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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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It's toe stupid.
It was so simple
But I did not comprehend therevolutionary impact of the following statements made long ago
Thou shall not steal
Thou shall not kill
Because they are purported to be given by a super immortal being
They can not be changed by us mortals
Unless you prove there was is no super being after which the gloves can come off
And the superior mortals here on earth can kill and steal with abandon
I
In addition to US operations like BOA and American Express, it appears as though the Qassam Cyber Fighters (Iran) may be going after US linked operations like TD Bank/Keybank as well. Dutch banks hit yesterday with DDOS but cannot find info on whether Qassam did this one as well. It This is part of a larger problem which could result in more payments and settlement servers getting hit. http://tinyurl.com/ct68dtm
I really fear the day Obunga/IRS hire an army of 'shovel ready' gold diggers and gold divers.
The evolution of Communism: Obammunism
I suppose this won't affect Senator Feinstein, since she already has one bony foot in the proverbial grave and the gold is probably well buried in a Swiss vault.
That is an interesting shape for an ingot.
Krugman,
Just like Bernanke, you can not possibly believe 95% of what you say. You must be smart enough to understand how this will end up. History will not be kind to you.
The black hole:
http://www.youtube.com/watch?v=wYPfe-vsTZM
"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."
If people weren't blowing their money, would you have a job from which to save money? One of the first things President Bush said after 9/11 was to go out and shop. He didn't want people to be saving their money.
If people saved and invested more than waste capital, there would be more wealth for everyone.
CAPITALIST! Somebody get a rope! We don't have any rope? STONE HIM!
can there be a capitalist when there is no definable
capital? there be illusions here.
Ya, they created a Catch-22 type of system. It was never designed to last. The real genius will be the guy (or gal) who designs a sustainable way of living on planet earth without the current consequences.
I think you guys misunderstand the point just a little bit.
In a democracy, the government is a product of a CONFLICT of two or more economic interests. These economic interests, when they end up existing only due to gov backup, they start fighting over the same pie.
What is happening is that the ECONOMIC INTEREST GROUP (s) who finance Obama and Dems are trying to use their power to extort from the PEOPLE and the ECONOMIC INTEREST GROUP (S) who finance the Republicans.
This is first and foremost ELITE EXTORTING ELITE, which develops as people extortion inevitably since it's the same pie they are raiding.
So, in order to clarify this situation, the first questions are:
1) Who finance the Dems? (Pharma? Banks? others......)
2) Who finances the Repubs (Military complex? gaming industry? others......)
Once these fighting groups are defined, they also create fluid alliances against each other and sometimes they become 3 or more fighting interest groups.
Dear God, tell me you're kidding when you presume that Dems are less war mongers than Reps?
Note the questions marks as well as the "fluid alliances" phrase
I am actually asking people in the know to post who they think the backers are for each party.
all of the above.
the "sides" are equally financed if one starts from the very top, which is usually an unfamiliar label bearer. . .
then we get to known corporate entities, controlled by the known unknowns, then we get to the label'd stuff people see as obvious side-takers, and it continues to e/de-volve from there.
both "sides" get banking monies, and MIC corp queens monies, and corporate Fud makers monies, etc. some years more goes to one "side" some years it gets reversed.
only the uni(n)formed take sides, and that comes from a divided mind, a dualist mind-set that sees everything in opposition to.
I believe you understand this tho
The man is either a fool or a total fool.
$3 million at Bernanke's rates of interest will yield at best $30k per year and ifyou manage to live to 90 and need nursing home care for many of those years then good luck.
On the other hand I would have thought that the more money in those accounts the more he could either haircut or the more he could nationalise at the next great redistribution fest.
If we wants to save $9 billion he could ensure presidents take holidays at their own expense like the people he supposedly cares about.
He could also curb the duration of wars and perhaps not start any.
He could stop giving Israel $3 billion A YEAR which would save a lot more over 10 years. Perhaps the same with Egypt.
