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Author Topic: Irish raiding private pensions  (Read 1147 times)

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Offline SSG Snuggle Bunny

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Irish raiding private pensions
« on: May 10, 2011, 10:03:47 PM »


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The Irish government plans to institute a tax on private pensions to drive jobs growth, according to its jobs program strategy, delivered today.

Without the ability sell debt due to soaring interest rates, and with severe spending rules in place due to its EU-IMF bailout, Ireland has few ways of spending to stimulate the economy. Today's jobs program includes specific tax increases, including the tax on pensions, aimed at keeping government jobs spending from adding to the national debt.

The tax on private pensions will be 0.6%, and last for four years, according to the report.

Read more: http://www.businessinsider.com/irish-bombshell-government-raids-private-pensions-to-pay-for-jobs-program-2011-5#ixzz1M0csuPo8

PREDICTION 1: They will create no jobs from their "stimulus" because the money will be squandered...as all politicians do when dodging responsibility.

PREDICTION 2: There will be a net job loss as the capital represented by the pension deposits evaporates because people aren't in the mood for this crap.
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Offline RightCoast

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Re: Irish raiding private pensions
« Reply #1 on: May 10, 2011, 10:14:42 PM »
Quote from: SGT Snuggle Bunny on May 10, 2011, 10:03:47 PM


PREDICTION 1: They will create no jobs from their "stimulus" because the money will be squandered...as all politicians do when dodging responsibility.

PREDICTION 2: There will be a net job loss as the capital represented by the pension deposits evaporates because people aren't in the mood for this crap.

Good workers will retire early to avoid the tax, and those positions won't be filled.
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Offline DumbAss Tanker

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Re: Irish raiding private pensions
« Reply #2 on: May 11, 2011, 08:31:21 AM »
Prediction 1 is no doubt correct, not sure it'll have the impact on prediction 2, though the part about people not being in the mood for this crap is on the money.
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Offline FiddyBeowulf

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Re: Irish raiding private pensions
« Reply #3 on: May 11, 2011, 09:27:43 AM »
PREDICTION 3
Obama is drooling at the thought of doing this and if reelected will move to just that but with a tax higher than .6%.
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Offline JohnnyReb

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Re: Irish raiding private pensions
« Reply #4 on: May 11, 2011, 09:34:01 AM »
Quote from: FiddyBeowulf on May 11, 2011, 09:27:43 AM
PREDICTION 3
Obama is drooling at the thought of doing this and if reelected will move to just that but with a tax higher than .6%.

Hasn't there already been some gossip around Washington about dipping into peoples 401K's?
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