Posted on 05/09/2013 6:51:20 AM PDT by SeekAndFind
While pundits, politicians and economists are distracted by marginal tax rates and a possible Internet sales tax, President Obama may be preparing for the biggest of all trophies: a wealth tax. He doesn’t say this, of course, but he is baiting his hook, and looking for the optimal place and time to cast his line. Most people don’t see this coming. Should it happen, though, it will be very difficult to protect yourself.
This all started — at least the public part — with the president’s 2014 budget, which proposes to limit tax-deductible saving to an amount that will provide an annual benefit of $205,000. The budget document states that “the maximum accumulation that would apply for an individual at age 62 is approximately $3.4 million.”
Putting the numbers aside for the moment, this initiative targets one’s wealth as well as one’s income. If an individual’s tax-qualified wealth — both defined contribution and benefit plans — approximates $3.4 million, then future tax-deductible contributions would not be allowed. If the level drops below $3.4 million, say because of poor market returns, then additional contributions would be allowed. If it is already above $3.4 million, it is not clear how, or if, the excess would be taxed. At the moment, only tax-qualified wealth is targeted. The budget document also suggests that retirees need only $205,000 in annual income.
(Excerpt) Read more at washingtontimes.com ...
The Kleptocrat Party, enabled by the Kleptican Party, is determined to turn America into a permanent Kleptocracy.
That means you’ll have to sell some of your property to pay your taxes, and the feral government can pick it up at bargain-basement prices.
Actually the internet tax pees me off way more than this.
Buffett and other wealthy people backed Obama thinking they could focus his redistribution efforts on those who were trying to accumulate wealth instead of those who are already wealthy. They are about to discover the Marxists will be going after them.
This will drive investment in hard assetts, such as gold & silver. (which will go unreported,irrespective any “registration” requirement.)
It will also drive property ownership into family trusts or corporations.
It will devistate charities, which is fine with the socialists who prefer folks be dependent on government, and make the correlation to vote buying more direct.
It should also serve to kill the democrats in the 2016 elections.
Just a point:
Bring back US jobs. Then we would not have to raise taxes.
This is weird, I was talking to a fellow a couple of month’s ago about something like this. He said that this country had been ‘prepared’ for actions like this. He said that people today want instant gratification and they don’t want to work for wealth and the things that wealth can buy. They want it and they want it ‘now’.
And then he said that if this came to pass then he thought that the next big craze would be hunting for politicians and bureaucrats.
Frankly, people I’m worried, if it isn’t one thing it’s another out of D.C. and they seem to have one goal in mind. They want the public to either accede to all of their demands or they want a Civil War. Either way they think they will ‘win’ in the end.
I’ll take up armed revolution against wealth confiscation.
Indeed, it's called by different names: Quantitative Easing, $85 Billion per month, etc...
Surprise! America is so far in the hole that I really believe it would take generations to recover and then if we a lucky. America is damn to far gone.
Now he is going to anger wealthy democrats.
This is a big mistake from many angles, but political suicide is a new one for Obama
I think we are getting awfully close to a 51% tipping point that will stand-up and cheer for this.
It is impossible to kill the democrats. They have driven most Americans so far in the hole that their dependency on handouts leave no choice but to keep the free money flow.
Look for Warren Buffet’s fingerprints all over this.
That is largely how he required companies in the last.
“This will drive investment in hard assetts, such as gold & silver. (which will go unreported,irrespective any “registration” requirement.)”
This will also cause those who have diligently invested in IRA’s and 401K’s all their working lives to figure out ways to relocate their assets off-shore. Heck, I might even move along with my investments!
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