Almost half of all parents use 529 accounts to save for their children’s futures. These accounts get preferential tax treatment by the federal government and most states to encourage investing in the next generation. The retirement tax would raise taxes on these educational savings accounts. College expenses are growing, and taxing educational savings accounts would punish responsible parents and worsen the student loan crisis.

Union members pay dues so that they can bargain collectively for fair compensation. Many unions include pensions in their hard-won compensation packages, and the retirement tax would penalize them for standing up for their rights. Billions of dollars that plumbers, electricians, and manufacturers rely on for their golden years would disappear under the retirement tax.

Firefighters, police, teachers, and other public employees often rely public pension funds that would be severely hurt by the retirement tax. The California pension fund would owe the federal government $500 million, while the New York City fund would owe $1 billion. The retirement tax is supposed to promote “fairness,” but there’s nothing fair about taking money away from firefighters and teachers.

Under the retirement tax, seniors who planned their savings for decades would suddenly owe more in taxes than they ever expected. One study indicates that the average retirement saver could see 8.5% less in their IRA or 401(k) because of the retirement tax. Another study predicts that the average retirement saver would have to delay retirement by 30 months to make up for the shortfall under the retirement tax.