Getting increasingly concerned that pension raid will lead to a tax/levy on deposits

[Panacea]

Not sure if its being overly paranoid but since the raid on pensions I cant escape the feeling that the government will end up shaking down deposit accounts to try and keep up the illusion of being able to manage the crisis.

"Finance minister Michael Noonan has refused to rule out new tax increases in the struggle against debt.

He told the Dail that he was not going to rule out any tax initiative, or any tax increase, or any tax reduction, in the light of the state of the country's finances.

He said he was taking this stance at a level of principle, and that he had nothing in mind.

Asked by Fianna Fail's Michael McGrath if this included income tax, Mr Noonan declined to specifically rule out changes to income tax.
"

 

[z107]

The government has two methods it can use to take deposits:

1. A direct grab, like that did with pensions.
2. Increase other taxes so that people will end up spending their deposits to service the new taxes.

I believe either one of the above (maybe both) is inevitable.

 

[kdoc]

Can't they just increase DIRT again?

 

[gussy]

I think it is highly unlikely that Noonan will touch deposits. It would lead to people taking their deposits out of the bank and out of the country. I think that would be far too risky for him and it would draw questions about where he has his money and we all know where that is and it's not our banks. Also on the pension issue I hve written to the president of Ireland asking her to test the pension fund grab in the courts as this surely cannot be legal.

 

[L0llip0p]

[email protected] as Mr Hobbs said.

[broken link removed]

Anyone can and should send an email to our president asking her to refer proposed pension levy to supreme court.

 

[Complainer]

[email protected] as Mr Hobbs said.

[broken link removed]

Anyone can and should send an email to our president asking her to refer proposed pension levy to supreme court.

Eddie should read the constitution. The president can't refer money bills to the supreme court.

 

[callybags]

Eddie should read the constitution. The president can't refer money bills to the supreme court.

+1.

If he is that concerned that the relevant legislation might be unconstitutional, there is nothing to stop him taking a case.

 

[Mpsox]

There is a levy already on deposits, it's called DIRT. And yes, I know it only applies to the interest, but it is still a levy.

As for an actual cut of the principle, to administer that would be very difficult without applying it to current accounts as well.

 

[Lightning]

As for an actual cut of the principle, to administer that would be very difficult without applying it to current accounts as well.

Very good point. However, it is possible to define a difference between a current and non current account.