U.S. Pension Funds Being Grabbed
Wednesday, December 18, 2013 12:32
As we reported here at Ben Swann in mid-October, pension confiscations have occurred in Poland and Russia. Cyprus experienced bank deposit confiscations. We also discussed the possibility of bail-in’s here in the U.S. of retirement accounts. Our article from October reviewed the IMF’s October 13th report. The report recommended European nations perform a one-time 10% tax of citizen’s assets.
In that same IMF report entitled “Fiscal Monitor–Taxing Times,” the IMF also recommends the U.S. and other wealthy nations increase their top tax bracket to 71%. The current top U.S. personal income tax bracket is 39.6% for annual income exceeding $400,001 per single filer. Very few news outlets covered the IMF report, few discussed the recommendations of a one-time 10% levy or 71% top bracket rate back in October.
On December 3rd, an Op/Ed in the Wall Street Journal expressed concern of the 71% proposed top bracket, and indicated the writer is taking implementation seriously. The author speculates that there will be wealthy citizens giving up their U.S. citizenship to avoid the 71% top bracket, as we have witnessed in France.
Chart from Bankrate: http://www.bankrate.com/finance/taxes/tax-brackets.aspx
Taxing citizens is one way for a government to raise revenue. Another way is to force retirement assets into purchasing government debt. Our previous article discussed that has already happened in Poland and Russia. The previous article also linked to debates of retirement bail-in’s occurring in the U.S. as well. Few media outlets will touch the issue.
A new wrinkle seems to be emerging however in the U.S. retirement bail-in discussion. Dr. Jerome Corsi, a Harvard Ph.D. in Political Science reported three days ago that he believes the bail-in’s are coming, and they are being couched in “racial equality”/”savings inequality” jargon. He thinks that because of a newly released study from the “National Institute on Retirement Security.” http://www.wnd.com/2013/12/retirement-plans-attacked-for-savings-inequality/
A think-tank called “National Institute on Retirement Security” just released a report detailing racial inequality in retirement savings, with a grand solution of forcing assets into U.S. Treasuries to solve the problem. Little is known about the agenda, if any, of the “National Institute on Retirement Security,” but a brief search indicates it is a non-profit that was launched in 2007. As for where they receive their funding, that is not known. However the conclusion of their report offers the government a rationale to force retirement assets into purchasing U.S. Treasuries. That would certainly be one way for the government to raise revenue. http://www.nirsonline.org/index.php?option=com_content&task=view&id=30&Itemid=66
We will continue following this story and report developments. One issue to consider is China and Japan are two of the top purchasers of U.S. debt, and they are squabbling currently in a dispute over the Senkaku Islands. On December 12th, Dod Buzz reported that Hudson Institute senior fellow Seth Cropsey stated in a U.S. House Armed Services hearing, ” Chinese leaders are ambitious and they are moving towards great power status. The U.S. is not taking this possibility as seriously as it should.” He recommended the U.S. needs to develop a detailed war plan. http://www.dodbuzz.com/2013/12/12/call-made-to-congress-for-china-war-plan/