Democrats in Washington are reportedly putting their sights on wealthy people’s “super-large retirement accounts” as one way to fund their range of progressive fantasy items included in their huge $3.5 trillion spending plan.
Politico said on Tuesday that congressional Dems are “aghast” that some Americans have managed their wealth to amass multimillion-dollar retirement accounts while other Americans have next to nothing — an unacceptable difference in the communist state they want to form.
These alleged “Mega-IRAs” are said to be on the chopping block to “bankroll a multitrillion-dollar plan of liberal priorities.” Here is more from Politico:
“Democrats say they are angry that hundreds of Americans possess IRAs with more than $25 million inside them, and almost 30,000 have accounts with totals of over $5 million, while some have no retirement savings at all. Going after large retirement accounts like this could bring in substantial revenue for their $3.5 trillion plan.”
The report did not make certain how exactly Democrats intend to go after the money, but the fact it is even being discussed is very concerning for many Americans.
In addition to stealing money from rich retirement accounts, Democrats are reportedly thinking of several other options to fund liberal priorities like free community college tuition, free pre-kindergarten, and global warming nonsense — all of which are inside their spending plan.
“We are going to pay for $3.5 trillion,” Finance Committee Chairman Senator Ron Wyden (D-Ore.), who has the task of raising revenue, insisted. “We will work all summer.”
Among the other options are increasing the corporate tax rate, increasing taxes on the wealthy and increasing capital gains tax.
Many of these options are not changed from the ones the Biden admin. supported earlier this year to fund its long-term recovery plan. The tax hikes would amount to the largest uptick in almost 30 years and would cost around 1 million jobs in just 2 years.
Nevertheless, the Democrats seem to be moving forward with their plan. Senate Democrats have recently claimed they have the votes to enact a $3.5 trillion budget, which would effectively approve their extreme spending plan.
Author: Blake Ambrose