Where does one stop?
He is a fascist tyrant.
bet cyprus depositors wished they had self-limited how much they "contributed" to their accounts
This is merely a clawback on SERP plans that the big boys abuse....
spend it abroad folks, run away from dollars !!!!
'and so, as the dust finally settles upon the high plains, middle class amerika is no where to be found...
but, in the low lands grazing amongst the sheeple, a mawkish stare tells no lies of their despair, having been kindly fleeced on ones cold winters nite, where the seasons are just that... too season the angst of distraught, where naught even a chameleon could hush-a-bye its stealthy pride...
the mountain tops of the great 'obamabian forest' have been domed with feudalistic masters, dress in morrows gargoyle fashion...
whence, by appointment only, be your calling card for a seat at the great 'rape`ture of mankinds meek... a feast in the making since '1984'...'~ no moar, for now its evermoar'
Ps. sorry to bore you,...just musing about with so much pent-up disgust, i can't find words to soothe my soul of the injustice that will never, ever reach the top-- the nadir of hypocrisy that always, forevermoar always... lands on top!!!
thankyou Tyler
federal reserve notes are tickets to the system of
mutual reliance, promises and dreams or destruction
lies and nightmares, depending on the understanding
and integrity of the user. as legal tender they tie
everyone to the system and if the system is ill constructed,
fatally flawed, then adherents , by law, will be pulled to
the bottom with the ship, drowned in the sea of love and
ignorance with nothing to breath. maybe you have seen it
in your town?
maybe not, but watch for it.
what was that story from 7/2012 about 32 trillion tax evading
dollars floating around in off shore accounts?
I still can't get over that trillion number and it has been
like five years ....
and there are 1/2 trillion stars in the milky way galaxy, there
about, not that that matters.
.
George Carlin The Best 3 Minutes of His Career "The American Dream"
http://www.youtube.com/watch?v=rsL6mKxtOlQ
.
"Uploaded on Aug 1, 2010
This video has been claimed falsely by WMG several times, and I am arguing with Youtube about it's content, but here is a transcript also:
.
"There's a reason education SUCKS, and it's the same reason that it will never, ever, ever be fixed. It's never going to get any better, don't look for it, be happy with what you've got. Because the owners of this country don't want that. I'm talking about the REAL owners, now. The REAL owners, the BIG WEALTHY business interests that control things and make all the important decisions -- forget the politicians. The politicians are put there to give you the idea that you have freedom of choice. YOU DON'T. You have no choice. You have OWNERS. They OWN YOU. They own EVERYTHING. They own all the important land, they own and control the corporations; they've long since bought and paid for the Senate, the Congress, the State houses, the City Halls; they've got the judges in their back pockets, and they own all the big media companies so they control just about all the news and information you get to hear. They gotcha by the BALLS. They spend billions of dollars every year lobbying -- lobbying to get what they want. Well, we know what they want -- they want MORE for themselves and less for everybody else. But I'll tell you what they don't want. They DON'T want a population of citizens capable of critical thinking. They don't want well-informed, well-educated people capable of critical thinking. They're not interested in that, that doesn't help them. That's against their interests. That's right. They don't want people who are smart enough to sit around the kitchen table and figure out how badly they're getting FUCKED by system that threw them overboard 30 fuckin' years ago. They don't want that. You know what they want? They want OBEDIENT WORKERS. OBEDIENT WORKERS. People who are just smart enough to run the machines and do the paperwork, and just dumb enough to passably accept all these increasingly shittier jobs with the lower pay, the longer hours, the reduced benefits, the end of overtime, and the vanishing pension that disappears the minute you go to collect it. And now they're comin' for your SOCIAL SECURITY MONEY. They want your fuckin' retirement money. They want it BACK. So they can give it to their criminal friends on Wall Street. And you know something? They'll get it. They'll get it ALL from you sooner or later -- 'cuz they OWN this fuckin' place. It's a big CLUB. And YOU AIN'T IN IT. You and I are NOT IN the big club. By the way, it's the same big club they use to beat you over the head with all day long when they tell you what to believe. All day long, beating you over the in their media telling you what to believe -- what to think -- and what to buy. The table is tilted, folks. The game is rigged. And nobody seems to notice. Nobody seems to care. Good honest hard-workin people -- white collar, blue collar -- doesn't matter what color shirt you have on. Good honest hard-workin people CONTINUE -- these are people of modest means -- continue to elect these RICH COCKSUCKERS who don't GIVE a fuck about them. They don't give a fuck about you, they don't GIVE A FUCK ABOUT YOU. T HEY DON'T CARE ABOUT YOU -- AT ALL. AT ALL. AT ALL. You know? And nobody seems to notice, nobody seems to care ... that's what the owners count on, the fact that Americans will probably remain willfully ignorant of the big red, white and blue dick that's being jammed up their assholes every day. Because the owners of this country know the truth -- it's called the American Dream ... 'cuz you have to be asleep to believe it."
