Friday, October 24, 2008

Taxing the Rich, Huh?

The Democrats haven't won the election yet, and already they're looking to commit the largest middle-class theft in government history: they want to nationalize all the revenue in private 401k accounts, and turn these tax-free retirement accounts into huge sources of tax revenue. Read all about it here.

A few years ago, I heard someone who insisted that the next time a Democrat moved to the White House, this would be among the first sources of funding they would target. I thought for sure that he was wrong; surely they would never do anything so brazenly anti-middle class, something that would remove billions of dollars from the very people they claimed they were trying to help.

Guess I was wrong.

Let's hope that the word gets out on this in time for people to run some numbers and see just how much this would cost them. It appears that "spreading the wealth" isn't just a casual aside from Obama: it's the new Democrats' mantra, and no revenue is off limits.

3 comments:

JaniceG said...

Did you actually read the story and follow the link? Obama has not mentioned implementing this plan. It is not in the Democratic platform. The source says that the Democrats invited an academic to provide information, and that one Democrat says "we have to start to think about whether or not we want to continue to invest in the 401(k) policy."

This doesn't sound even remotely like your claim that the Democrats are going to get into office and immediately nationalize 401(k) accounts, or that it's the Democrats new mantra.

This comes very close to bogeyman tactics.

cliff said...

Oh, it hasn't passed yet, to be sure--but the fact that they're talking about it (or more specifically, laying the groundwork) makes it clear that this is something they're already contemplating. You don't begin discussions and studies for a tax that you don't want to pass.

There's no doubt the Democrats want it; it's just a question of how long it'll take 'em to make the cash grab.

Lanny said...

This is definitely NOT what the founders of the U.S. had in mind. So much for their wonderful experiment.