via Martin Armstrong
COMMENT: Marty, you might be 100% spot on about governments handiest ever being able to mendacity and mismanaging cash and elevating taxes.
The Australian Exertions celebration that ran on a mandate not to alternate superannuation at the moment are proposing to modify superannuation.
Their plan is the abolish tax advantages for accounts with balances above $3M, the use of the standard argument of concentrated on handiest the wealthy.
This is at all times the marketing pitch isn’t it? Simplest the wealthy and naturally the bulk take the bait.
I’ve desperately attempted to tell those that it’s NEVER simply the wealthy that re impacted. I’ve cannot for the. lifetime of me get other folks to take into account that the so referred to as wealthy, shall be required to promote belongings to satisfy tax commitments and feature much less cash to shop for belongings into the longer term, and that, that during flip will affect asset costs and thus have an effect on everybody. Wealthy and deficient.
After which there may be the most obvious. Thresholds by no means stay the place they start and are at all times reduced.
Executive is at the hunt for cash in each and every nation.
REPLY: That’s the downside. Most of the people don’t wish to consider that the federal government handiest seems out for its personal energy. It’s so crucial to ban profession politicians regardless of which path they lean. For after all, they’ll at all times lean in their very own desire.
In all probability it’s possible you’ll remind them of the “Luxurious Tax” that the gross sales pitch was once they have been going to tax their Ferarries, Fur Coats, & their French Wines. I used to be there in Australia again then. Possibly I noticed two Ferraries as a result of they have been already 100% taxed to import. Some most likely wore a fur coat down in Melbin, and no one ever served me French wine – its was once at all times Australian. Other people cheered then too – get the ones evil wealthy other folks. Then they awoke and ALL electric merchandise have been a luxurious.
The majority of all taxes is at all times from the average other folks just because we outnumber the billionaires. There are not up to 500 such other folks in america. Confiscate all their wealth and you’re going to now not stability the finances even for three hundred and sixty five days.