Republicans claim the federal government will “collect more revenue in 2013 than ever before.” But that’s only true in raw dollars, not as a percentage of gross domestic product, which accounts for growth in population, inflation and earnings.
Q: Is the Obama administration attempting to eliminate private 401(k)s and IRAs and create a “national retirement system”?
A: No. Obama endorses a proposal that would require businesses without retirement plans to establish private IRAs for their employees and deposit a percentage of wages into the accounts. Employees could opt out.
A TV ad funded by two Democratic PACs falsely claims Linda McMahon’s “tax plan hurts middle-class families.” Actually, her tax plan would reduce the marginal income tax rates for middle-income families — married couples earning roughly between $70,700 and $142,700 — while keeping the current rates the same for everyone else.
The ad also distorts the facts when it says McMahon — a Republican candidate for the Senate from Connecticut — “threatened to eliminate” the Department of Education and to cut “early reading programs and college Pell Grants.”