A close reading indicates this is an effort to discourage and ultimately eliminate IRA’s and 401k’s. One thing your new socialist government does not want: independent people who save their money for themselves.
On the other hand, this may be the way they attempt to “save” social security; the next step will be confiscation of private pension plans just as the lady in Argentina just pulled off.
I myself do not pay federal income tax. (Combination of income and deductions).
I am also afraid if this comes to pass. I pay into my 401K and try to save what I can. Just because I am not currently wealthy doesn’t mean that someday I won’t be. I hope that punitive taxes and such are not in place if I ever do become wealthy.
Most democrats that I know don’t want to ever face the consequences of their actions. If they make it big they are happy to take the fruits, if it all goes wrong they look to the government to save them. I am so sick of the victims.
I heard an a$$ clown on Cavuto today call "average people" who save tax cuts and tax rebates they might receive "money horders". My God....