Should have said ‘never lie down and give it’. Or give it lying down. Or give it from the barrel of a gun. They would rather burn it than be told how to philanthrophize (sp) it.

Taxation will go through the roof, benefits for savings and retirement will be reversed, and the Government has already decided you can’t move your money overseas.

Financially, get out of the US now if you can.

The spectre of inflation is also a pump primer as people race to spend their money while it still has value. If you are going to buy an expensive european car, how much longer do you have until Europe says Uncle and starts a trade war?
Selling to us is a losing proposition if our money doesn’t hold up. The stuff of great depressions.

Taxation will go through the roof, benefits for savings and retirement will be reversed, and the Government has already decided you can’t move your money overseas.

Financially, get out of the US now if you can.

Any concrete suggestions?

Regards,

This is long on speculation and short on specifics, but I do recall that Hillary wanted to finance her health care boondoggle with a special tax on 401(k) savings. No Democratic politician can keep his filthy paws off any pot of gold for long. Welcome to Zimbabwe.

This is long on speculation and short on specifics, but I do recall that Hillary wanted to finance her health care boondoggle with a special tax on 401(k) savings.

Tax something and you get less of it. Tax productivity, income, and economic success...and you will get less of it. At least, that's the logic that the leftists applied when passing heavy taxes on sin items like cigarettes.

Any stupid moves by the Socialists (formerly Democrats) and there will be a massive flight of capital (financial and human) out of the United States. IMHO, I never believed the Democrats would be dumb enough to kill the goose that was laying the golden eggs, but at this point, they are capable of anything.

This post reads like part of something larger, but I cannot find any links to where it came from. Can you say where it came from?

I have no doubt that the dems will at least try to revive the “one time” 15% tax on “tax deferred” savings plans like pensions and 401Ks, since it’s “not fair” that the lucky people have them, but many don’t.

I’m in my investments for the long term, but just this last month, my “nest egg” in the market is down about 10%. I’m not too worried at this point: I’m pretty well diversified, and as I said, I’m in it for the long term, it’s going to be at least 20 years before I retire. But I can see losses like this starting a panic sell-off. Heck, maybe if that’s the case I should increase my contributions.

Mark

My mind. :)

You wrote:

My mind. :)

Ok. Could you at least explain to me where "below" is, in your parenthetical:

(short term only see below)

It’s a short term phenomenon that will benefit the economy as people spend now rather than pay tax later, but it will boomarang back to hurt us when people outlive their savings. The threat of a liberal high tax government is making otherwise prudent people accelerate their retirement plans, if they are smart. Otherwise if you wait, the tax is going to eat up most of what you saved. That’s the theory.

I have no doubt that the dems will at least try to revive the “one time” 15% tax on “tax deferred” savings plans like pensions and 401Ks, since it’s “not fair” that the lucky people have them, but many don’t.

They already nailed our retirements while we weren't looking. The current rate of true inflation is probably above 10%.

I don't think the return percentages on our 401Ks are indexed for inflation - do you? So they've effectively stripped money out of our "protected" stashes by playing games with fuel and food.

Supposedly that’s why the Fed’s number one job is to fight inflation. But why should they if, as the board of director of the government, they can vote for share dilution (increase the money supply) and get whole again, piece by inflationary piece.

Escape Artist is a great resource, and do a web search for International Business Companies. Avoid most of the Caribbean islands - they all share tax info with the USA. Go for Panama, Switzerland, or HK.

They already nailed our retirements while we weren't looking. The current rate of true inflation is probably above 10%.

I don't think the return percentages on our 401Ks are indexed for inflation - do you? So they've effectively stripped money out of our "protected" stashes by playing games with fuel and food.

Yep. I know it sucks to say, but it's always good to keep an eye on George Soros and his currency investments. He's a socialist pig, but he's also not stupid with his own money.

I'd recommend considering putting a few tens of thousands in the Bank of China. Fly to Shanghai, drop some in. You'll get 2.5% interest, and the exchange rate change (14% over the last year).

A good friend high up in the Chinese banking world (president of a larger bank in China) told me that China will let the RMB drift to 6 RMB to the dollar, over the next 12-15 months. Considering it's 6.86 to the dollar now, that's another 14% over a year. Meaning that savings account will return over 16% annually.

And of course that money is overseas... Which with the new law passed about starting to restrict asset relocation, it's always good to be diversified internationally. Good to have a nice little nest egg overseas, form an offshore corporation and bankroll it immediately.

Overseas shell corporations are no longer just for the megawealthy and large companies; you can start one for $1500, and annual payments of $500. And the money you earn with that company is tax-free in the foreign jurisdiction. Choose a country that does not share tax info with the US and suddenly you've got a pretty nice shelter going...

At today's tax rates (and the absolute confiscatory rates that Obamassiah will institute) it takes very little income to offset that $500 annual fee. Figure just $400 per month, sheltered.

Socialists are always dumb enough to kill the goose. It’s not “dumb,” though. It is power.They prefer to have total power over a declining economy and culture than to be less powerful in an expanding economy and the common people getting richer is in itself a dilution of that power and not desirable. Their model is Medieval Europe but with limousines and flush toilets. They are royalists at heart as witness the adulation-the level and the kind- of the Kennedeys. The intelligent liberals intend to be the insulated rulers. The less intelligent crave to be ruled by a Wise King who will take care of them and assign meaning to their lives.

Which with the new law passed about starting to restrict asset relocation

NOW what?

This new law. I know right now it doesn't look too bad - only on big asset values ($2 million or more), and for those giving up their citizenship. The problem is this is the nose of the camel under the tent.

Give it a few years, and it'll be at $250,000. And a few years after that it will be any transfer of assets out of the US, regardless of your citizenship status.

The warning shot's been put across the bow - now's the time to start moving assets overseas before you can't. And before this Government decides to take all of your assets anyway, via confiscatory taxation.

Thanks for the info on the latest tax grab. I watch for these things, and they slipped one by me.

"The Heroes Earning Assistance and Relief Tax (HEART) Act"

LOLOL! True to form, CON-gress passes another "Save The Lovable Fuzzy Kittens And Cute, Big-Eyed Puppies Act".

When are the Merkun people going to catch on to the fact that these grifters are fleecing them day in and day out? You'd think we'd see it with the gasoline and diesel thing, but no - it's Big Oil, and Bush and Cheney that's "responsible".

Idiots.

Thanks again. BTW - for a FR class of 2004, you're as cynical as a '97, '98 or '99...

Well after all three of those are soon gone, who will they have to blame it on then? They will only have themselves and by then the American people will have learned what a scam Liberalism truly is.

Look for a whole new “rebellious” generation to emerge that are staunch old time Conservative. It’s how all younger generations go; They defy the established form in power. It has repeated itself through out history and will again soon.

my meager 401K is the ONLY thing I will have...no pension guarenteed....if the Rats and the govt want to go after retirement, then they should go after the state and federal workers who are getting royally benefitted...

my meager 401K is the ONLY thing I will have...no pension guarenteed....if the Rats and the govt want to go after retirement, then they should go after the state and federal workers who are getting royally benefitted...

I'm in the same situation, and I'll make a point of letting them know that I'm not very happy about yet another LIE that we've been told. We need to remind them that these retirement funds are NOT tax free. They're tax deferred. Meaning that we just haven't paid taxes on it YET. And you're right... There certainly won't be any social security by the time I retire in 20 plus years. So between it and medicare, it's just another 15% or so tax that we've been paying all along.

Mark