Now...now... I'm sure nobody in Washington D.C. is even dreaming about doing this. Will they might be past the dreaming stage...
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.
I'm sure it'll only be on until the spending to stimulate the economy suceeds in actually stimulating the economy.
Which, of course, will never happen. |