Best-selling books used to celebrate these “millionaires next door” who worked and saved their way to financial independence. But now Mr. Obama wants to treat them as if they all got rich by sheltering investments in the Cayman Islands or extracting bonuses from bailed-out banks or scooping up sweetheart mortgage deals from allegedly nonprofit universities……………………………….. Right now the government doesn’t track tax-deferred account balances. Financial firms don’t have to send IRS 1099 forms to investors unless there’s a distribution, nor do the firms know how much customers hold at other institutions.
So the IRS would get new power to impose new burdens on millions of taxpayers. And all so the government could raise what the White House claims would be $9 billion more in revenue over 10 years, as if people wouldn’t change their savings habits. After this proposal, only a fool would pay taxes now to transfer to a “tax-free” Roth IRA that the feds may decide to tax someday.
The Occupy Wall Street crowd will be cheering this ideological assault, but the occupiers who mature into productive citizens will someday find themselves in the cross-hairs.
Yes, lets give the IRS MORE power. They’ll know how best to use it since they will be in our healthcare too.
Man do we need a calf.