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IMF Floats Idea To Levy 10% Tax on Europeans Assets

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Sonya Sandage
Sonya Sandage is a financial industry professional, and has worked for the nation's largest banks and investment wirehouses for 12 years as Private Wealth Manager. Originally from Florida, and a graduate of UF, she now resides in Washington, DC. Her goal is to get more Americans interested and engaged in their nation's governance.

THE WORLD IN HOCK?

The IMF’s Oct. 13 report, “Fiscal Monitor -Taxing Times”, discusses how to solve Europe’s sovereign debt problem.

What they recommend is shocking to some, and ringing alarm bells around the finance world.

- Newsletter -

Sovereign nations are facing shortages of tax revenues, and public finance is in shambles.  Multi-national corporations have offshored their assets to avoid paying taxes.   The IMF report addresses ideas of how to tax the dodgers that are hurting public finance.

POLAND

Back on Wednesday, September 4th, Reuters reportered that Poland was going to move 50% ($47.6 Billion) of privately held pension funds into the State’s custody and books because Poland had maxed out it’s legal ratios to borrow.

New York Times ran a piece on October 11 that confirms Reuters September 4th story.  Indications are that all systems are go on the Poland pension pilfering.

Bloomberg reported on Oct. 10 that a Polish asset manager with $20 Billion under advisement, Marcin Zoltek, says investment suitability will become a problem for these Polish pension dollars.  So pensioners may lose their assets in a bad market due to unsuitable investment choices made by the government.

Forbes reports that the move to seize $47.6 Billion (about half) of all Polish people’s private retirement funds has been roundly criticized by US watchers and the markets in general.

CYPRUS

This follows the March 26th Cyprus bail-in, which amounted to confiscation of bank deposits with more than $100,000 EUR in the account.

A July 28 agreement between Cyprus and it’s international lenders including IMF & European Central Bank,  put 47.5% of deposits exceeding $100,000 EUR into equity shares of the bank.

RUSSIA

Reports came out in Reuters and New York Times on Thurday, October 3rd that Prime Minister Medvedev announced a pension system overhaul.  The overhaul will involve holding $7.6 Billion in private pension assets into state coffers for a one year holding period, while officials run an investigation into the private pension system.  Some say the government is broke and they will use the assets to improve their debt ratios.

IMF LAYS GROUNDWORK TO TAKE 10% OF EUROPEANS SAVINGS

Well, the IMF is noticing it’s European member nations are broke.  But their Oct. 13th report has some solutions: take 10% from everyone in the EU, one time! All households with positive net wealth—everyone with retirement savings or home equity—would have their assets plundered under the IMF’s formulation.

From the IMF report:

imf

This may restore public finance to pre-2007 debt levels.

ONE LAST NOTE

And just in case banks in the US faltered again, the FDIC and Bank of England already have bail-in plans for depositors.  Much like Cyprus, money over a certain amount would be confiscated, and converted to bank shares.

Our public revenue will always be safe, because we issue the world’s currency.  When the time comes that a new world currency goes in circulation, America will possibly face the same austerity measures.

What’s a girl to do?  Keep her money in a shoe?  Of course, credit unions are an alternative.

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