We need to amend the Constitution to ban the federal government from doing anything other than providing for the national defense.
Bread and circuses.
Hillary! knows how to appeal to the masses. The stupid, uneducated, illegals and the dead will all be voting for her heinous.
It’s interesting that when you discuss economics here on FR, there are always a few chaistizing about how one should have read Adam Smith and others before even forming an opinion. Well, there are MILLIONS who will vote for Hillary! who have no idea who Adam Smith was, or what he did. Our representative republic is unraveling.
-PJ
Since the federal government already confiscates 15% of all wages for retirement, giving them back $1000 dollars is not enough. The amount collected for Social Security should be given back.
This is not a bad plan, it just doesn’t go far enough...
...The witch reaches into her bag of tricks and looks for another candy bar with a razor blade in it to feed us!....
Why screw around promising a chicken in every pot when you can promise to steal from successful Americans and give to the lazy and unsuccessful.
If you make the matching funds a tax credit that is only available to those who actually pay Federal income taxes, and require that the money be invested in a retirement savings account with restrictions on early withdrawal, and make the taxpayer’s contribution tax-deductable, and finally make the system available to all then what you have is a privatized retirement plan and that’s a good thing.
When one income redistribution plan fails, just roll in another. See if this one will do better.
So … here is Hillary Rodham’s latest great idea for a new entitlement program. American Retirement Accounts. Hillary proposes that every citizen have a 401(k)-type retirement account. You can put up to $1,000 annually in the account and the government will match 100% of it (if you make less than $60,000).
How will she pay for this? Taxes!! The $20 to $25 billion cost of this entitlement program would be paid for by death taxes levied on estates of more than $7 million per couple. She says that this will help “narrow the gap” between the evil rich and the “unfortunate” people who don’t have enough savings for retirement.
OK .. rather than going through a long narrative on Hillary’s latest tax-and-spend plan, let me just give you some bullet points.
For every dollar families earning less than $60,000 a year put into their account the federal government will match that dollar – up to $1000. This will be called a “refundable tax credit.”
Refundable tax credits are a scam.
In the mid 1970s I purchased my first home. Builders were having a tough time selling homes back then, so the government instituted a $2000 tax credit for anyone purchasing a newly-built home. This meant that I could take when I filled out my tax return I would subtract whatever I owed the government by $2000, and pay the difference. If my tax liability minus $2000 equaled zero or less, then I simply didn’t pay any federal income taxes, and that was the end of the story. That is not the way “refundable” tax credits work. With the modern invention of the “refundable” tax credit you once again subtract the credit from the taxes you owe the federal government. BUT … if the tax credit is more than the taxes you owe, the government pays you the difference! In other words, the government uses its police power to seize the difference between the amount of taxes you owed and the amount of your credit from some other individual, and then hands that money over to you.
Income redistribution …
http://www.againsthillary.com/2007/10/10/yet-another-hillary-clinton-entitlement-program/