OBAMA WANTS TO SPREAD YOUR INCOME AROUND, NEXT, YOUR IRA

The following is a copy of an ad placed by the Chatham Republican Town Committee, Walter Bilowz, Chairman, in this coming Thursday's Cape Cod Chronicle:

DOES YOUR RETIREMENT MONEY BELONG TO YOU OR THE GOVERNMENT? PREDATORY POLITICS -- or ROBIN HOOD REDUX

This campaign has brought up two major issues, the redistribution of income and the redistribution of wealth.

Joe the Plumber said to Obama "your new tax plan is going to tax me more, isn't it?"
Obama replied "I think that when you spread the wealth around, it's good for everybody."

With this, Obama declared his intention to redistribute the tax dollars which you paid on the income which you earned. Currently, if the Earned Income Tax Credit (E I TC) exceeds a taxpayer's tax liability, the IRS refunds the difference. That is, the government takes your tax money and gives some of it to someone who qualifies for the EITC. This is a redistribution of the tax money which you paid on the income which you earned. Obama would expand this with his tax plan to further distribute more of your tax money in order to "spread the wealth around". Obama calls this a tax cut for 95% of workers! He does not stress that approximately 40% of these workers pay no taxes and thus would be receiving a cash benefit (an entitlement).

However, Obama's intent to redistribute does not end with redistribution of your income. He is on record as favoring redistribution of your wealth, which includes your retirement funds. On a Chicago program, Odyssey, station WBEZ, in 2001, he stated that redistribution of wealth was a …”basic issue of political and economic justice in the society.” He indicated that redistribution of wealth could be accomplished by legislation.

The US News and World Report published a story on October 23, 2008, when they uncovered consideration of potential legislation to eliminate 401(k) plans (retirement plans) and take control of the retirement plan savings of Americans. This was in the Subcommittee on Income Security and Family Support which is chaired by Representative James McDermott, Democrat of Washington. Under the plan, your retirement money would be transferred into a government account invested in government bonds and paying around 3%. In addition there would be a loss of preferential tax treatment and a mandatory contribution imposed on workers. There is approximately $4.5 trillion invested in 401(k) plans in the US. This would be the largest loss of wealth and seizure of private assets in world history. It would far exceed the amounts recently seized by the government of Argentina in their nationalization of pension funds. The leftist government wanted to use the funds for their agenda.

If we elect Obama, a Democrat, as president, and a Democratic Congress, what is it that would stop a radical assault on the income that you earn, and on the retirement wealth which you accumulate? It happened in Argentina!