January 24, 2015

The Buried Lede

...in the State of the Union Speech is actually kind of disturbing...

"CRAP!...this sounds like it's gonna involve discussing Politics and I don't wanna get struggled against this early in the semester!"

Don't worry. We put these things below the fold...
Thank God for Lou Dobbs.
Not only does his FBN show give people a way to watch Fox at 10:00 pm without enduring Hannity, he also picks up on things that a lot of people miss. For instance, last night he offhandedly mentioned a sentence in the 2015 State of the Union Address that I had completely overlooked despite having watched it. 

No one else seems to have either.

Here is the sentence...
  ;">And let’s close the loopholes that lead to inequality by allowing the top 1 percent to avoid paying taxes on their accumulated wealth.

Accumulated wealth...

That is not income.

That is what one sets aside after the overhead on ones income such as taxes, food, housing, cable, nendroids, college tuition, gas, car repairs, books, internet, medical expenses and everything else.  

That implies something truly disturbing, a tax, not on income, but rather upon accumulated wealth...in other words...SAVINGS!

 Back in 2008 the democrats put forth a proposal to tax 401Ks and IRAs. This was part of a general bi-partisan government policy in November of that year which involved making insane, panicked proposals in the wake of the financial crisis. It died quickly and subsequent references to it popped up mostly in ads for gold sales. However, the proposal had its genesis in a left wing policy paper from 2007. In that case the accounts would have been managed (and "fees" assessed) by the Social Security Administration. 

Note that a wealth tax is a huge goal of the left worldwide, generally couched in the dishonest assurances (as the U.S. Income Tax amendment was) that it will only affect the top one percent. (The US Green Party is 4 percent more honest in suggesting 5 percent).

Dobbs noted in his broadcast that the "loophole" the president mentions is the US Constitution. (Of course we're not using that much anymore anyway). 

Such an example of national auto-cannibalism is a hallmark of a failed state and its proposal in a speech as carefully vetted as the SOTU should be a cause for considerable concern.

UPDATE: I note now that Megan McCardle has a long post today on the same general topic, though she notes a different, less direct, means of getting the camel's nose under the tent (savings for college). She also goes into detail about why such a proposal is counterproductive. Do read the whole thing.

Posted by: The Brickmuppet at 02:32 PM | No Comments | Add Comment
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