Saturday, March 23, 2013
Cyprus and taxing your savings
The
question everyone wants to know is can this happen here. Some talking heads and elected officials say
no. So lets look at our history. When Social Security was created, all the
monies collected was going into a so called locked box. Today between the employees and employer
contributions approximately 13% to 15% are paid into this fund every
paycheck. However, in 1964 with
President LBJ's Great Society, we saw government take the Social Security fund
and put into the general fund for our illustrious politicians to spend. But remember, government did not put a penny
into this fund but felt they could just take it and spend on projects they
wanted. And now they call this an
entitlement when it was our money set aside for our retirement. The government has spent so much of this
money and just put an IOU in the box that they could never pay it back and have
brainwashed us into believing this is an entitlement. So, if you think government will not reach into your savings,
401K or other private retirement plans, remember what they did to the Social
Security Fund. Trust in God, not
government.
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