Checkbook Tax is bad? The Progressive Consumption Tax (PCT) is even worse for your bank account

Big Bureaucracy ^ | April 29th, 2010 | Ellie Velinska

[Big Bureaucracy]

Hyperinflation would in fact confiscate all the people’s savings while the government is getting rid of the debt.

[apillar]

If you think this is bad wait until Obama's "debt commission" comes out with it's plan for saving social security and medicare. Here's a hint, the Obama administration realizes that the only place with enough money to make a dent in the problem is the trillions sitting in 401-K's and IRA's across the nation. One of his economic team spilled the beans during the election and was quickly shut up.

There "plan" will be a one time tax of 10% on the total amount in all 401-K's and IRA's. This won't be 10% of what your retirement investment earned during the year, this will be 10% of the ENTIRE investment. So if you have $500,000 say goodbye to $50,000 of it. The administration will push this by saying the economic benefit of paying off the debt in social security and medicare will supercharge economic growth and allow most investors to earn the money back in a couple years. Of course they will also play the "wealth distribution" card and say it's not fair that you have a nice retirement while Tanya the crack whores social security is threatened because she spent her earnings on crack instead of investing for retirement. Of course if you are lucky enough to have your retirement in a union backed 401-K, you will be exempt.

[Big Bureaucracy]

Now that is spooky!

[GailA]

btt

[RikaStrom]

What?!

[SeaDragon]

Just lovely!

[redhead]

"Liberals really cannot be this dense, can they?

Well, never mind."

LOLOLOL! Laughed right out loud! You answered your own question. :o)

[redhead]

"The more you save the less of your income will be taxed."

So, does this mean that in the winter when my heat and electricity bills go through the roof, I will have to pay more taxes on whatever gets left? (scratching head...)