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tax the rich? did dayton/obama team talk to the cyprus folk? if you have more money, they take more out of your account. the govt is broke. but all of govt money comes from taxpayers to begin with. this is just normal tax sucking by the govt.
Something like this will happen here one day. Our 401(k)s have a huge target on them. My guess is by the time I retire, there will be a 40%+ income tax on any withdrawal, no matter your age.
Well aren't the bankers just the modern day "Robin Hood". The rest of the world should look at Iceland and see how its done.
If the politicians view this as an "attempt to limit the impact," then they don't understand what they are doing. The impact is that they are telling their citizens they really don't have any right to possess anything. Anything they have can be taken from them. I don't know how they can limit the impact of such an overt act of theft...
Apparently it no longer pays to save your money as the government can confiscate it at will. The policy will simply create more dependency on the government.
Unfortunately this is a global issue, not just here in the states. Tax rates and revenue has decreased in EVERY COUNTRY over the years, pandering to the "Job Creators". But where are the Jobs? They're shipped off to the cheapest bidder. The rich have become richer and poor and the middle class have not...it's called the income gap. With the growing and aging population tax revenues have to increase to maintain (not add) the same levels of service everyone expects. It's very simple - a straight socialist style society doesn't work, but a straight free market society doesn't also, there has to be a balance. If you don't believe this go back to your childhood, a game that proves this...monopoly. There is only one winning, the person with the most money and ownership...everyone else looses.
"But where are the Jobs? They're shipped off to the cheapest bidder." -- Yeah, and you know what is to blame for that? The American Standard of Living! We were successful in the 40's, 50's, 60's, and into the 70's because our products were NEEDED. Americans got accustom to good wages, benefits, etc. When the world caught up to the U.S. our products were no longer affordable due to the previous success. Companies have to compete globally now. You want products made in the U.S with great wages, benefits, etc.? Guess what, that corporation isn't going to survive and there goes your jobs. Corporations are created to make money. In that pursuit, they provide jobs. Until the costs go DOWN in the U.S. the jobs will continue to move overseas. That is ECONOMICS.
Cyprus decided to steal their depositors money instead of cutting their entitlement spending. These are the lengths that liberal governments in the EU will go to in order to keep their bloated governments from shrinking. Scary stuff.
There is already talk that our government is mulling over the same idea. That Roth account you already paid the tax on? Think again. Perilous times ahead.
How about Plan A: Stop spending money you do not have! It works every time.
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