George Carlin's Final Words To The World...
George Carlin on "The American Dream".
"
;-)>
You appear to be as brilliant as any other of the financial 'advisors'. Please, take my money and invest it via your algorithm.
"Parable of the Ten Virgins"
...the irony of wisdom past, through the ages of reason, have been distorted to the very point of malice-- a collaboration by default, for all?... a well defined immoral destitution, where one were to indulge... would suredly marry a death thrice bounded by inequities statued upon a baggard's pride?!
http://gardenofpraise.com/bibl53s.htm
think of the times????
Ps. the only pleasure i have left in life is to give my fortune away to the less fortunate, and certainly not to the fucking useless socialist/fascist/totalitarian trilateral government
...
I am pretty disapointed on the ZH reporting of this effort. no sarcasim. we have an 80,000 page tax code that facilitated gross excesses and generational corruption. And if it was going to accomplish anything ... it should have atleast prevented a certified retard (Timmah) from being SEC-TRES. I guess we will have to settle for the fact that Mitt Romney did not become president after he recieved an IRS pardon in 2008 that let him put $100MM offshore tax free money IN A WORKING MANS IRA. Thats right, he avoided jail, he avoided penalties. He avoided normal taxation, and he gets to put that $100,000,000 in a IRA. Meanwhile there are people in IRS prisons. Atleast we don't have 200 aircraft carriers named after various members of the Romney clan.
Seriously Tyler. Dig deeper as you normally do. EDIT: Even Erin Burnett figured this out on her program.
Sorry wisefool. Yes, Romney effectively scammed the system to put his investments into a tax preffered vehicle, however, you are missing the point. The thing that is important here is that they are making tax code based off of wealth. This is a gamechanger (just like taxes of income) as it penalizes the most productive/frugal saves in the country. Just the fact that they are discussing this shit opens up the nasty can of worms of wealth confiscation. They pass this and the next thing they will talk about is a tax based off of investment account balances. I am sure you will think I am crazy, but who would have thought that income/death taxes inittially targetted for the few billionaires of the country would affect everyone soon enough.
Also, you shouldn't be mad at rich people who try to avoid taxes. Your anger should be directed towards the government which can never stop their spending and always demand MOAR taxes as the solution. A 100 years ago, 90 percent of the taxes paid today never even existed.
+1 Brilliant, but, try discussing that with some of the assclowns below. They cannot get past the thought (possibility) that government enables the very actions they deride, and then emphatically claim that government is both morally and economically efficient. Somehow the "rich" has gotten ilgotten gains, yet they cannot accept the reality that others would do precisely the same in a similar situation. The ONLY beef, if there is to be any beef at all, is with the government pretending that it can actually ascertain the efficient allocation of savings (rich or poor). This, in my mind, is the point of this article, but you will not get that impression below.
