Wednesday, April 15, 2009

Obama's Promise and Tax Day

Presidential candidate Barack Obama called for "legislation that would allow withdrawals of 15% up to $10,000 from retirement accounts without penalty (although subject to the normal taxes). This would apply to withdrawals in 2008 (including retroactively) and 2009."

That didn't happen. However, the Stimulus Package had $25 billion in tax breaks for corporations buying back debt on the cheap. Let's review:

Struggling citizen dipping into retirement to save a home-No break

Cash engorged private equity firms buying back affiliate debt for pennies on the dollar-Billions in tax breaks

This is an indication of who has the ear of America's elected officials. Struggling citizens don't count. That includes the uninsured, who have no collective power.

No comments: