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Richard Trumka: This Whole Fiscal Cliff Thing Is Manufactured

old progrmr Wrote: Nov 15, 2012 2:45 PM
A little more info: Getting their hands on accumulated wealth (savings, retirement accounts, personal property) is the key for the Left. The Dems are currently working on such programs. For example, at age 70 1/2 you must take a mandatory distribution from your IRA's based on a government formula so that a portion of the tax sheltered savings can be taxed as normal income. The new program will demand that savers begin making taxable, mandatory distributions from 401K's and IRA's at age 65, rather than 70 1/2. Of course, defined benefit pensions held by Union members will be exempted from this premature taxation. This is but step one. Oh, and if you own your home, just wait on this one, Federal Personal Property taxes!

During a speech today in Washington D.C., AFL-CIO President Richard Trumka called the looming debt disaster a "manufactured crisis" and said "there isn't a fiscal cliff."

"There is no fiscal cliff," Trumka says in prepared remarks to the National Mediation Board Conference in Washington on Thursday. "What we’re facing is an obstacle course within a manufactured crisis that was hastily thrown together in response to inflated rhetoric about our federal deficit."

Obama met with Trumka earlier this week, in addition to other far left leaders, to discuss economic policy. Apparently a $3500 tax increase on...