With repect, as I am related to your nick, Did you know that mitt romneys original money under this rubric was created via the "carried interest" framework of the tax code? So the whole thing is metaphysical, unless the IRS funded with money (as you mentioned government largess) decides the fate of a Romney vs. a wise fool.
For the low I.Q. Types. In the presidential debate Obama asked Romney "Would you have taken those tax loopholes if you knew we where going to collect it from somebody else?"
I physicaly detest monarchies.
Your DNA offspring deserve to inherit absolutely zilch. Inheritance comprises a monarchy, nothing more, nothing less. The sum total difference is nothing. Teach your god forsaken children how to make stuff with their hands or they can starve to death.
This is why I rail 24/7 against Judaism. Judaism = worship of Judaic males as god. As if god sprinkled magic jew fairy dust on judaic male sperm.
Let me see....
On the one hand, here is Obama proposing to put a limit on the amount I can set aside in a special incentive plan that allows deferred taxes, while I am still allowed to save as much after tax income as I want now for use in later years to supplement IRA withdrawals...vs. Cypriots who suffered the actual loss of their savings.
The sympathy award goes to the Cypriots.
im sure these will be 'clawed back' too
Mike Bellotti: Half-million annual PERS pension of former UO football coach sweetened by Oregon Sports Network, Nike, ticket salesThe real golden goose in Bellotti's pay package, the parting gift that will keep on giving as long as he lives, is the $41,000 a month that washes into his account each month from the Oregon Public Employees Retirement System. That's nearly $500,000 a year, or about $10 million if the 60–year-old lives for 20 more years.
http://www.oregonlive.com/politics/index.ssf/2011/12/mike_bellotti_forme...
thanks for the details..... multiply by how many, say even the top 25, coaches...I'm gonna go throw up now
[motto: "yer tax dollars at work"]
Arrest the Rockefeller family and re-distribute their stolen wealth.
Kind of funny to see all the negative votes. This family has not been about Free market at all. They made their wealth by stacking the cards in their favor by deceitful means. They have funded and still are funding experimental eugenics and other programs. Hardly anything that is helpful to humans or the planet. They rely on the fake instead of the natural.
Look up the Ludlow Massacre, where machine guns were used against striking miners by Colorado National Guard.
Many people say that even though there is so much bad from this family, good also came of it. I would say horseshit! People's idea of "opportunity" and "success" today is skewed. It may have helped some people short term but long term the Rockefeller family has funded damaging ventures all for personal profit and power.
These types of families should be given public hearings to decide, but most of "their wealth" is not really "their wealth".
ultimately
the rich will eat the rich
using the government
to serve the dish.
no?
as mr. panos asks ..
"what is really going on here?"
.
the poor are put to sleep, nite nite.
the middle class are rounded up and
fleeced of the little they have, nite nite.
then the rich will eat the rich.
they are groomed and rewarded for this
instinct, bred for it, not even conscious
of it. it is in their spine. you might
ask how can they live with themselves?
the answer is they don't have to, they are
beyond all that. they are never even in one
place at any one time, they are everywhere and
in everyone, like elvis ! which reminds me....
didn't m. Romney go to france as a young Mormon
to try to convert the French to Mormonism?
seriously. there are probably other examples
of this type of commitment but it seems uniquely
American. it also seems incredibly stupid,
incomprehensibly stupid but I bet it renewed or
strengthened his faith.
honestly I don't think we have what it takes,
given the level of representation and leadership
available today, to survive as a people for more
than maybe a few more days. if that is the case
not much really matters right now.
there are more than a few more-mens serving as ambassadors for the amrkn gov out there, their beliefs slot in quite nicely with the dual-passport'd, even though each secretly awaits the moment to throw the other under the bus - it's like those pesky sports teams again, competitive jealous gods vying for hearts 'n' minds. . .
delving into the belief systems of both shows many parallels. . . and the 33dg underpinings may be a compass point for the keen eye.
Molon Labe! Motherfuckers.
I have a 7 figure IRA. All gold coins.
