Obama budget to take aim at wealthy IRAs

The Hill ^ | April 5, 2013 | Bernie Becker

[2ndDivisionVet]

President Obama’s budget, to be released next week, will limit how much wealthy individuals – like Mitt Romney – can keep in IRAs and other retirement accounts.

The proposal would save around $9 billion over a decade, a senior administration official said, while also bringing more fairness to the tax code.

The senior administration official said that wealthy taxpayers can currently “accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.”

Under the plan, a taxpayer’s tax-preferred retirement account, like an IRA, could not finance more than $205,000 per year of retirement – or right around $3 million this year.

Romney, Obama’s 2012 opponent, had an IRA several to many times that amount, leading to questions about how the former Massachusetts governor was able to squirrel away so much money in that sort of retirement account....

[SaxxonWoods]

Exactly. You don’t need that gun, that magazine, those bullets, that money.

NEED is not the issue.

FREEDOM is the issue!

The only weird thing about this idea (from Obama’s view) is it will lower the amounts the govt can eventually steal from these accounts. I guess he’s got other ideas for that, like a wealth tax.

[laplata]

Everyone’s business is everyone else’s business under communism, right?

---

Wrong.

[Logical me]

And nothing to stop King Obama from taking all IRAs. He is our communists dictator and wouldn't be if it were not for the Senate and the House. Impeach.

[SaxxonWoods]

“He knows no one will do a thing.

He could put black panthers in the bedrooms of our kids and that will only draw a few angry posts.”

You’re right. So what have you done?

[VRWC For Truth]

The senior administration official said that wealthy taxpayers can currently “accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.”

Where are the reasonable levels of gov't spending? 9B/16T = 0.0005625

[A_Tradition_Continues]

will limit how much wealthy individuals – like Mitt Romney John Kerry – can keep in IRAs and other retirement accounts.

Is that better?

[mrsmith]

Yep, all government taxes are “savings” and all government spending is “investments”.

The Hill never even proofreads what the Dems send them to print...

[meyer]

Time to feed the pigs...

[RedMDer]

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[NEMDF]

They already limit what you can put into any retirement accounts that receive favorable tax treatment. Now they want to limit the amount to which our savings can accumulate.

[SampleMan]

Reasonable levels....OK, who decides what reasonable is.

Same folks who decide the reasonable restrictions on our freedoms of religion, speech, and to be armed.

[ilgipper]

We are approaching time for the second revolution..or second civil war depending on how we view it. I believe it is more of refightong the revolutionary war to reinforce our rights as stated in the founding.

[nascarnation]

Wonder what Corzine’s IRA looks like?

Bernie Madoff?

Eric Schmidt?

Zuckerberg?

Jay-Z?

[Vince Ferrer]

To each according to their need...

[OrioleFan]

fairness - there he goes again...

[Venturer]

I hope the Cayman Islands can handle all the money that is soon to be coming their way.

[Harmless Teddy Bear]

I guess he’s finally coming after all the dimocrat billionaires, athletes and hollywierd multi-millionaires??? Nah, they’ll be exempted somehow.

When was the last time you heard of most of that group having a IRA?

They tend to run though every cent they get.

[Chode]

here it comes...

[Graewoulf]

Documentation File on the negative impact of the Obamanation Counterculture on America.

[jwalsh07]

Slouching towards fascism in Amerika.