A question for you from an Englishman

[Mattsa]

Here in the UK, we pay tax on our current account savings

This is pretty brutal when the Bank of England is growing the money supply by 13-14% per annum.

Putting money into a bank account here in the UK is tantamount to burning your money

We have tax free savings accounts but we can only pay about $6000 per year into them to avoid paying tax on our savings

Do you pay tax on your savings in the USA?

I'm curious!

 

[Gee]

Tax on savings?

No, we've got nothing like that. Thank god.

 

[aravoth]

Not yet anyway

 

[Mattsa]

Things are worse than I thought!

That's what i thought!

And frankly.....I just amazed that Bliar's government has got away with this

We pay income tax and then we are taxed on our savings too!!!!!!!!!

Meanwhile, our governemnt has allowed the banks to create unprecedented amounts of new money

Saving money in the UK has become a total waste of time

The mind is repelled! I really struggle to find words to describe a government that taxes savings. It is utterly repellant

 

[kylejack]

Well, we pay income tax on any interest earned from savings.

 

[Mattsa]

Very interesting

Very interesting reply. Thankyou

We too have an inflation measure called the CPI (Consumer Price Index)

It is running at just above 3%

This is a totally fraudulent measure of inflation as it only measures a selection of goods that the average punter buys on the high street. If there is a jump in the price of orange juice because of a poor orange harvest, they simply replace orange juice with some other consumer article that hasn't increased so much in price. House price inflation is excluded totally! So the fact that house prices have nearly tripled in 10 years in some places is totally ignored in the official inflation figures. It is FRAUD because the bank base rate dictates what the returns are on our savings.

 

[RonPaul4President]

Tyranny with a smile.

...and a crown.

 

[Original_Intent]

The CPI is also a dishonest way to measure inflation, because all else being equal, goods become cheaper over time. So whenever we increase productivity, this makes inflation, as based on the CPI, look smaller.


In other words, something that cost 50 cents in 1990 and costs $1.00 now, based on the CPI we would say inflation during that 17 years was 100%. But this hides the fact that due to scales of economy and increased productivity we actually would have been paying 25 cents for the item if it wasn't for all the money printing going on. (Actual inflation of 300% rather than the reported 100%)

 

[Mattsa]

The CPI is also a dishonest way to measure inflation, because all else being equal, goods become cheaper over time. So whenever we increase productivity, this makes inflation, as based on the CPI, look smaller.


In other words, something that cost 50 cents in 1990 and costs $1.00 now, based on the CPI we would say inflation during that 17 years was 100%. But this hides the fact that due to scales of economy and increased productivity we actually would have been paying 25 cents for the item if it wasn't for all the money printing going on. (Actual inflation of 300% rather than the reported 100%)

EXACTLY! The whole thing is such a con

But the biggest, most humungus scam of all is the property market. That is the thing that will bankrupt a lot of people here. It's the creme de la creme of pyramid selling scams. PRICES WILL NEVER FALL!!!!! BORROW BORROW BORROW! It is a catastrophe waiting to happen

 

[Bojangleman]

It's already a crisis in areas of California where prices are now falling 10% per year. Such a shame...