banking

Heads Up: Gov’t plans to Tax our Savings Accounts

Tax_Savings_Bag

Remember my post on negative interest? Well, here it comes, under a different name…

A new political scheme to tax bank accounts, according to the Australian Financial Review, might be locked in place in Australian banks as soon as January 1, 2016. [1-4] This could quickly be copied by other tax-hungry welfare states, including ours.

This bank deposit tax will likely begin at a low percentage, to create a legal precedent; but it is expected to grow rapidly, as the income tax did in the United States.

Like many modern taxes, this planned tax on bank accounts is being framed as a tax on the banks, not on individual customers. Its cost, however, will be passed on to depositors in the form of higher fees or lower interest paid on their accounts.

This tax on bank deposits is projected from its start to raise around $500 million each year, purportedly for a “Financial Stabilization Fund” to help protect banks from collapse in future financial crises.

This is just another nail in the coffin. They’ve already sealed off the exits by placing strict limits on the cash people can use in the economy or withdraw from their bank accounts. Now, they’re going to tap into it. We’re being buried alive by the money men.

Categories: banking, debt, interest, money, scam, tax

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2 replies »

  1. Yes, this filching from our bank accounts is to flow into the $1.2Bn interest a month the FedGovt pays the banks for the $700Bn debt accumulated in borrowings from these same banks.
    It’s the banks using the FedGovt as the money launderer in the servicing of unpayable debts in perpetuity.
    They must think we’re all stupid if they say that it will help pay for social services, as the FedGovt exists to provide cover for the looting operation that is Bankster Australia Inc.

    Liked by 1 person

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