Posted on 10/27/2008 7:23:12 PM PDT by april15Bendovr
Thankfully, since being reported on GOPUSA and other sources, Americans are finally starting to hear about Barack Obama's socialist agenda. His income tax policy of taking money from one group and giving it to another group who doesn't pay income tax is simply a welfare program. With Democrats in charge of the U.S. House, Senate, and the White House, that's exactly the kind of big-government program we would get. And it doesn't stop there.
Democrats are now looking at a plan to go after Americans' 401k accounts. These accounts serve as the retirement nest-egg for millions of Americans. They are used because money can be saved in these accounts tax-free. Oh, that is unless that new Democrat plan of "spread the wealth" becomes law. Then, we could all see our 401k tax breaks go out the window...
(Excerpt) Read more at gopusa.com ...
Our Tax System Explained:
Suppose that every day, ten men go out for beer and the bill for all ten
comes to $100. If they paid their bill the way we pay our taxes, it
would go something like this:
The first four men (the poorest) would pay nothing.
The fifth would pay $1.
The sixth would pay $3.
The seventh would pay $7.
The eighth would pay $12.
The ninth would pay $18.
The tenth man (the richest) would pay $59.
So, that’s what they decided to do.
The ten men drank in the bar every day and seemed quite happy with the
arrangement, until one day, the owner threw them a curve. ‘Since you are
all such good customers,’ he said, ‘I’m going to reduce the cost of your
daily beer by $20.’ Drinks for the ten now cost just $80.
The group still wanted to pay their bill the way we pay our taxes so the
first four men were unaffected. They would still drink for free. But
what about the other six men - the paying customers? How could they
divide the $20 windfall so that everyone would get his ‘fair share?’
They realized that $20 divided by six is $3.33. But if they subtracted
that from everybody’s share, then the fifth man and the sixth man would
each end up being paid to drink his beer.
So, the bar owner suggested that it would be fair to reduce each man’s
bill by roughly the same amount, and he proceeded to work out the
amounts each should pay.
And so:
The fifth man, like the first four, now paid nothing (100% savings).
The sixth now paid $2 instead of $3 (33%savings).
The seventh now pay $5 instead of $7 (28%savings).
The eighth now paid $9 instead of $12 (25% savings).
The ninth now paid $14 instead of $18 (22% savings).
The tenth now paid $49 instead of $59 (16% savings).
Each of the six was better off than before. And the first four continued
to drink for free. But once outside the restaurant, the men began to
compare their savings.
‘I only got a dollar out of the $20,’declared the sixth man. He pointed
to the tenth man,’ but he got $10!’
‘Yeah, that’s right,’ exclaimed the fifth man. ‘I only saved a dollar,
too. It’s unfair that he got ten times more than I got’ ‘That’s true!!’
shouted the seventh man. ‘Why should he get $10 back when I got only
two? The wealthy get all the breaks!’
‘Wait a minute,’ yelled the first four men in unison. ‘We didn’t get
anything at all. The system exploits the poor!’
The nine men surrounded the tenth and beat him up.
The next night the tenth man didn’t show up for drinks so the nine sat
down and had beers without him. But when it came time to pay the bill,
they discovered something important. They didn’t have enough money
between all of them for even half of the bill!
And that, ladies and gentlemen, journalists and college professors, is
how our tax system works. The people who pay the highest taxes get the
most benefit from a tax reduction. Tax them too much, attack them for
being wealthy, and they just may not show up anymore. In fact, they
might start drinking overseas where the atmosphere is somewhat friendlier.
David R. Kamerschen, Ph.D.
Professor of Economics
University of Georgia
For those who understand, no explanation is needed.
For those who do not understand, no explanation is possible.
He didn't say would the Government would keep your account after death
I know you would lose your tax break.
Ping.
Listening to Democrats complain about our economy problems is like listening to germs complain about disease.
I just heard Rush talking about this on Fox News with Greta and I wanted to learn more.
I don’t like what I am learning.
Most Americans cannot possibly know what is coming under the democrats.
I mean, half of them think republicans still run Congress.
Ignorance is bliss until you hit the wall.
I’m scared
I’m very scared
We won’t need 401(k) since federal government will take care of us all. So hand in the nest eggs and all will be fine (off course some more than others). Just cling on to the OHBAHMAH and forget about your guns and religion.((sarc))
My retirement money will not be going to Uncle Sam.
Cradle to Grave
Obama is our WORST nightmare as AMERICANS
Cash it out today - pays the same in the end.
“Cradle to Grave”
only if they don’t get to you PRE-cradle.
What do you mean damifino? I don’t know what to do if he wins - I’ve got about 6 yrs to retirement - I’m thinking of withdrawing it if he becomes president.
I cant see liberals forcing Socialism and Marxism down Americas throat without an uprising from a large agitated population.
This is all about making Social Security solvent. They will induce people to join by offering you a one-time “reimbursement” of your portfolio losses, say to August 2008 — IF you fork all your money over to the government program. Then, when you die, the government will steal half of your remaining portfolio in an estate tax. You would be able to bequeath only 50% of your lifetime savings to your heirs. I’m sure once you fork it over to Obama & Co, you will have a government dictated withdrawal rate to make sure you don’t spend it all while you are living. They will make you maximize the amount left over when you die to pay the govt’.
This is the most outrageous policy proposal I’ve heard of in a long time and ought to set off alarm bells with all Americans.
I also think Obama’s crew carefully calculated when to float this proposal. They are banking on this tanking the market and the number people who will vote for O because of the continuing market meltdown is larger than the number of people who would get really angry by this blatant expansion of government into our lives and making us all wards of the state.
well I don’t know about you, but I’m agitated. Ready to Rock ‘n Roll.
that is absolutely brilliant...what an easy way to explain to people who just don’t understand.
Thanks!
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