[quote=FlyerInHi][quote=livinincali] Taking away a tax benefit isn’t unconstitutional, it’s why I like to stay far away from deferred benefits promised by governments. They are under no obligation to keep those promises and the people that made those promises are long gone by the time they come due.[/quote]
That doesn’t make any sense. Any deferment of taxes is worth something and worth doing. Time value of money.[/quote]
That deferment comes at a price. Those funds can only be used for a certain purpose and they cannot be withdrawn without a penalty (at least the gains portion)…
I doubt this will pass since thankfully the GOP is already objecting to it.. BUT, if they are going to change the rules, then there should be an option to withdraw penalty free as well (you just pay the capital gains taxes on it)…
But the idea that this is a “wealth tax” is just absurd.
“Middle-income families that have worked hard and saved to send their children to college should receive our support, not a new tax bill to pay for (Obama’s) agenda,” said Rep. Lynn Jenkins, R-Kan.
Jenkins said she supports the American Opportunity Tax Credit, but said the $2,500 limit doesn’t come close to covering the annual cost of a college education.
“I have two kids in college. It’s about $20,000 per kid, at a minimum,” Jenkins said. “Where are we supposed to get the rest?”
Thank you Jenkins…Well said. Shear lunacy at the white house. I want what he’s smoking there..