But, I forgot where I put them.
Alzheimer's , it comes with age.
There is nothing new here - it has all be tried before.
Next will come the "window tax" - menaing a tax on each window in your home.
http://en.wikipedia.org/wiki/Window_tax
After all, shouldn't the enjoyment and the light you receive from those windows be taxes because others have fewer or none.
If you rent, the landlord pays the tax and back-charges your rent.
There are still buildings in the UK where a significant proportion of the windows have been bricked up.
As a rich person...
baskets full of heads will get heads straight - quick!
It figures that this site would go ballistic at what is at best a meaningless policy proposal that would affect few, but is DEAD SILENT on Obama's outright attempt to STEAL plurality of citizens' Social Security who actually paid for it unlike the super rich who mostly steal plurality of citizens' money and stash it in offshore accounts.
Delivering a product or service in exchange for value isn't stealing. Many many entrepreneurs, especially at the small business level have made fortunes doing so. Obama and his minions are not smart enough to discern the cheats from those that have earned their wealth through hard work and sacrifice.
As for the social security, sorry bro, but there isn't any. That money was spent a long time ago. It is ALREADY a defaulted promise. There's no sense in getting all worked up about it, what should happen is an immediate transition plan to eventually phase out social security completely should be implemented at once. Fat chance of that, obviously.
Everyone should pull out retirement funds, its better to take the tax hit now than the 80% confiscation later.
That is precisely the risk - reward scenerio. If I do that, I have to pay 50% tax. Then, I have the balance out of the electronic banking system to be appropriately bunkered. This is not an easly decision.
If you think that this is far-fetched, remember that many thought that obama-care was far-fetched, too.
FORWARD!!
Convert all savings and investments into physical gold and silver now. He who waits is royally screwed. This is just their first step. Everyone else follows.
"The proposal would save around $9 billion over a decade"
At $85B/mo, Ben prints over 9 times that amount in 1/120th of the time.
There is no longer any argument for such pathetic excuses for half-assed pseudo-austerity measures the savings from which don't even come close to balancing the non-existent budget or halting expansion of public debt (hmmmm I wonder whyyyyyyyyyyyy).
Gee 9 billion whole dollars. You could practically fund the federal government for one or two whole fucking days!
The difference is that these are 'our' dollars that he gets to take ... another canary for average sheeple to shrug off ... first France, then Cyprus, then Italy, now Obama. These are just scrimmages, war to follow.
On this proposal I support our president. So should you.
While were at it he should outlaw houses that are larger than 2500 sq ft. No one should be allowed to own more than 1 car and it must run on batteries. No toilets, only outhouses. No person shall be allowed to have their thermostats set below 78 in the summer and above 72 in the winter. In fact the government shouldn't allow that no family should be able to earn more the 243,000 per year and no one can spend more than 220,000 but no less than 190,000.
I love it when one person decides how much another person needs or doesn't need whether it be money, healthcare, food, salt, soda, pussy, air.
In fact we should do away with earnings, savings, debt. Just go to work and let the government choose what you need day in and day out in every walk of life. They do know what's best for everyone else and know exactly what you do and don't need. Thank God for the US government. How could I know what time to get up or go to bed or when to take a shit without them telling me. Whew!!!!!
+1 All your logic is probably necessary for the Kings party, you know those low info voters who couldn't think their way out of a wet paper bag....
Even his hard on with guns....A very large percentage of violent gun crimes are committed by Blacks/Hispanics
Sounds racist but true.
Obama is really looking out for his own party, we just get caught up in all the madness.....(sarcasm)
Well, hey, after all, they ARE the priests of the temples of Syrinx...
You understand my point, then. Sometimes it's best to simply do what you're told.
You and your president should SUCK THE SHIT OUT OF MY ASSHOLE.
