Sunday, April 7, 2013

Obama to cap IRAs to pay off 0.05625% of the federal deficit, heh......

During the 2008 Democratic Presidential primary debate in Pennsylvania, Barack Obama revealed the true motive behind his tax hike initiatives: It has nothing to do with revenue, but rather it's all about punishing those with a higher income.

The Moderator, Charlie Gibson, asked Obama: "You... said you would favor an increase in the capital gains tax. As a matter of fact, you said on CNBC, and I quote, 'I certainly would not go above what existed under Bill Clinton, which was 28 percent.' It's now 15 percent. That's almost a doubling if you went to 28 percent. But actually Bill Clinton in 1997 signed legislation that dropped the capital gains tax to 20 percent. And George Bush has taken it down to 15 percent. And in each instance, when the rate dropped, revenues from the tax increased. The government took in more money. And in the 1980s, when the tax was increased to 28 percent, the revenues went down. So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?"

Obama replied: "Well, Charlie, what I've said is that I would look at raising the capital gains tax for purposes of fairness... Part of what has happened is that those who are able to work the stock market and amass huge fortunes on capital gains are paying a lower tax rate than their secretaries. That's not fair. I... want to make sure... that our tax system is fair."

Statistics have shown in the past that an increase in tax rates brings in less tax revenue. Nevertheless, Obama is not the least bit fazed by these statistics as long as he punishes those who've earned a little more than he can stomach.

Hence, the following news item from The Hill should come as no surprise to anyone - especially to those who are familiar with Obama's mindset and his convoluted way of thinking:
President Obama’s budget, to be released next week, will limit how much wealthy individuals – like Mitt Romney – can keep in IRAs and other retirement accounts...

The proposal would save around $9 billion over a decade, a senior administration official said, while also bringing more fairness to the tax code.

The senior administration official said that wealthy taxpayers can currently “accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.”

Under the plan, a taxpayer’s tax-preferred retirement account, like an IRA, could not finance more than $205,000 per year of retirement...
Take note of the second paragraph:
The proposal would save around $9 billion over a decade [$900 million a year], a senior administration official said, while also bringing more fairness to the tax code.
As others have already pointed out: That's $900 million a year - $9 billion over a decade - which will cut a teeny, indiscernible and undetectable speck of Obama's massive $16 trillion deficit - roughly 0.05625% of the deficit, or  11777 of the deficit, over a 10-year period. Heh....

But of course, as Obama explained so elegantly in 2008: It's not about bringing in revenue. It's "for purposes of fairness."

"I want to make sure that our tax system is fair." Heh............

6 comments:

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