"as well, particularly for high income earners. These changes will be phased in gradually... except for one.
Osborne announced that Britain's capital gains tax will increase from 18% to 28% for higher income earners. Yet unlike the other changes which are phased in over time, capital gains tax change occurs IMMEDIATELY.
There is a serious lesson here: governments have the power and willingness to make major changes overnight. With the stroke of a pen, they can impose capital controls, higher taxes, gold forfeiture, confiscation of retirement savings, or anything else they can dream up.
Britain's emergency budget underscores this point even more, and reminds those of us who aren't in the UK that we need to prepare NOW. Why? Because other countries won't be far behind, including the United States.
At a certain point, President Obama will be forced by circumstance to look the American people in the eye and ask them to sacrifice... and pay higher taxes effective immediately.
Also, it's likely that the US government will get its hands on private retirement savings some day soon... there's about $5 trillion out there, and at some point that they'll mandate a portion of all managed retirement accounts to be held in the 'safety' of US Treasuries."
Your rants are well appreciated but you had better be stocking up on food and ammo! Things are about to get tough and we don't want to lose ya'.
ReplyDeleteMichael
Check this out, OB:
ReplyDelete"as well, particularly for high income earners. These changes will be phased in gradually... except for one.
Osborne announced that Britain's capital gains tax will increase from 18% to 28% for higher income earners. Yet unlike the other changes which are phased in over time, capital gains tax change occurs IMMEDIATELY.
There is a serious lesson here: governments have the power and willingness to make major changes overnight. With the stroke of a pen, they can impose capital controls, higher taxes, gold forfeiture, confiscation of retirement savings, or anything else they can dream up.
Britain's emergency budget underscores this point even more, and reminds those of us who aren't in the UK that we need to prepare NOW. Why? Because other countries won't be far behind, including the United States.
At a certain point, President Obama will be forced by circumstance to look the American people in the eye and ask them to sacrifice... and pay higher taxes effective immediately.
Also, it's likely that the US government will get its hands on private retirement savings some day soon... there's about $5 trillion out there, and at some point that they'll mandate a portion of all managed retirement accounts to be held in the 'safety' of US Treasuries."