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Over in Cyprus they seized private moment -- parts of the conditions to get another -- out.
Obvious question we've been asking for weeks could that happen -- Our next guest says yes it could especially when you look at the proposals in the president's budget the deal -- retirement account.
Chambers joins us now I thought that he -- -- -- for this one out.
According to how the leaks from the budget proposal.
The president would cap pension plans.
You all pension account your 401K -- on our right -- it at three million dollars.
Are you suggesting that if you've got more than three million dollars in one of these pension plans he would sees it are you suggesting that.
He's just that you won't get tax break on it.
And that actually is equivalent of about a billion dollars a year savings -- billion dollars a year.
More tax that it is more -- that they'll confiscate from the amount is just if you put in you won't get the tax break when he -- he's a limit.
But gaining faster than -- bit of -- wage and you've -- those fitted with the names of the wage.
Going into pensions all over the developed world all over Europe and not stuff from happening in America but we don't we just -- like I just got to make it.
Think it is very importantly make the decision this is not a Cyprus situation.
The president and the administration Al government Kia is not going to seize private assets I want to make that very clear because.
-- that there's a lot scare out now want to make this very clear.
Yeah eight it's it's a chronic solution is not -- -- -- -- people's patience Paul can.
So that's that's that but nonetheless more tax less attention now.
Can you tell me -- more about this capping deductions.
Because that's another.
Tax on the wealthy more successful people.
Via the original idea if of these -- savings accounts to essentially that you put in a few thousand dollars a year.
What's happened -- people found ways of putting a lot more than that into these accounts.
So you've -- people putting ending up -- a pulse of millions of dollars in -- And that's what's cool with the trouble with these accounts so the -- is trying to say hey it's not meant to build up.
Million dollars in in this account and then B eight to hand over to your -- -- when you thought that's not the purpose so we got the cap it.
But nonetheless it's a cat nonetheless it's more tax nonetheless it's less -- so.
That is really what's going on here is less patient -- not allowed to.
Succeed above a certain limit and -- and it's a thin and all -- -- wage and you've seen that going on the world over the developed world.
Which went conscious of being in debt but actually turned to rating pensions and -- also to different levels.
Because they need money to fill that deficit so if this is kind of deficit maneuver and he's coming out the -- -- rather than that the -- Climb on ABC got a British accident that I didn't know -- the you have from the UK but now find out okay.
Do you have a comment on Margaret Thatcher -- seems to milieu that America could use another -- Reagan and alma Margaret Thatcher right now.
Absolutely I actually play cricket for the Tory party -- -- on the hunt on very fact today and my team members might follow could sit through cricket has a -- -- very -- I mean she was a great.
I mean she was really the only clearly anti -- -- that -- -- many many years really since since the war.
And she rolled back the state and that's really what you need in America and what what is -- in Europe is rolling back the state the state now controls everything she roll back the state.
The most when she left power off the moment they throw or how effectively they started to roll it back again -- can they thought who put the state back in place.
And you know that that was she -- Britain's decline for at least a decade then maybe fifteen issues responsible for attending UK -- as Reagan turned America around do you see any politician of prominence on the horizon today who could do the same thing.
Not I'm afraid that I'm either in Britain great warning -- not that things you can say.
Not now I don't I don't see anybody go about and see anybody.
That's prepared to run against the grain.
Of current politics not only outside that party but within that party some -- there's no mold breaker out that.
There are people trying to take back the -- he's hopeful of politics and all of all situation but nobody prepared to take an -- To the problem not no no man or woman of destiny and she was a woman a destiny and that really.
And Britain Saudi -- that kind of Soviet thinking that's -- I I looked on in 100% agree with you -- with you.
Would you say that -- that the fundamental nature all British and American society's.
It's now completely different from the Reagan and -- years we've become anti capitalist would become collective missed a quick change that much.
Well I mean we all -- it's now.
But you gotta remember the seventies with -- -- to vista's well.
And in Europe in particular so I mean they really eroded back when we come to try to put things back to where they were before socialism really got it -- in into off societies.
And they succeeded I mean it in Britain.
Everything was done by the -- the common effort designed by the state -- know everything you navy was on she wrote that back.
People and McCain could could and -- the infrastructure but again if it's really rather be rolled back -- so instead of nationalization -- -- over regulation so.
This socialists the running the click devise a -- societies.
-- don't hold off those two people left and we get -- -- -- devices he is wrong wrong I'm afraid it's a sad day for those of us who love individual freedom whether we're brits or Americans doesn't make any difference plus a pleasure thanks for joining us so we appreciate it.
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