Like It Or Not.. The Government Is Coming After Your Money

By: ispeculatornew
Date posted: 04.09.2013 (3:00 am) | Write a Comment  (0 Comments)

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government_stealing_moneyMost of you know that I’m generally willing to accept somewhat higher taxes. I have however said over and over that there are many MUCH MORE important issues. Spending is one, especially in entitlement programs. Other priorities include finding a better way to reduce health care spending, simplifying the tax code, etc. Despite having some views in common with democrats, I hate the idea that the government should get more involved. It’s less efficient and over time that is what matters most.

Unfortunately… it doesn’t look like we’re going to see the government getting less involved in our things. It’s tempting to blame everything on Obama but the fact is that it’s happening all around the world.

Higher Income Taxes: In dozens of countries, taxes are rising, especially on the wealthy. think of France’s 75% rate on millionaires or how the US government let Bush tax cuts expire for more the more wealthy among us.

Bank deposits being taken away: When taxpayers helped fund the bail-out for banks that were too big to fail, many thought it was unfair. The EU proved it felt such action could be justified when it decided to take over part of depositors money in Cyprus.

Cap On Retirement Accounts?: I find this one shocking. Yes, it’s surprising to see that Romney has accumulated millions of dollars in his retirement account. But how in the world does it make sense for the government to start taxing what is supposed to be tax free? My biggest issue of course is where this ends. Currently, Obama is proposing a $3M cap in those accounts. But once such a cap exists, it could end up coming down and completely changing the been fits of using retirement accounts. That doesn’t sound too fair to me.

IRS Trying To Tax All Internet Transactions?: This one sounds creepy on many levels. The IRS apparently wants to know exactly what we’re doing online by creating special tracking software. What is going on? More on Yahoo’s article here.

If governments are desperate enough to:

-increase tax rates on what they tax
-start taxing things that it’s not (retirement accounts, etc)
-take money out of your accounts
-probably cut its promised pension payments

Then it’s certainly not looking great for those of us working on increasing our net worth isn’t it? Sigh

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