Thursday, January 22, 2015

Market Forces Will End Tax and Spend

News
Socialism, communism, whatever the name - the centralized management of that which cannot be managed has been reducing investment, the engine of future economic growth, for decades. Bottom line, very few global leaders recognize Adam Smith's invisible hand, while even fewer understand how it works. The world cannot tax its way to prosperity, but don't expect this cycle to stop until the forces of creative destruction, driven by yet another Great Depression, changes social, political, and financial norms.



Headline: Obama proposes scaling back benefits of 529 college savings plans

You can put away $14,000 each year for a child, pay no tax on the money while it's growing, and no tax when you withdraw it to pay for education costs.

President Obama is proposing to roll back the second part of that equation.


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