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Nancy Pelosi: Windfall Tax on Retirement Income

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Nancy Pelosi
Chip Somodevilla/Getty Images News/Getty Images

Circulating virally, purported statements by Democrat Nancy Pelosi condemning stock market profit-taking and advocating redistribution of wealth via a 100% windfall tax on retirement income.

Description: Email hoax / Satire
Circulating since: Oct. 2006
Status: False, fabricated (see details below)


Example #1:
Email contributed by Bob H., Jan. 29, 2009:

Subject: Windfall tax on Retirement income

Adding a tax to your retirement is simply another way of saying to the American people, you're so darn stupid that we're going to keep doing this until we drain every cent from you. That's what the Speaker of the House is saying. Read below...

Nancy Pelosi wants a Windfall Tax on Retirement Income. In other words tax what you have made by investing toward your retirement. This woman is a nut case! You aren't going to believe this.

Madam speaker Nancy Pelosi wants to put a Windfall Tax on all stock market profits (including Retirement fund, 401K and Mutual Funds! Alas , it is true - all to help the 12 Million Illegal Immigrants and other unemployed Minorities!

This woman is frightening.


She quotes... 'We need to work toward the goal of equalizing income, (didn't Marx say something like this), in our country and at the same time limiting the amount the rich can invest.' ( I am not rich, are you)

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 way to guarantee these people the standard of living they would like to have as 'Americans'.' (Read that quote again and again and let it sink in. 'Lower your retirement, give it to others who have not worked as you have for it'.

Send it on to your friends. I just did!! This lady is out of her mind and she is the speaker of the house!

 


Example #2:
Email contributed by R. Foley, Nov. 5, 2006:

Subject: Nancy Pelosi

Published: October 22, 2006

Nancy Pelosi condemed 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 r esponded "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, buy 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 securuty which is ridiculous". How much of this "trickle down" ever get to the unemployed and minorites 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 currrent 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 new 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 immigrents 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"

A Bush spoksman responded to this interview by saying "Mrs. Pelosi has set a new standard for the spin business".



Analysis: Astute readers will recognize the above as a caricature of Nancy Pelosi's left-of-center views, and a poorly spelled one at that. None of the statements here attributed to Pelosi -- some of which are so nonsensical they stretch credulity even for a politician -- are to be found in the public record.

The earliest version of the spoof I've found, dated Oct. 22, 2006 (just before the national election which resulted in Pelosi being named Speaker of the House), credits New York Times reporters Walt Bogdanich and Gretchen Morgenson for this supposed "interview." No such article was written by them, however, nor published in the Times.

For an authentic sampling of quotes from Nancy Pelosi and actual interviews conducted with her, see the sources below:

Nancy Pelosi Quotes
About.com: Women's History

Nancy Pelosi Interviewed by Lesley Stahl
CBS News, 22 October 2006

ABC7 Interview with Nancy Pelosi
KGO-TV News, 27 October 2006

Nancy Pelosi Interviewed by Charlie Rose
International Herald Tribune, 28 June 2007

Last updated 07/04/14

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