A very alarming article in the Sydney Morning Herald about how the Henry Review into taxation reform is looking at finding ways in which the Government can take your superannuation.
In summary, the Rudd Government wants money to fund their poorly devised, mad plans for Australia. ¬†The easiest way to get it is to mine the pool of trillions of superannuation dollars, currently being freely invested in commercial activities. ¬†Rudd and Swan see this mountain of cash and think – “If only we could get our grubby mitts on it”.
The plan being touted now is that lower income people (with smaller super balances) would “volunteer” their superannuation to Kevin Rudd, who would guarantee an annuity stream once they are retired. ¬†It’s being sold in by the Government as a way to help the poor with a safe, solid investment in Government, rather than the grab for cash that it is. ¬†It’s the thin edge of the wedge – where to from here? ¬†Every Australian sacrifices 1% of their super for “National Infrastructure” or a grandly named “Nation Building Fund”? ¬†Sounds wonderful and noble, but it’s simply theft.
Alarm bells have been ringing long and hard via the good people at The Daily Reckoning / Money Morning, who see it this way:
…the Henry Review of the Australian tax system is in full flight. It’s like feeding time at the zoo. Only the animals are fighting over the dollars in your wallet – or purse.
So why has the media not made a huge issue of this? Why hasn’t the Opposition been getting headlines over the impending theft of superannuation in order to fund Rudd’s grandiose plans for “infrastructure plans” such as RuddTel, RuddBank and other Whitlamesque schemes? ¬†Money Morning explains:
Earlier this year we predicted the government would begin an organized campaign to either ‘encourage’ you or force you to hand over your superannuation balance to them.
Not surprisingly, the mainstream press is still asleep at the wheel on this issue. But again, that’s not surprising seeing as any reporting of the Henry Tax Review will be handled by the ‘Canberra correspondents.’
The correspondents who live or die by their government contacts in Canberra. Is there really any chance they’ll point the finger and say, “Hang on, the government is stealing your money!”?
Fat chance.
I’m reminded of Ronald Reagan’s famous quote about do-gooder Governments – Governments like Rudd’s that want to control you, and sell their actions within the framework of “doing what’s best for you because we know better”. ¬†Said Reagan:
The nine most terrifying words in the English language are: ‘I’m from the government and I’m here to help!”