clear about the uselessness of centralized government control.
If you are "quite clear about the uselessness of centralized government control", then wtf is the purpose of your post? Here let me make it simple: Take Romney's name......and replace it with yours. (see Michelman 1967) Jesus Christ where did all the commies come from today? Somebody left the fucking screen door open again.
I am saying it does not make you a Libertarian or Austrian economic thinker to say that the 1% gaming the system is a fine example of the wisdom of the markets, and in any way productive for the economy. Cheating of a corrupt system is not automatically good by definition, or the current Russian mafia ruled economic model would be considered some kind of libertarian ideal.
Once again, you are confusing oligarchy with free markets. Go back to school
INCENTIVES MATTER!! And again, wtf do you know about "what is productive for the economy?" - that fucking arrogance you have you just can't hide it can you. Sure, Romney's a cheating shit, but, thats what happens when government thinks it knows how to direct behaviour. Having government start tinkering with intertemporal choice....AGAIN, won't ever change this. Do you actually believe the cheating will stop? Celings on IRAs - how is this free market? Gaming is EVERYWHERE where government is, and is nowhere, where government is not. Even the food stamp program geared and designed for the poor is TOTALLY gamed by people incentived by the absence/inclusion of rules. You have this inceassant penchant desire to somehow construct an socially optimal set of rules. And if you really understood Austrian economics, you would know that this is impossible. so fuck off man. what I forgot about Austrian economics you still have to learn.
Wow, you have a brilliant economic mind, IRA tax savings is not an INCENTIVE that is needed for real wealth creators. The INCENTIVES are supposed to be geared towards investing not stashing/saving/hiding dumbass.
Fuck it. I give up. You win. I can't argue with people that think they know whats best for other people.
Nice try, you can't argue, you can only repeat simple minded cliches that you've spent the last year reading in the comment section of ZH.
Or someone who doesn't comprehend that there is more than one Tyler.
Though it may be therapeutic for you to get yourself fired up, there's a chance that if you calmed down, you might understand the guys point...which was actually quite a good one.
See, "commies"(and even "socialism" per se)are really quite non-topical in the new millenium we recently entered. But schools like that of the Austrian variety are still versed in shadow-boxing with their now departed foes...from a distance, it all looks a little out of frame...punchin at a ghost! But we'd rather have your help than laugh at your confusion. So please listen up:
We face a much greater enemy in the present moment...as statism has evolved to the next level of the planned progression through the stages of stealth warfare against the west...to the point where it can even topple the once mighty Republic. It's massed forces of media, judicial&political lackeys, and culture-vulture 'trend setters' have somehow convinced you that your interests are mixed together with theirs.
They are not. You will learn to identify the real enemy(and the real resistance!) or you will witness and assist in your own suicide.
Like an old school western, where the boss of the big spread and his gang of hired hooligans run amok against the townspeople in a town with a cowardly sherriff, corrupt magistrate, and banker on the take, the rentier class is poised to move into town to take over the whole show in the absence of any resistance to brute force. Now pull yourself back together and saddle up to ride out and stop em. Seems like you might be good in a fight.
and a footnote to the assclown who down arrowed me. A 60% debasement in the $USD - more than likely given Kurado's batshit crazy debasement of the Yen, will have nominal wages doubling or better. That puts a lot of people into the category described in this post. Want to see the real effects of the incentive distortions that develop as a result.......Romney's "gaming" will look like the kid's lemonade stand down the street.
Where did you get the really stupid idea that Romney made his money fairly? He robbed pension funds working through a corrupt system. Why didn't the unfairness of his theft didn't bother you?
Keep your eye on the ball, son. Why the fixation with an "ultra rich" private citizen Romney -- he didn't steal anything from you -- when the federal government is robbing you blind?
Romney can't steal your property, or take your liberty, or your life without legal repercussions, but the federal government can. Complaining about private citizens who gamed the government system is kind of like bitching about fly shit in the pepper. It makes no sense, unless you really are -- whether you realize it or not -- one of those big government lovers who think you know how to run other people's lives better than they do.
giorgioorwell uses the word "schizophrenic", and the first person to respond is e.blair
That's just funny.
Fuck you shit head.
It's none of your fucking business, nor the Government's, how much money people make.
I've seen it with my own fucking eyes how the Government starts stealing from the rich and then moves on to the middle class.
You fucking stupid idiot.
Idiot or Shill?
What you should have seen with your own fucking eyes is how the government starts stealing from the middle class. It's the middle class that has been fuckerooed during recent decades, not the rich. The government is now moving onto the rich. You didn't give a fuck about the middle class. But you do care about the rich. lol.
Sometimes I think Tyler sends out articles like this just to toy with the peanut gallery, just to see if he can get people riled for the sake of being riled.
He got you. Go read the article. Give it more than a moment's thought before the barnyard epithet reflex.