This from a guy that gererously "gives up" a whopping 5% of his salary. That is the first step in what will be his justification of more "shared sacrifice". He somehow believes he can now take the moral high ground because of this sham of an offer. I would be willing to give up 20% of everything I have if I could live expense free in a mansion filled with servants and eat free from professional chefs and travel anywhere in the world for free in the most expensive private plane ever invented and also chauffered everywhere in the world I need to be.
Seriously if these government pricks really wanted to make a statement about sacrifice every single one of them, once they leave office should be prohibited from getting a single penny in healthcare, retirment stipends and whatever other perks they receive. The notion that Obama, Bush's, Clinton, Pelosi, etc... not only earn millions in the private sector or for speaking fees once they leave office but they also recieve retirement benefits on top of that is absolutely ludicrous when compared to what an average worker receives upon retirement. Any congressman that enters middle class or poor (no sure when the last poor person one a congressional seat) no doubt leaves a millionaire several times over and has a job for life in the private sector via lobby groups, law firms, corporate boards etc...
This Obama/Kerry announcement which will most assuredly be followed by many more for publicity sake is the first step in what will end up being the raiding of US depositor's or the justifying of taking an extra 5% off the top of every person's paycheck. Not sure what form it will come but make no mistake they will come for something. The announcements this week are just the opening these douche's believe gives them the moral authority to ask for more from "we the people".
Yet we still have a good percentage of citizens believe we need to be taxed more. Unbelievable.
Oddly no mention of a cap on spending for the buying of elections. This from people that regularly hold $5000 per plate dinner's in order to finance their own selfish desires.
And it's a tax deductible expense at that.
That's actually not true. Political donations are not deductible.
Not to change the subject, just like the point out the increasingly obvious fact that Bloomberg News has 1. become the State's preferred mechanism for trial-ballooning its more outrageous assaults on what remains of liberty in this unhappy landbecause 2. Bloomberg News can always be relied upon to cast O's schemes against obvious two-minutes hate targets (ie, Romney) rather than those of us idiotic enough to play by the rules.
Obummer must have got the retirement fund idea from Australias deranged dictator Ju-liar.
Either that or the theives were plotting together while you slept.
http://www.news.com.au/money/superannuation/raid-on-nest-eggs-to-hit-mor...
http://www.financialstandard.com.au/news/view/26655845
When the real output is NOT increased, the wolfes attacked what's available.
I see some people didn't like my comment?
Care to fight?
I'm in the mood...
Just think, he's got 3+ years to go....
God help us...
till the next corrupt 'leader' is put in there just like each one of them for the last 50 years
There was no difference between romney and obama. Most of the repubs are simply repubs by tag but democrats by actions.
Romney would simply take money away from dem's financiers and the people and give it to repubs financiers. It's the same pie.
Neither romney or obama were thinking of increasing the pie, which means increasing the real economy, since they both supported money printing, but only when they would be in power.
http://www.cnbc.com/id/100621031
Elite infighting
"If the vote goes against the company and the board decides to split the role, some board members and shareholders are concerned that Mr. Dimon might resign rather than accept what would most likely be regarded as an affront."
Hmmmm, now that would be a crying shame...lol
Retirement and savings and investment accounts are where the money is. The gubmint is coming after those. Even if there is not a direct wealth tax, the gubmint will be means testing benefits and adjusting how much you get or how much you have to pay for benefits based on anything they can use to track your electronic wealth.
All for show.
LOL, Wall Street will change the bill so the government will seize anything under $3 million in retirement funds.
Who do you think makes the laws? Not the 99%!
Simple. Just don't retire. Go into "consulting" your children.
