Obama Proposes Special One-Time 10% Tax On Retirement Accounts
In a press conference earlier today, White House press secretary Robert Gibbs announced President Obama’s proposed plan to assess a one-time tax of 10% of the total value of all American retirement plans, including both defined-contribution plans such as 401k and IRA plans and defined-benefit pension plans. That’s right, ladies and gentlemen: if this bill passes come next April you will owe the IRS 10% of whatever the value of your retirement plan happens to be on December 31, 2009.
Sporting a total value of $7.86 trillion at the end of2008, the proposed 10% tax would single-handedly pay for the recent $787 billion Wall Street bailout. When questioned over the motive of the proposed tax, Gibbs responded
“…the owners of irresponsible financial institutions and those ultimately responsible for the current economic crisis, shareholders, must be the ones to pay the price for their lack of oversight.”
Gibbs then reasoned
“…in the end, the bailout is nothing more than transferring money from of their own pockets to those of the companies they own. It’s a win-win situation for investors, the economy, and America.”
Socialism Run Amok
I for one am outraged by this overt socialist plan to transfer wealth from the wealthy (you, I, and anyone with a retirement plan) to the poor. Obama’s slick talking points about how funding the bailout benefits everybody equally is bunk. In reality, the wealthy lose while those with nothing win. How is that fair? I urge everybody to write their congressman immediately in opposition to this heinous plan. Together we can stop this travesty from happening!
PS: Yes, this was an April Fools joke.
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It is amazing that Obama is even suggesting such a thing and even more amazing that the media and the public are not throwing him to the wolves.
Obama is taking advantage of this period of superstar to push through these radical ideas of socialism before everyone catches on.
He is going to bankrupt the nation and possibly the world. Obama has become more dangerous then global terrorism. Who can stop this guy? His policies may lead to WWIII.
I think this is a great step in reducing the national defecit. We should all view this as a sacrifice Americans make for the good of the country.
Besides, it could be worse. You could have invested with Madoff and lost 100% of your retirement savings.
This has to be a white house ‘April Fool’s’ joke. Right? …
Double taxation for those of us who actually save our money? Where is the incentive to provide for yourself if the government is going to swoop-in and take it to give to those who made poor choices.
There are plenty of other ways to reduce the national deficit besides discouraging retirement savings.
Now I’m waiting for the announcement that Roth contributions will be taxed upon withdrawal too.
Haha – good one. (I just read this now)