Frisco Nan Plans To Tax Your IRA

This was sent to me by a friend a few days ago. It's part of one of those chain emails.

Frisco Nan has plans to eviscerate your financial assets in ways that will shock you. Read on....

"Madam Speaker Nancy Pelosi wants to put a Windfall tax on all stock market profits (including Retirement fund, 401K's and Mutual Funds)

Alas it is true. All to help the 12 Million Illegal Immigrants and other unemployed Minorities!

This woman is frightening. Nancy Pelosi condemned the new record highs of the stock market as "just another example of Bush policies helping the rich get richer".

"First Bush cut taxes for the rich and the economy has rebounded with new record low unemployment rates, which only means wealthy employers are getting even wealthier at the expense of the underpaid working class". She went on to say,

"Despite the billions of dollars being spent in Iraq our economy is still strong and government tax revenues are at all time highs. What this really means is that business is exploiting the war effort and working Americans, just to put money in their own pockets".

When questioned about recent stock market highs she responded,

"Only the rich benefit from these record highs. Working Americans, welfare recipients, the unemployed and minorities are not sharing in these obscene record highs". There is no question these windfall profits and income created by the Bush administration need to be taxed at 100% rate and those dollars redistributed to the poor and working class".

"Profits from the stock market do not reward the hard work of our working
class who, by their hard work, are responsible for generating these corporate
profits that create stock market profits for the rich. We in congress will need
to address this issue to either tax these profits or to control the stock market
to prevent this unearned income to flow to the rich."

When asked about the fact that over 80% of all Americans have investments
in mutual funds, retirement funds, 401K's, and the stock market she replied,

"That may be true, but probably only 5% account for 90% of all these investment
dollars. That's just more "trickle down" economics claiming that if a corporation
is successful that everyone from the CEO to the floor sweeper benefit from
higher wages and job security which is ridiculous".

"How much of this 'trickle down' ever get to the unemployed and minorities in our county? None, and that's the tragedy of these stock market highs."

"We democrats are going to address this issue after the election when we take
control of the congress. We will return to the 60% to 80% tax rates on the rich
and we will be able to take at least 30% of all current lower Federal Income Tax
taxpayers off the roles and increase government income substantially. We need
to work toward the goal of equalizing income in our country and at the same
time limiting the amount the rich can invest."

When asked how these new tax dollars would be spent, she replied,

"We need to raise the standard of living of our poor, unemployed and minorities.
For example, we have an estimated 12 million illegal immigrants in our country who
need our help along with millions of unemployed minorities. Stock market windfall
profits taxes could go a long ways to guarantee these people the standard of living
they would like to have as "Americans"."

If any of this is true, it only adds to the likelihood that the GOP will return to a majority in at least the lower House come 2008.