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January 26, 2015

Shock: Obama, the Committed Income-Redistributionist (Though the Media Swore He Was No Such Thing!) Now Expressly Going After the Middle Class' Education Savings to Shower Money on His Constituents

There are two kinds of people in the world.

Those who do the right thing, and those who don't.

Those who do the right thing don't need a lot of help from others because they're doing the right thing. They go to work, don't get hooked on drugs, stay married, save money.

Those who don't do the right thing need constant help.

The Wall Street Journal euphemizes Obama's plan to take money from the Middle Class to make it rain on his voters as new "challenges" faced by the middle class.

The Obama Presidency stands for nothing if not the proposition that those who do the right thing will be punished and harassed constantly so that those who will not do the right thing never have to face any consequences of their bad habits.

President Barack Obama's push to start taxing college-saving accounts, including the popular "529" accounts, would affect millions of Americans who are stashing money for their children’s education, stirring debate about how to structure federal student aid and how to define the middle class.

Remember, Obama branded his dishonest State of the Union as "Middle Class Economics." And he claimed to wish to make college more affordable for the "Middle Class."

Of course that means he'll make it less affordable for the Middle Class. Because he's a demagogic liar.

The proposal, which has sparked a public backlash but faces dim prospects in Congress, targets so-called 529 savings accounts that boomed after Congress passed the tax breaks starting in 2001. States have promoted the plans as a way for middle-class parents to combat escalating college costs.

...


Slightly over half of all the college-saving accounts are held by Americans making under $150,000 a year, according to a 2012 Government Accountability Office report. About 30% earned under $100,000 a year. There are about 12 million 529 accounts in total, according to the College Savings Plan Network, an industry group, while the average balance in a 529 account is about $21,000--enough to cover almost two years average tuition, room and board--minus aid--at a public four-year university.

Ryan Ellis, tax policy director for the conservative think tank Americans for Tax Reform, said the proposal violates an Obama campaign pledge to not raise taxes on middle-income Americans.

"This idea that this is an account for the preserve of the Huxtables out there that make $250,000 a year is kind of ridiculous," Mr. Ellis said. Many owners of 529 plans are young parents who take pride in saving money in advance for their children’s college education, he said. "You've made them look like chumps for saving whatever they’ve saved so far."

But isn't this the whole point? If you've worked to avoid needing the government's aid, You are essentially unpatriotic and an enemy of the state. By making yourself independent of government, you effectively oppose it.

Therefore, you should be made to feel like a chump for having attempted such insolence.

Instapundit writes that they're not just coming for your college savings, ">they're coming for your everything.

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.

...

Likewise, Obama proposes to tax the appreciation on inherited homes...

Why would the White House even consider such a thing?

...

When a government is desperate for cash, it goes after the middle class, because that's where the money is....

The truth is, in our redistributionist system politicians make their careers mostly by taking money from one group of citizens that won't vote for them and giving it to another that will. If they run short of money from traditional sources, they'll look for new revenue wherever they can find it. And if that's the homes and savings of the middle class, then that's what they'll target.

A man named Joe the Plumber asked about Obama's redistributionist agenda seven years ago. No one in the media did. When Obama bragged that indeed he supported "sharing the wealth," the media went into overdrive to cover up for Obama, and to smear Joe the Plumber. (Obama wasn't vetted, by an everyday citizen asking a question sure was.)

Now Obama is explicitly calling for even more "share the wealth" policies at the expense of the Middle Class.

Where do we go to get that apology from the media?


Update: They're actually just trying to "reform" the tax code by making it "simpler."



See, it was too confusing before. So now they're going to take that confusing money out of your pocket.

Understand now?


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posted by Ace at 12:39 PM

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