Posted on 04/05/2013 4:48:44 PM PDT by 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....
(Excerpt) Read more at thehill.com ...
Here we go...
Reasonable levels....OK, who decides what reasonable is. The arrogance of these Marxists is unreal.
Cyprus anyone...
“...wealthy taxpayers can currently “accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.”
Really?
And who decides what reasonable is?
Won’t Obama squirm when some day somebody decides to examine and question HIS finances. Everyone’s business is everyone else’s business under communism, right?
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.
This is why the far left needs “reasonable” restrictions on privately owned firearms - so they can follow with “reasonable” restrictions on other private property.
This then is the marxists definition of "saving" and "fairness".
Truly unbelievable. If anyone can save millions in this economy, they should be rewarded, not penalized.
What is mine is mine, what is yours is subject to negotiation and/or seizure!
It is for the children after all ... /sarc
I guess he’s finally coming after all the dimocrat billionaires, athletes and hollywierd multi-millionaires??? Nah, they’ll be exempted somehow.
And so begins redistribution of wealth.
Hell, he put them in the white house.
Billy A. and Bernadine.
I fully understand the Fed’s position. They have cut the budget to the bone and they need every taxpayer dime to fund essential services like funding a study of duck dicks.
Devil Patrick is doing the same in Massachusetts.
FROM MY COLD DEAD HANDS...
I have nothing else to say
Why do they cite Mitt Romney instead of some wealthy Rat. They are sickening. They say what goes around comes around. I hope it comes back to 0 in spades
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.”
Yeah, here we go again with the “why do you need that” argument coming from the left. Too bad Americans are to brain-dead to see how destructive having a communist government is.
Only Marxist regimes set themselves up to determine how much of what you have earned is “reasonable”.
Time for these bastards to go!
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