No Joke: Obama to Pay for His ‘Free’ Community College by DOUBLE-TAXING Students Who Saved to Go to College
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Few things make my blood boil more than tax increases. I’m a firm supporter of Ted Cruz and one of the reasons is he wants to do away with the IRS as it now exists. This whole wealth redistribution under our Marxist-in-Chief is getting really, really tedious. The fact that you or your child can save for their education their whole lives, only to have it taxed, so some freeloader can go to school on your dime, just simply ticks me off. What Obama is saying here is that the more fortunate… those that can afford it (i.e. those who worked and slaved for their money), have a moral imperative to help those who have less get an education as well. Bull puckey. The US has morphed from a Republic into a Marxist regime.
From TPNN:
According to a report from Americans for Tax Reform, the President’s recent proposal to provide “free” community college to millions of students will come at a steep price for those who dared to save for college on their own.
The formidable organization released a detailed description of the $320 billion tax hike being proposed and noted that one of the ways in which Obama would like to pay for this “free” community college is to penalize those who planned accordingly.
The report reads: (emphasis added)
On Saturday night the White House leaked the major tax hike details of the president’s upcoming budget. The common theme is higher taxes on savings and investment, totaling $320 billion over the next ten years.
“Democrats are demanding, yet again, tax increases on America. This never ends. When it comes to tax hikes Democrats are like a teenage boy on a prom date: they keep asking the same question different ways but always to the same point,” said Grover Norquist, president of Americans for Tax Reform.
Here are the major tax increases in the President’s upcoming budget:
[…]
4. Tax Increase on Families Saving for College
Under current law, 529 plans work like Roth IRAs: you put money in, and the money grows tax-free for college. Distributions are tax-free provided they are to pay for college.
Under the Obama plan, earnings growth in a 529 plan would no longer be tax-free. Instead, earnings would face taxation upon withdrawal, even if the withdrawal is to pay for college. This was the law prior to 2001.
[…]
Welcome to Obama’s America where those who worked hard to save can count on having their money properly “redistributed.”
Obama is ensuring that fewer will save for school this way. They will be forced to turn to the government to get help to go to public colleges – not private. The curriculum will be mandated by the government and will be liberally laced with Communist propaganda. It’s not just that Democrats love to tax – they find it orgasmic – it’s that they want to put their socialist maneuvers into high gear. These taxes will pay for illegal immigrants from all over the world to flood our community colleges. There will be no exceptional students when they are done – just a multiculturistic melting pot that votes Progressive.
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