One is intended as an encouragement to invest and, it works for the most part(401k, roth, 529, etc.. etc..) Most Americans know that that just sticking your money under a mattress is stupid, so we actively invest. Just about anyone in the US with disposable income invests in some way. This is something that benefits society as money that would normally be sitting idle is out in the market being used. And, how it gets used is determined by society and the markets, not a bureaucrat.
This, on the other hand, is simply confiscation. There's no plan, no incentive, nothing. It's a short sighted implementation that will hurt things in the long run. What's everyone who's had their money taken from them without warning now thinking? They certainly aren't considering options that allow them to stay active in this country's markets. Quite the opposite, I assume.
I agree with this answer. The expectation in a bank account is that whilst the interest may or may not cover inflation, at least you don't have confiscation to worry about in addition to that.
One is intended as an encouragement to invest and, it works for the most part(401k, roth, 529, etc.. etc..) Most Americans know that that just sticking your money under a mattress is stupid, so we actively invest. Just about anyone in the US with disposable income invests in some way. This is something that benefits society as money that would normally be sitting idle is out in the market being used. And, how it gets used is determined by society and the markets, not a bureaucrat.
This, on the other hand, is simply confiscation. There's no plan, no incentive, nothing. It's a short sighted implementation that will hurt things in the long run. What's everyone who's had their money taken from them without warning now thinking? They certainly aren't considering options that allow them to stay active in this country's markets. Quite the opposite, I assume.