DR bank accounts with high balances

Adrian Bye

Bronze
Jul 7, 2002
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my maid was mentioning yesterday there is some new law around local bank accounts with high balances, and how health insurance or something would be automatically deducted from your account.

the message came across a little confused, i'm wondering if anyone here can clarify what this might be about?
 

Hillbilly

Moderator
Jan 1, 2002
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There is a proposal to tax interest rate income on CDs and savings. Also on credit cards.

Basically, they are trying to find money to pay for a salary increase for medical personnel in the nation's hospitals: MDs, nurses and bio=techs..

With regards to Social Security, I have not seen anything regarding that.
that is taken out of salaries, not savings.
HB
 

Adrian Bye

Bronze
Jul 7, 2002
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ok that makes more sense. she was also talking about people buying safety deposit boxes to store their money rather than using bank accounts due to this issue. it all sounded rather amazing
 

sweetdbt

Bronze
Sep 17, 2004
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ok that makes more sense. she was also talking about people buying safety deposit boxes to store their money rather than using bank accounts due to this issue. it all sounded rather amazing
Boy, now there is a stroke of genius. Take your money that was making 16% interest in a CD and lock it up in a box so you don't have to pay tax on the interest.:ermm::rolleyes: