“Fight Against Stupidity And Bureaucracy”
The fallout from the attempt by the EU bureaucrats to steal money out of Cypriot bank accounts continues.
Many people have missed the significance of what has happened and the fact that sooner or later it will also affect them.
But it will, simply because the whole attempted theft in Cyprus has set down dangerous markers for the future.
First, anyone with savings of $100,000 or more is categorized as ‘rich’ and will be targeted by their bankrupt governments as fair game for confiscation of some of their savings.
Second, what happens in one part of the world will eventually happen in another. You can count on that.
Already there are signs of this in the most unlikely of places, Australia.
Compared to most European countries and to the United States, Australia is in a relatively strong financial position. Although, like a lot of countries, it has been running at a net deficit for years, it was largely unaffected by the real estate bubbles and bankster debacles that has caused so many financial problems elsewhere.
Yet even in Australia the government is enacting new legislation that will penalize ordinary law abiding citizens who have responsibly set aside savings for their own retirement.
The Australian government now wants to tax income over A$100,000 withdrawn from what is known there as superannuation funds – US citizens know these better as IRAs – elsewhere as pensions funds.
Previously one of the incentives to saving money for retirement in a pension fund was that when the time came for you to withdraw the money, you could do it free of any government taxes. In fact in most countries that was THE big selling point to entice people to open and save regularly into pensions funds.
But the Australian government has now decided to change the rules. When withdrawals are made from these accounts over the magic $100,000 mark, they will be taxed at a rate of 15%. (That’s 15% at the moment, once established these rates could increase depending on how desperate the government becomes.)
What this means is that the Australian government now wants to tax the money you put into a pension fund when you put it in, AND then tax it again when you try to bring it back out! The archetypal taxation double-whammy!
Is that unfair, or that unfair?
Like what happened in Cyprus, these latest moves in Australia could quite easily happen in your country too!
Are you ready to be robbed???
3 thoughts on “Now They Are Groping For Your Goodies Down Under”
This is somewhat alarming because people are living longer now, so they need more money to get them through retirement since most government funded pension plans are going bankrupt too! What are retired people supposed to live on – air?
Or keep on working if you can find work aaarrrrgggghhhhh!
[…] Then it was the turn of the greedy bureaucrats in Australia who decided to tax pensions TWICE, once when you put the money in and again when you tried to take it out! (For the original post click here.) […]