Higher Taxes, Higher Spending
Just on the “rich.”
Details of Barack Obama’s 2015 budget have leaked out, and one of the lowlights is –surprise – higher taxes on the “rich.” He reportedly plans to seek an end to tax advantages for the retirement savings of higher-income earners. According to Marketwatch, he “wants to limit the value of all tax deductions, defined contribution exclusions and IRA deductions to 28% of income – and include an overall cap on all retirement accounts, including pensions, that could bring in $1 billion a year in new tax revenue.” By once again moving the goal posts, the effect will be less savings, and therefore less revenue. But don’t worry – Obama will make up for it by spending more.
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