I hope that everyone realizes that Øbambi's new taxes are based on static numbers. They are not indexed. Just like the AMT. Today's $10,000 will be tomorrow's $100,000 or $200,000. Now that we are at QE 1675, we just need the velocity of money to accelerate a little bit and WHAM - the McDonald's cashier that is only working part-time is now considered "rich"! Inflation is now a coiled spring. You'd better believe that all of the government officials realize that they are going to nail millions of unsuspecting people with their confiscatory tax rates in just a few years. You'd better also believe that they are going to insulate themselves too - indexed pension fund - check; - offshore account with precious metals - check; armed gurad protection 24x7 paid for by the "little people" - check. It WILL happen. It's just a matter of time.
here an irony. the government dictates and demands
that which is to be termed "money" and "legal tender"
by the authority it claims it has (God). now that is
impressive and a bit intimidating to the God fearing
and generally compliant many. the government then contracts
out the authority, to a significant degree, the money
creation and management, including control mechanisms, aspects
to international, let us say, persons.
then, when the government can no longer afford to abide
by the terms of the contract it struck with these persons,
the contract supersedes the original claim of authority from
(God) which empowered the government to demand and dictate
that which was to be deemed legal tender and "money".
.
"I smell a fucking rat !" .... he thought to himself.
only partially deaf old ears here blindman.
..."As we remember Dr. King and the important work he did, we should also reject the official account of his death as loudly as the government and media shout down anyone who tries to contradict their lies. As Edward R. Murrow said, “Most truths are so naked that people feel sorry for them and cover them up, at least a little bit.”"
c.g.
.
How the Government Killed Martin Luther King, Jr.
http://www.veteranstoday.com/2013/04/04/mlk-hit/
Destination: Cyprus
Lock and load... the time to DO YOUR DUTY approaches.
You know what?
I don't like to be crude, but, having spent two hours reading Jim Willie,
This Whole Motherfucker Is Gonna Burn Down!
Big O works for the Jew bankers to steal all you're money
in the quick the truth
and reality have no love
for the image in reflection.
.
there the fate of "money".
.
Well, you are not so foolish as to think that YOU BUILT that retirement account on your own, are you?
Of course not. I built it on the backs of the exploited working class being the greedy capitalist pig that I am.
Seriously, what do you need a retirement account for, anyway? The government will take care of you. Promise.
WWIII should even things out a bit.
"If you don't hold it, you don't own it."
This is just another example of the Rule.
Facing reality is a skill that has become very rare.
I'm sure someone else must have said this in the 10 previous pages, but isn't the whole problem an Income Tax in the first place? What gives .gov the right to tax a persons labor? Without the tax there is no need for a "tax shelterd" investment.
Because there are certain people who do not have a skill that can be taxed. These are called "elites" In a currency war it helps if you have a heriditary monarch on your currency or if sloppy ... aircraft carriers.
I was hoping some day zerohedge would do a special report on the opening day of the texas rangers, their business history, their fundemental beliefs. But I got this thread.
ZH makes valid points, but my first impression on this one was different: "they're trying to limit a run on shadow banks". They're not actually confiscating money (yet) but they're limiting the rate at which it can be withdrawn. That's crisis management.
Retirement investment (often enforced by law) is arguably the primary origin of shadow banking. We're talking about trillions of dollars globally, that was once parked in deposits in the traditional banking system, that shifted into various (mis)managed funds under the guise of superannuation.
A massive coup for shadow banks when governments all around the OECD made it mandatory. For decades, boomers funnelled money into managed funds, building up piles of assets that became the feedstock for shadow bank lending.
Now the boomers are retiring and their kids aren't earning enough to counter boomer outflows with echo boomer inflows. The consequence of that is asset price deflation and implosion of shadow banks as boomers cash out. The PTB choose to limit the run by enforcing a withdrawal limit, no different to How TPTB manage major bank runs for the traditional banking system (withdrawal limits).
I also maintain that this is the primary reason TPTB wants to juice stocks so much. Stocks are the primary boomer piggy bank, gotta keep them up while the boomers cash out in old age (keeping the dominant grey vote). The hope is to keep them inflated long enough that the economy recovers and the echo boomers cycle in to pick up the support (keep the Ponzi going).
