Tuesday, October 28, 2008

What exactly is "rich"

According to Barack Obama if you make more than $250,000 you are rich and should be taxed more.

Oh, wait, Obama appears now to believe that $200,000 is rich.

But wait, yesterday Biden suggested that $150,000 is rich (Hot Air).

And they haven't even been elected yet! After the election the definition of "rich" will likely be dropped to whatever it takes to raise the trillions of dollars the Obamassiah needs to establish his utopian kingdom. Hold on to your pocketbooks!

1 comment:

Robert said...

Some Democrats are seizing on market turmoil in a grab for private 401k's. Their proposal (if ever successful) would amount to a tax increase on anyone making over $75,000 and saving for retirement.

A new proposal has been made to socialize retirement further by giving the Social Security administration access to private 401Ks. The method of conversion would initially be voluntary, but the new retirement tax would not. You'd have to pay in 5% of your pay (in addition to social security) and have the option of giving (sorry converting) your 401k to the government for additional benefits later. They'd remove all tax benefits of 401k plans. Unsurprisingly, you can't opt out of the proposed new system and you'd have to pay in regardless. I really, really love the fact that I'm forced to pay in.

Right now, even with all the market problems, I'd opt out of the social security administration today and never collect a dime if I could invest the money they're taking from me in payroll taxes. Again, I'm not given a choice.

Short article on the plan. The Democrats floating this idea have engaged a professor to speak on it.

Suggested plan details:
• Everyone pays in 5% of their gross pay
• It is in addition to Social Security
• Social Security Administration manages it (because they've been doing such a fine job so far)
• You get a guaranteed 3% return
• No means to opt out
• Loss of any tax benefits if you continue use the private 401k in addition to the new tax
• One time trade in benefit when you give your existing 401k to the government
• A death tax of 50% of any remaining balance of your 401k.

Commentary by the Wall-Street Journal