Under Joe Biden, Democrats claimed they were going to make the rich pay “their fare share” in taxes.
But his (now dead) “Build back better” bill saw major protections for the rich. Meanwhile, regular Americans would have seen their taxes go up.
That bill may have failed, but the Senate is working on another scheme to help the rich. This time, by protecting accounts that are supposed to help retirees.
From The Hill:
A retirement bill currently under negotiation in the Senate gives rich Americans a tax break by bringing forward the payment schedule to remain revenue-neutral within the 10-year budget window…
The Senate’s Enhancing American Retirement Now (EARN) Act raises the age at which taxpayers must start making withdrawals from 72 to 75, allowing them three extra years of tax-free growth…
The bill throws another bone to rich taxpayers — and the Wall Street fund managers who look after their money — by allowing them to deposit an additional $10,000 a year into their retirement accounts beginning between the ages of 60 and 63. Setting aside an extra $10,000 a year is something most Americans can’t afford to do.
The Democrat-majority Senate is working on a bill that allows rich Americans to put more tax-free dollars into retirement accounts.
This bill will push back the age when taxpayers must start withdrawing money from their retirement accounts (and forced to pay taxes on it).
It means, people will be able to add an additional $10,000 into their accounts a year. Most people can’t afford to do that—so this change only helps the very richest in the country.
Wait a minute, I thought Democrats weren’t interested in helping the rich?
While we support any changes that reduce the tax burden on Americans, why aren’t they doing something to help all Americans?
It’s clear this will only benefit people who have the money to deposit. The rest of us? It’s meaningless.
So, the Senate is working overtime to craft a bill that only helps the rich. Meanwhile, Americans still can put gas in their cars.