Obama’s idea of capping retirement accounts at approximately $3,000,000 is a shot across the bow to retirement investors. Cyprus’s bank haircut is an attack on savers. Is Western Capitalism under assault?
A 3.8% Obamacare surcharge on investment income (for “high” earners) — this includes dividends, capital gains, passive income, interest income, etc. Not to mention the 0.9% tax hike on MAGI (modified, adjusted gross income) above $250,000 to married couples ($200,000 for individuals).
The questions I ask myself, are “Is this a long-term trend?” Will the takers continue to out-vote the makers?
I will have to monitor the situation, both domestically and abroad. I would prefer to stay in the USA, but I have to mentally prepare for a seismic shift in taxes, and property rights.
In the meantime, I anticipate early changes will be gradual. It is also likely that the fiscal pendulum that is swinging left, will eventually begin to swing back to the right.