Democrats target rich people’s retirement accounts to pay for progressive wish-list items in $3.5T spending bill
The lawmakers are reportedly 'aghast' that some have millions while others have next to nothing in retirement savings.
Democrats on Capitol Hill are reportedly setting their sights on wealthy people's "super-sized retirement savings accounts" as one way to pay for a litany of progressive wish-list items included in their mammoth $3.5 trillion spending plan.
Politico reported Tuesday that congressional Democrats are "aghast" that some people have managed their wealth responsibly and amassed multimillion-dollar individual retirement accounts while others have next to nothing — an unacceptable imbalance in the democratic-socialist state the lawmakers hope to create.
These so-called "Mega-IRAs" are said to be on the table to "bankroll their multitrillion-dollar plan of liberal spending priorities." Here's more from the Politico report:
Hit 'Mega IRAs' — Democrats say they're aghast that hundreds of Americans have IRAs worth more than $25 million, and nearly 30,000 have accounts with balances topping $5 million, while many others have little to no retirement savings. Going after super-sized retirement savings accounts like that could drum up substantial revenue for the $3.5 trillion plan, Democrats say, though an exact figure is unclear.
The report did not make clear how exactly Democrats plan to go after the money, but the fact that it is even under consideration is likely to be concerning, if not troubling, for many Americans.
In addition to taking money from rich Americans' retirement savings accounts, Democrats are reportedly considering several other options to pay for liberal priorities such as free community college tuition, child care assistance, universal pre-kindergarten, and climate change efforts — all of which are included in their spending plan.
"We're gonna pay for $3.5 trillion," Finance Committee Chairman Sen. Ron Wyden (D-Ore.), who is tasked with raising revenue, insisted. "We expect to be working all through the summer."