After the lickin' he took in the congressional mid-terms, President Obama has rediscovered the middle-class. Naturally, his idea of relief is a big fat new spending spree — to be paid for by closing "tax loopholes" benefiting the wealthy.
That, of course, was also the theme of this year's State of the Union Address. The conceit is that raising taxes on the "rich" can fund programs for the middle-class.
Just one problem: Aiming for the "rich" is a sure-fire way to hit those lower down the ladder. And we had a pretty good example with the new tax on 529 college savings accounts he was forced to back down on after proposing it in the State of the Union.
The tax was designed to fund his scheme for "free" community college. The idea was that 529 accounts — where savings now grow tax-free — benefit only the rich. So naturally he would tax them.
It helps to remember that back in 2008, when he was running for president, Barack Obama time after time publicly insisted no family earning less than $250,000 a year will see "any form of tax increase." Emphasis on any form.
But a tax on 529s would have done just that. According to a study by the Government Accountability Office, the median income for families with 529 or similar plans is $142,400.
Plainly, that's not poor. But it sure is well under the $250,000 he once used as the threshhold for the rich Americans who would have to bear his tax hikes.
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