Desperate governments do desperate things. Some of those things qualify as theft if you or I do them. This is one of those things.
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.
Yeah. Call it a tax. “Theft” is such an ugly word.
The article contains a link to a slide show of 17 countries that appear poised to use this same tactic. Surprisingly, the USA wasn’t one of them. Il Duce must be slipping.
South Korea was #4 on the list: someone warn bingbing!
Coming in at #1 was — drumroll, please — Japan, a country with an aging population and two decades of economic stagflation under its belt.
But don’t worry if your country wasn’t on the list of those ready to pounce on your hard-earned retirement nest egg. They’ll get to you soon enough.
The Tizona Group 
May 12, 2011, 7:32 am at 7:32 am
Hi,
OMG, if Gillard or Swan hear about this Australia will be on that list as well, money hungry Governments, it beggars belief.
May 12, 2011, 10:15 am at 10:15 am
Lucky I’m not relying on that pension…
May 12, 2011, 10:18 am at 10:18 am
America still has a ratio of 4.7 working age people to 1 retiree and they aren’t facing the same level of “demographic time bomb” threat as other countries. The liberals may be aborting and birth-controlling the blue-staters out of existence but the red-staters will pick up the slack, plus there are a lot of younger hispanic immigrants who, if given a legal pathway to residencey with the caveat that they must work, not go there just for the welfare, will be productive taxpayers and because so many of them are catholic will breed up big.
On that point I think if your going to get a lot of immigrants its much better to get hispanic christians than african and middle eastern muslims, the former seem to have a much better work ethic and are easier to asimilate.
You know Australia is already one of the 10 most highest taxing countires in the world
http://www.businessinsider.com/most-taxed-countries-in-the-world-2011-4#10-australia-5
I wonder what our ratio of people in the work force to people on the dole is.
May 12, 2011, 10:29 am at 10:29 am
“I wonder what our ratio of people in the work force to people on the dole is.”
Now there’s a question whose answer is guaranteed to bring on a nice case of heartburn. Regardless of country.
May 12, 2011, 11:57 am at 11:57 am
This is exactly why I give a cynical laugh whenever superannuation is brought up.
Its a huge pool of money the government just hasnt got around to stealing yet….
May 12, 2011, 12:58 pm at 12:58 pm
When there was that one-time-only tax-free option to sock away an extra lump sum with super under Howard, my financial adviser wanted me to take advantage of it.
I didn’t, because I said at the time that at some point Labor are going to get the reins and no super fund will be safe.
I don’t regret that in the slightest.
May 26, 2011, 10:55 pm at 10:55 pm
Damn right spot. And now that I’m old enough to get my hands on some of it, it’s coming my way to finish paying off the house, and to add to the little stash of gold and silver I have.
May 12, 2011, 1:00 pm at 1:00 pm
If you reckon Australian Labor isn’t eying private super funds with an eye towards punishing those who actually made the sacrifice to save for their own retirement, you’re either incorrigibly naive or congenitally stupid.
http://www.theaustralian.com.au/business/opinion/tax-hungry-government-eyes-retirement-savings/story-e6frg9if-1226011611827
May 12, 2011, 7:53 pm at 7:53 pm
Something in there reminds me of after the bushfires and floods. People who didn’t bother to make the sacrifice and get insurance still received “insurance” regardless, thanks to said responsible people’s extra involuntary “sacrifice”.
Sorry, but Australia is a nice place to visit these days, put it that way.
May 12, 2011, 7:58 pm at 7:58 pm
PS Don’t get me started on all the disability pensions issue that has been raised lately.
What a fucking rort.
May 12, 2011, 11:06 pm at 11:06 pm
Welllll…..
Stephen Green (@VodkaPundit): “Think that It Can’t Happen Here™?”
Seriously, it’s gotta be so tempting. Let’s just hope that both America and Australia have enough Responsible Adults™ (aka “conservatives”) around to keep the socialists’ sticky little paws out of the piggy bank.
May 13, 2011, 2:01 am at 2:01 am
No. We/they don’t, and you know this.