IRA's were an incentive program, not even an especially old program, aimed at encouraging folks to save more for their retirement. The carrot was deferred taxes. In other words, everybody could shelter a little income from taxes so long as the money was put into an account that couldn't be touched until retirement. Thus, if properly incentivized, people might have more wealth in their old age. All in all not a bad thing.
Any individual was/is still able to save in normal ways as much as he wants, and spend it as he sees fit in whatever amounts he wants. It is only the amounts that were allowed deferred tax status that would be limited. Now that part might still make you angry, but had there never been an IRA program allowing special tax deferments, this would have never come up. Thus, the government giveth (slight freedom from taxation), then taketh a little bit away.
Somebody like Ray Dalio can still retire with a $3 million IRA and take $205K a year from that account, and have his other $12 billion in whatever form he wants, taking as much or as little as he wants day in and day out until he goes dusty.
Again, I think Tyler is just having a spot of fun providing the peanut gallery with its daily dose of indignation and rage. I am starting to think (also see his chart about the Dow/gold ratio that "proved" to the converted Gold>Dow, even though the chart clearly showed the Dow has dramatically outperformed gold since 1913) people either don't read the articles, or don't think about what they read. Tyler has created his own flock of sheeple every bit as willfully hoodwinkable as the Idol-Dancing crowd.
FAIRWARD
Lack of freedom in this world goes hand in hand with lack of education. The Internet is a great leveler and PC's are cheap. The world is a jungle, your a lion or a gazelle. But an educated gazelle can go far. The lion is lucky he was born that way. Nothing fair about this world that you dont carve out with your own hands.
We need a new kind of IRA in this country...tiocfaidh ar la, bitchez!
I don't see a problem if the $3 million IRA cap is indexed for inflation. There should be a cap on tax subsidies, imo.
To ‘save the children’ no doubt.
good thing public unions have pensions, they do not have to worry about this meaningless stuff
With the 10 year at 2%, it would take $5M to comfortably retire. Bonehead public serpents.
It's all part of the master plan to tax, fee and regulate as many as possible into poverty and total government dependency.
Doesn't apply to me. Go for it.
America!! WHat is happening to you!? Wake up and get rid of these communists before its too late !!
I love the idea as long as public retirement accounts are capped at same level. Congress, president, fire dept etc, etc etc.
I keep reading about all the new ways to tax the rich and I have had my campaign on taxing the "rich data people" and companies. That's how a lot of the wealthy people are getting rich. Selling data has become an epidemic and now it is scratching away almost everywhere you turn. Nobody turns on new programs, systems, etc. without a model and data to run it. Maybe I'm out to lunch but the billions made with data is an area to look at, but the problem here is that most don't understand how it works as you can't see it, but it runs on servers 24/7. United Healthcare is one of the kings of the busness and now with their recent acquisitions will be selling de-identified medical record data from Mayo Clinic for one example. They created a labs company in Massachusetts to do this and bought a company, Humidica a few weeks ago as the engine to do it.
We keep trusting the "business models" big corporations kick out and assume they are accurate and they are not and I should say they are accurate for the beholder to make money but nobody looks at any other part of it. Banks and companies make billions in profits selling data. Back in 2010 Walgreens made short of $800 million, selling data so one might guess in a couple of years they have passed the billion mark now for each year as they have purchased companies heavility involved too in the data business.
I have to pay an excise tax when I buy a tire so why should business and banks get a free reign to make billions in profits with nobody watching? It's going on and growing big time and this is partly why big business controls everything, they get a hold of the data and write analytics to further market it and nobody looks at the model. If the US is going to get anywhere with taxes this is the place that is juse wide open and could be like a quarterly sales tax to pay up and consumers would get a federal website with those selling data disclosing what kind of data they sell and to who. This also gives enforcement and regulation a leg to stand on for those in abuse and we have tons of those out there. Consumes can't even see what is being sold about them and the data is contiuing to get more flawed all the time and we have to fix it on our own dime. Banks and companies get free labor to fix their mistakes, what a system.
http://ducknetweb.blogspot.com/2013/02/time-has-come-to-license-and-tax-...
Sad and we all suffer that the government has not recognized the power of mathematical models and data using algorithms to execute that run silently making billions for a lot of companies and people.
Wait till you hear Plan "B", which has the government offering a long term investment vehicle for those who wish to "trust" the government with that amount passed the $3 million limit.
In other words, ,"park it with us or lose it".
Plan A and plan B is for them to just take it no matter what you say
Ahhhhhhhh.. The true marxist is coming out in all of them...
That would't even cover one vacation, maybe 5 guys burgers.
Oh yes, those poor rich folks! Taking 110% of all the gains over the last 50 years while everyone gets poorer. How will they ever survive?
Don't worry if you are very rich and tow the party line you will get a fairness waiver
If Romney and Hannity love war so much and they're too lazy and chicken shite to fight, at least let them finance it. After they close 450 foreign miiltary bases and no wars and no threat of war for a decade, I'll discuss cutting benefits to crack head dope fiends popping out unwanted babies, et all.