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 ...
Then the purge of the regime will begin. I’m convinced that the only thing that will get people off their a$$ is to steal their money.
This free community college scheme is no different. It's an income redistribution scam to take hard-earned money from our wallets and give it to schools where many students are not college material. They should go to technical school or start at the bottom of some business and work their way up as they get experience. Many kids are not destined to go to college and don't need it, whether it's free or not.
Obama is just grasping for any socialist/communist programs to grow government and attract future gibmedat voters. Not only will this scheme grow bigger than the $60 billion claimed, but it will enlarge the bureaucracy needed to administer it and in 5-10 years, it will be another big drag on the taxpayers, economy and deficit, without any results. Kids going to college isn't a solution to anything if there are no jobs for them to move into after they graduate.
let’s not forget the $5 BILLION he recently gave to the taliban to get sgt bergdahl back
The purpose of the free community college program is to enlist legions of new Dem voters. Young people have been drifting away from the Dem party and this will buy them back—with your money, of course. The immigration EO’s have the same goal. BO intends his last two years to be a reliving of LBJ’s short Presidency—buy Dem’s by the millions with welfare, welfare, and more welfare. And, that is what BO is doing—with your money, of course.
The socialists under BO are not what many people think they are—they are not idealogues and they don’t believe a lot of what they publically say, for example, about racism. They are simply looting the richest nation in history. There is little more to it than that. The rest is posturing and making excuses for the looting. But, it is all about looting.
You're right on this... it's an ugly form of looting.
Yes there was!
And I talked to many people about this and I was laughed at by those,including the people that managed my 403 as never gonna happen,the people will riot.
Those that would riot are the ones that would be after your Roth IRAs 401s et al..They want something that you worked for, and you now need to give it to them.
I scoffed at and laughed out loud at our “finance guy” way back when Roth IRAs came out.
You have to be a damn fool if you think that money will be there, taxes paid, when its time to withdraw it.
Obama has that covered - with new government jobs for his private gestapo. Their salaries will be covered in his 2016 state of the union address, with new wealth taxes on all cars that are ICE (gasoline powered).
Well, every year at tax time this question arises for us and we learn that at our income level, we would not get any tax break for a 529 plan, which is the whole point of the plan. I understand it differs depending on which state you’re from.
Maybe your state won't give you an income tax deduction in the year you contribute because of your income, but investment gains in the account will still not be taxed, unless Obama gets his way. The untaxed gains when used for college are the main point of 529 plans.
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