Posted on 01/19/2015 10:51:18 AM PST by reaganaut1
President Barack Obama's State of the Union Address tomorrow proposes $320 billion in taxes over the next 10 years. Pretty much every new story is presenting it as "increasing taxes on the wealthiest" to pay for programs to help the middle class. That's bad enough. It's not like he's proposing increasing taxes to pay for fundamental government operations. It's just a wealth transfer to cover the "costs" of offering up tax credits to famillies with two working parents (screw you, stay-at-home moms and dads!). But beyond that, Americans for Tax Reform looked at the package and point out several ways these tax increases are going to potentially come back and hurt others besides the richest among us.
Obama previewed his plan for "free" community college for students seeking associate's degrees a couple of weeks ago. The administration has put a price tag of $60 billion over 10 years for it (which means it's likely to be much higher). Part of how Obama plans to pay for it is to tax the special saving funds, called 529 plans, that people can use to gather money to pay for their children (or themselves) to go to college:
(Excerpt) Read more at reason.com ...
I’m in complete agreement, including your language! I’m pissed! We have a 529 for each of ours (six, three, and 16 months old). Instead of more toys we ask relatives to put the money they would have spent into thier accounts. We put money into each account each month. My husband and I graduated debt free and want the same for our kids. This is absolute bullshit! I, and my kids, are being punished EVEN MORE for hard work and planning for our futures!
All government “savings plans” - including 401K’s, IRA’s, HSA’s can be ultimately subject to tax or outright confiscation. If the US Government allows you to “set aside” money for a purpose, it will be very difficult for them to not view that money as theirs.
A Masters Degree in Wimmins studies qualifies them for a job at the 7-11.
Not to mention that I love taking Continuing Education classes at my community college. Now those fees will skyrocket.
Foot in the door strategy. First the 529’s, then the 401k, IRA, and then any and ALL deferred tax contribution plans, culminating in a Cypress style “bail in” involving the feds robbing you of all of your savings and/or investments.
Have stocks or bonds? GONE!
Have a retirement plan? GONE!
Paying into a pension plan? GONE!
The feds will make the Soviets and the chinese look like a bunch of rank amateurs when it comes to confiscation of property and wealth. And they have the resources and people to pull it off. It’s just a matter of when.
They could tax those things at 500% per year, and it still wouldn’t pay for ‘free college’.
They want indoctrinated robots.
It’s getting to the point where I could just leave this country without even a second thought. The government is becoming more my enemy with each passing day.
The truly rich that liberals hate so much can avoid taxes because if taxed too much they can move all their money out of the US.
The poor have nothing to tax. That means the middle class has to pick up the tab for every stupid liberal idea, there is nobody else to tax!
They should just the interest rates to rise on the student loans to pay for the newest transfer. I know many students are now looking for debt forgiveness, but they’re in for a rude awakening.
The Federal Government means for them to be debt slaves.
That is absolutely correct. And when those minimal payments are not satisfying fedzilla, they will just change the law and send the Treasury after the slaves and garnish their wages at whatever amount they see fit. It's all just a ticking financial timebomb at this point.
This is the TRADEMARK of the TOTALLY HORSE$HIT Obozo gang.
No different that the old mafia gangs who collected money for their protection racket.
What will the reaction be when the Fed Res raises interest rates? Who will panic first?
Newsflash to Obama. The wealthy are not allowed to invest in 529 plans. They are “too rich.”
This is a tax squarely on the most responsible people in the middle class.
How about TAXING the full-time colleges. After all, they are the ones teaching all the liberal garbage .. they ought to be pleased to be TAXED to help the underdogs, RIGHT ???
My grandaughter just enrolled in her 2nd full time 12 credit hour semester working on her Nursing pre-reqs. 2 freshmen english classes, Psychology and Medical Terminology at $60.00 a credit hour for $720.00 in tuition, both english classes were about $200.00 in books, Psychology was $200.00 in books and Terminology was $200.00 for a total of $600.00 in books. So about $1,320.00 for a 12 credit hour semester. A Federal Pell grant for undergrad studies pays about $2,800.00 per full 12 credit hour semesters, about double the class cost. I’m not sure why Obama sees the need for his ‘free’ community college when the Pell has it pretty well covered and has for decades. Unless they are wanting to pay for junk classes and not undergrad studies.
I’m a believer in Pell grant undergrad grants. My daughter went thru her Nursing studies and nursing school 19 years ago using the pell grant and is an ICU RN at a major hospital pulling down close to 6 figures a year and saving lives.
“Tax some snooty rich guy who is saving to send his kid to Harvard so my baby can go to Community” will unfortunately resonate with a large number of the unwashed.
Stopped doing a Roth years ago when I lost all faith in the promises made by the crooks in Washington. There is no doubt they will soon be taxing the earnings of ROTH IRA’s upon withdrawal. They have to keep funding the welfare state somehow. Also coming is a one time tax on 401K balances over $200K.
Not true -- there are no income limits on contributing to 529 plans. We are well off and cannot make deductible IRA contributions, but we contribute to 529 plans for our children.
And free college tuition includes all those illegal immigrants that the states are allowing to get “in state” tuition.
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