Ugly news from Ireland:
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.
Lovely. Raiding citizens' savings to pay for a "jobs program." That's not just robbing Peter to pay Paul, that's ripping off Peter's grandma to give Paul a bar of genuine iron pyrite.
Worse news, at least from an American's viewpoint: Barack Obama is visiting Ireland this month.
Further investment advice: boost your holdings in tar and feathers manufacturers while you're at it...
are they out of their tree? I guess the current govt wants an early retirement. all the challengers have to do promise not to tax ira's and they are so in
ReplyDeleteRather unfortunate choice of acronym there, Rachel, given the context.
ReplyDeleteLast person who tried to tax the IRA got their kneecaps blown off!
At this rate, Eire will be reuniting with the North and not the other way around!