Cigarette taxes continue to shatter new records but it’s not the wealthy that market focuses on. All of the lower class support for ObamaCare, the free goodies to be provided by those who must pay their fair share, who is taking into account all of the employment to be lost as a result of higher costs to be imposed on small business? Now Obama wants your 401K assets.
IBD: “A website set up by the ASPPA advises account holders to tell lawmakers to “keep their hands off your retirement savings” and explains that “Congress needs to reduce the deficit, and part of deficit reduction will most likely be ‘tax reform’ that increases tax revenue” — the strong suggestion being that Washington is coming after Americans’ 401(k)s.”
About a week ago Reuters wrote: “…on Monday launched a media campaign intended to educate U.S. employers and workers that the federal government might consider changing the tax benefits of retirement savings accounts.”
Obama wants to protect the middle class by keeping their tax level the same? Where is he cutting spending? How do all of the other tax increases in other areas, gas, unhealthy food, SUVs, cigarettes, eliminate mortgage and charity deductions… not apply?
Obama wants to nationalize your IRA! You did not build that! The wealthy were only a quick first step, some $80 Billion per year, 8.5 days total funding of spending which Obama wants increased. The only way to fund the increase is to squeeze the middle class. The cold war against IRA’s is heating up fast.