Irish Bombshell: Government Raids PRIVATE Pensions To Pay For Spending!

See also:

True Finns Party Chairman: Greece, Ireland and Portugal Ruined; Gangrene Spreads; Enron Looks Simple; Spain Next Zombie

European Nations Begin Seizing (Stealing) Private Pensions

And Now … Ireland: Pension Reserve Funds To Be Spent On The Banksters

“They want your f€€€ing retirement money!”
George Carlin (2005)

Enda Kenny

The Irish government plans to institute a tax on private pensions to drive jobs growth, according to its jobs program strategy, delivered today.

Without the ability sell debt due to soaring interest rates, and with severe spending rules in place due to its EU-IMF bailout, Ireland has few ways of spending to stimulate the economy. Today’s jobs program includes specific tax increases, including the tax on pensions, aimed at keeping government jobs spending from adding to the national debt.

The tax on private pensions will be 0.6%, and last for four years, according to the report.

From the jobs initiative release:

The various tax reduction and additional expenditure measures which I am announcing today will be funded by way of a temporary levy on funded pension schemes and personal pension plans. I propose that the levy will apply at a rate of 0.6% to the capital value of assets under management in pension funds established in the State.

It will apply for a period of 4 years commencing this year and is intended to raise about €470 million in each of those years. The levy will not apply to pension funds established here and providing services and benefits solely to non-resident employers and members. Further details regarding the proposed application of the levy are set out in the Summary of Initiative Measures.

Ireland’s ability to levy further taxes on other parts of the economy is restricted because its economic growth has been inhibited in the wake of a financial crisis that crippled its banking sector and decimated its public finances.

Unwilling to budge on the country’s low corporate tax rate, Enda Kenny’s Irish government has chosen to target pensioners for funds to grow the economy. Whether it turns out to be an example to other countries seeking alternative ways to raise revenues with aging populations is yet unknown.

Joe Weisenthal and Gregory White | May 10, 2011, 12:29 PM

Source: The Business Insider

2 thoughts on “Irish Bombshell: Government Raids PRIVATE Pensions To Pay For Spending!”

  1. the sinister number 666 is included in the phone numbers of all irish police stations as well as on all irish police cars, in the phone number of irish government department FCPS (Fined Charges Processing Services) and also in the phone number of former irish minister for defence.

    surely all just a coincidence ??

  2. On May 6, 2011, the government ran out of money because congress refused to raise the debt ceiling regardless of the fact they had already passed spending bills to exceed it. Tim Geithner sent congress a letter outlining what he would have to do in order to keep up the payments on the debt.
    a. He immediately cut all funds to cash-strapped states. That caused states to cease any road or bridge works to offset our crumbling infrastructure. The states essentially were forced to stop most expenditures. This cost a lot of jobs, and only the most essential people were not subject to furloughs.
    b. He also started tapping the federal worker’s pension plans. No more funds go in and he is using their money to pay on the debt.
    c. If no agreement is met by August, payments to Social Security, Medicare and Medicaid will cease.

    His letter to congress is available online if anyone wants to read it. It is short, and straightforward. The money will come out of the pockets of those least able to afford it. The infirm, the aged and the poor

    Austerity is killing the European economy, now they are enacting it here. The bankers are taking over the world, at some point, people will start striking back. It is happening in Europe, MSM keeps a blackout on the subject, but some of it gets through. Of all the periods of history I hoped never to see outside the pages of a book, 1930s Germany, Italy, Spain and Russia are it. Yet, it is happening again. This is what happens when people no longer remember their history, we are doomed to repeat it.

    Marilyn Gjerdrum


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