Emperor Obama has quietly dropped one aspect of his scheme to supply the parasitic dolts of the Democrat base with another freebie (free community college) by taking money away from 529 college savings accounts, which are used primarily by middle class families to save for college.
In short, Obama’s scheme was to penalize people who had done the responsible thing by putting money aside to pay for college, and use the money he took from them to provide “free” college for people who were too irresponsible to save for college, but who would vote for him out of gratitude for their free stuff. But that scheme was too Marxist even for some Democrats, if you can believe that.
A brilliant encapsulation of all Democrat economic policy.
It amused me that Obama presented his scheme in the form of, “If you work hard, you shouldn’t have to pay for college.” His definition of ‘working hard’ was just maintaining a C average in community college; which I don’t think is what most people would consider hard work. It is very indicative of his mindset that being a C-student at community college qualifies as ‘hard work.’
I’ve had more than one financial planner warn-me-off “tax free” vehicles like Roth IRA’s and program’s like the 529. The reason?… There’s NOTHING that binds the Congress ( or a future Congress) from taxing them in the future, even confiscating them through super-taxation or capital-asset taxes. And once your monies are sequestered in these dubiously-“protected” assets, there’s no-way to touch them without the Guv’mint knowing about them. — and taxing them.
. . . And the US Supreme Court has held that Congress’ powers to tax are unfettered.
– When the US adopted a National income tax, it was supposed to be temporary to fund WW1, and only on the top 1-Percenters.
– That Telecommunications-Fee that you pay ever month on your telephone and cell-phone? That was another “temporary War Tax” from WW1 that was never sunsetted once they saw the explosion of phone-service in the US — and the revenue stream it created.
– Here in NJ, an state income tax was specifically prohibited by the State Constitution. We were asked to vote to amend it so they could levy an income tax that would eliminate the high real estate taxes paid primarily to support local schools. We still have BOTH taxes and their many-times what they were initially when they pushed the amendment in the 1970s. — and we still fund local schools through massive real-estate taxes. We pay $8000-a-year just in local Township real-estate taxes — mostly to the School Board — on a $275k house.
“The power to tax is the power to destroy.”
– John Marshall, 1st Chief Justice of the US Supreme Court
The Roth IRA confication warning.
“In 1932 you could walk down the street with a couple of gold coins jingling in your pocket, but no booze in your back pocket. In 1933 you could walk down the street with booze in your back pocket, but no gold to jingle. You could go to prison in both years for the opposing “illegal” circumstances.”
Once they confiscate your gold, you can’t afford booze.
Obama and the Democrats have already passed the largest tax increase ever forced on America’s middle class when they passed Obamacare. We in the middle class will be paying the Obamacare bill for the entire nation. We will be paying the 22-23 taxes in Obamacare — either directly or indirectly.
Oops, maybe not. There is word that the tax is still in the White House’s budget as the thing had already been printed.
I am offended that they think the people are that stupid as to fall for that. Congress? Yeah, some of them are that stupid.