From Sovereign Investor The Only Way to Avoid Wealth Confiscation By Ted Baumann Dear Isidro, The politicians who created the bloated and growing $17.3 trillion U.S. national debt are now planning ways to confiscate your wealth to pay off their bill. That debt comes out to $54,730 for every U.S. citizen and $150,641 for each U.S. taxpayer. (Almost half of all Americans pay no income taxes.) Across the world, in nearly bankrupt countries (think bank “bail-ins” in Cyprus), politicians are talking openly about forced confiscation of wealth — and the Obama administration is more than sympathetic. It was the U.S. Congress that adopted the Foreign Account Tax Compliance Act (FATCA), a mechanism that makes global wealth confiscation easier for all governments. There is even discussion of the U.S. government taking over all private retirement plans, IRAs, 401ks and the like. And how about that “one time” wealth tax, where banks will be ordered to turn over to the U.S. Treasury a percentage of your deposits? Make no mistake — we are all at risk.
Posted on: Sat, 22 Mar 2014 10:22:30 +0000