Not going to happen. Instead, the State will just end up becoming the dominant share holder in every listed company. In other words, government debt will run up higher to support stock prices thereby supporting boomer retirement. The same could be achieved by just paying pensions directly, but this way the shadow banks get a free exit from the mess (leaving the government holding overvalued garbage) and collect commissions on the way. Same as always.
As a related side note, I'd also like to point out that the Australian government recently announced that it will increase the mandatory superannuation contribution from 9% to 12% (they wanted 15%). It's part of the same template, trying to increase inflows to counteract surging outflows as boomers retire. Ponzi management.
This article is so mean-spirited that, at first, I thought it was sarcasm. So I read it through to the end, and to my dismay, discovered that it is not. Has Tyler forgotten so quickly how most of this vast wealth in the hands of individuals was accumulated by ruthless deception and greed? Has he forgotten how, during WWII, the top tax rate was 90% and few objected. If indviiduals in the private sector hold wealth in the billions, how can "democracy" be other than a joke, as members of congress and the executive sell themselves to these high bidders.
There are several Tylers that run this site. The weekend staff mostly likes the smell of Heinz Sauce during the 2004 Presidential campaign. (Kerry pays 11% on a 200 billion rentier fortune, and donates $60 Million to syria via the state department)
Maybe by monday WB7 can educate them what actually smells sweet.
the top tax rate was 90%
Yes, and the bottom rate was 20%. If you made less than $2,000 you paid 20%. Is that what you want? To tax the poor?
And if IIRC, there was only one person that actually qualified for that top bracket. JD Rockefeller.
Well; yes I do.
Cant speak for OP. But, under declared war, people will pay. When congress stopped having to declare war they did nothing but write tax code.
Mitt Romney writes off deductions to a church he is a bishop in. Free Hall for all his sons weddings. Wise fool is not allowed to have a cell phone per IRS non carried interest ruling.
Anyone who has had an alcoholic or drug addict in the family knows that they will steal from anybody to keep up their habit.
Same here, Obama will steal from anybody to support his out of control spending. First he will target the rich. Once this well has run dry, he will move down the income/wealth chain. It is inevitable that he will end up stealing from the middle class because that will be is the only place left where there is a huge amount to steal from.
The middle class have lost their jobs, their cars, the credit rating, the homes. I think they are depleted of most everything except perhaps their retirement funds.
The spending spree which the United States of America has been on since 2001 (9-11 specifically) has been a tranfer of wealth from what I can determine. The end result will be a nation that collapses on its debt, leaving the residents slaves or forced into an early grave from the realization there is nothing left to live on, no jobs, no where to run.
This is a coup. There is no future. You are being cornered. Obama, who sits on the UN Security Council, is going to give to the poor (developing nations) by stealing from the rich (Americans). Redistribution of wealth was his plan. O-Phones and foodstamps are not, as much as it would seem, a generous maneuver; it's to buy time, keep the natives still.
The day they come for the US gun owners and their weapons is the day I fear the most.
While it will not affect me as specified it is clear that it will not affect Obama; which seems par for the course of a narcissist.
Einstien has two relevant quotes:
"The most difficult thing in the universe to figure out is the tax code"
"The most powerful force in the universe is compound interest"
All I know is that the "carried interest" clan seems to be interbreeded with the giethner-romney clan. Zerohedge lately seems to need ad revenue.
I'm sure the administration is going to consider the value of government retirement benefits when giving a haircut. Today it takes $2.5 million cash at age 65 to buy a $75k annual retirement annuity that increases at 3% per year for inflation. Since most teachers retire at 58 it requres well over $3 M. Hence they should get a haircut too.
For federal workers whose income is higher the value is even greater.
The non- govt worker is screwed again.
I thought the government was begging for consumers to spend money. Now the only one's that can afford to spend, they want to handcuff. What a fucking idiot.
Virtually all ex-pols retire as millionaires.....will they also be subject to this?
Looks like the "Cyprusing" of the US citizen.
Ready the guillotines!
Good news. For art markets.