[savedbygrace]

So the government would reward you for NOT buying stuff? Yeah boy, that’ll energize the economy.

[driftdiver]

“This will also mean that everybody will have to declare all their checking and saving accounts to the IRS to prove the amount of their savings”

No you won’t. They IRS will already know because the banking bill up for debate right now gives them access to all of your accounts.

[Da Coyote]

Liberals really cannot be this dense, can they?

Well, never mind.

[MsLady]

Get ready to become slaves to the state.

[napscoordinator]

Doing this should at least cut the IRS by 1/2 at least. That is the first hope I have. Abolish the IRS to basically 100 people...2 people per state.

[mlocher]

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

Later, when savings increase, and when the government knows who has saved, the savings will somehow be used to reduce the national debt.

One way of doing this is that savings will be taxed, unless you invest in US treasuries.

[texas_mrs]

Barter every time you get the chance.

[apillar]

I think my grandfather, who lived through the great depression had the right idea.

1.) NEVER put your money in banks, stockmarkets or other financial institutions.

2.) Never purchases anything on credit, if you can't afford it right now, you don't really need it.

When he passed away in 1996, he had $90,000 in cash stashed in various places around his farm. From cigar boxes in his closet, to wrapped in plastic and stuffed in mason jars out in his shed. I guess that was his security system, if a burgler found one hiding place he might get away with $10,000 but the rest would be safe.

We've forgotten the lessons of that generation and bought into the notion that you are stupid not to have your money in stocks or at least a savings account. But, over the last 10 years I would have made as much money using Granpa's method as I did in the stock market.

[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.

[GailA]

btt

[RikaStrom]

What?!