Obama the Tax Man Cometh – for Your Savings Accounts!

In the biblical book of Job, we find Job saying, “The Lord gave and the Lord has taken away. Blessed be the name of the Lord” (Job 1:21).

In the United States, the State is god. What the State gives, it can take away.

Glenn Harlan Reynolds, writing in USA Today, lays out how Obama is going to rifle Middle Class savings plan to fund his “free education” proposal even though in 2006 Obama voted as a Senator to make the 529 savings plans permanent. The plans were designed to help parents save for college, but that would mean the State would not be the direct benefactor:

“Bank robber Willie Sutton is said to have explained his career this way: “That’s where the money is.” Whether Sutton ever really said that, it’s an aphorism that, according to Bloomberg‘s Megan McArdle, explains President Obama’s plans to go after middle class assets like 529 college savings plans and home appreciation.

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“Though millions of Americans have been putting money into ‘tax free’ 529 plans to save for their children’s increasingly expensive college educations, President Obama would change the law so that withdrawals from the plans to fund college would be taxed as ordinary income. So while you used to be able to get a nice tax benefit by saving for college, now you’ll be shelling out to Uncle Sam every time you withdraw to pay for Junior’s dorm fees.”

If the State can start taxing these once tax-free accounts, there is no stopping the State from taking money from the accounts of anybody “who can afford it.” You know, the rich…
Continue Reading at Godfather Politics…

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