Here comes the wealth tax

Obama plans to raid IRAs of "the rich." And now that the seal is broken, it's only a matter of time before inflation or legislation bring the wealth tax down to the few remaining middle class folks who have bothered to save for their retirement.

Click on over to Zero Hedge and read the whole thing. It's the post I was planning to write, but Tyler beat me to it. And did a better job anyway.

Obama's asset confiscation scheme is described in The Hill:
Under the plan, a taxpayer’s tax-preferred retirement account, like an IRA, could not finance more than $205,000 per year of retirement – or right around $3 million this year.
Leftists have never been good at math. You try to take out $205,000 a year out of a $3 million dollar account and you are quite likely to outlive your savings... which would make these leftists quite happy, I suppose, to see a bourgeois traitor to the revolution starving in his old age. Whether the limit is inflation-indexed isn't explained yet as details are expected next week, but it's a sure bet the inflation index won't keep up with the cost of food, housing, health care, and energy any better in the future than it has to date.

Anyone with better-than-average savings would be wise to start getting some of it outside the grasp of the U.S. government. Buy some property or some gold overseas. Sovereign Man is a good resource to start planning.


Doo Doo Econ said...

Since money is time and effort to earn, the confiscation of our money is really our govt telling us who ownes whom.

Taxes used to be a patriotic duty, which helped defend our constitution and freedoms. I am not sure what they are now that the govt is disregarding our natural rights.

K T Cat said...

Linked with a tiny excerpt of a Monkees video.


Eugene Patrick Devany said...

We don't need tax supported retirement savings beyond $500,000. Saving more is good if you are one of the 10% that can do it ... but don't expect other taxpayers to help you.

W.C. Varones said...

People keeping their own money is not taxpayer "support" nor "help."

I suppose if you're offended by not being able to confiscate someone's IRA savings over $500,000, you'll be equally offended by not being able to confiscate their gold too.

Happy Super Tuesday!