Not much incentive to save
It seems to me a strange thing, mystifying… an excellent line from a great period musical that also describes today’s federal government budget. Which, in passing, the official opposition has already agreed to support, which, in passing, means that we’re stuck with it. Nothing like a government that rules by minority.
Among all the other bits and pieces, I was drawn (as a moth to a flame) by the promise of a new improved savings plan. Not that I have any money to save, but the government will attract others to the flickering candle with a promise to let me (you) save up to $5000 a year without having to pay taxes on it. Well, not exactly. I won’t be taxed in future on the bit of money they didn’t get the first time around. Taxed as in income. I will however offer up the customary 15% when I finally decide to spend my money. In the interim, the banks (who did get a tax cut) will be able to let my money help them grow. Makes perfect sense if you happen to be a bank (or own a government).
I did mention that I don’t have any money to save. I have kids. And a frozen salary. And a lifestyle that requires me to pay retail for everything (on a sliding upward scale). And a government or two or three that already track every cent I earn and that scrape the lint off the pennies.
Well, here’s my counteroffer. I will continue to hide my pennies and other loose change in the bottom of the dog’s bed. I checked with her, and she only eats paper currency that reminds her of red meat. Coins are safe. And since my savings place is supposed to be a secret, I’m not going to tell you where the dog sleeps. She’ll be awake if you (the non-governmental robber) should happen to break in, so my stash is safe.
I’ve made this decision after using the web to comparison shop for a savings account. The best deal around is with the ING which doesn’t really exist; my imaginary $5000 would be $5378 after a couple of years, but that isn’t here or there. It doesn’t even cover inflation and complicates my income tax returns unduly. I’m sticking with the bank of dog.
