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Obama budget to take aim at wealthy IRAs
The Hill ^ | April 5, 2013 | Bernie Becker

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 ...


TOPICS: Business/Economy; Government; Politics
KEYWORDS: confiscateira; herewego; incrementalism; ira; obama; taxes; wealthyira

1 posted on 04/05/2013 4:48:44 PM PDT by 2ndDivisionVet
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To: 2ndDivisionVet

Here we go...


2 posted on 04/05/2013 4:50:57 PM PDT by MichaelCorleone (A return to Jesus and prayer in the schools is the only way.)
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To: 2ndDivisionVet
“accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.”

Reasonable levels....OK, who decides what reasonable is. The arrogance of these Marxists is unreal.

3 posted on 04/05/2013 4:52:30 PM PDT by mosaicwolf (Strength and Honor)
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To: 2ndDivisionVet

Cyprus anyone...


4 posted on 04/05/2013 4:53:00 PM PDT by 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)
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To: 2ndDivisionVet

“...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?


5 posted on 04/05/2013 4:53:38 PM PDT by Vendome (Don't take life so seriously, you won't live through it anyway)
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To: 2ndDivisionVet

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?


6 posted on 04/05/2013 4:56:56 PM PDT by jughandle
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To: 2ndDivisionVet

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.


7 posted on 04/05/2013 4:57:27 PM PDT by NoLibZone (I predict the exact same Freepers will hate the GOP Candidate for: 2016,2020,2024,2028, 2032.)
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To: 2ndDivisionVet

This is why the far left needs “reasonable” restrictions on privately owned firearms - so they can follow with “reasonable” restrictions on other private property.


8 posted on 04/05/2013 4:58:21 PM PDT by Pollster1 (A war can only be just if it is fought with a reasonable chance of success.)
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To: mosaicwolf
The proposal would save around $9 billion over a decade, a senior administration official said, while also bringing more fairness to the tax code.

This then is the marxists definition of "saving" and "fairness".

9 posted on 04/05/2013 4:58:21 PM PDT by oldbrowser (They are marxists, don't call them democrats)
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To: 2ndDivisionVet

Truly unbelievable. If anyone can save millions in this economy, they should be rewarded, not penalized.


10 posted on 04/05/2013 4:58:56 PM PDT by MacMattico
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To: 2ndDivisionVet

What is mine is mine, what is yours is subject to negotiation and/or seizure!

It is for the children after all ... /sarc


11 posted on 04/05/2013 4:59:05 PM PDT by SES1066 (Government is NOT the reason for my existence but it is the road to our ruin!)
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To: mosaicwolf

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


12 posted on 04/05/2013 5:01:12 PM PDT by Josa
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To: 2ndDivisionVet

And so begins redistribution of wealth.


13 posted on 04/05/2013 5:01:23 PM PDT by fatnotlazy
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To: NoLibZone

Hell, he put them in the white house.

Billy A. and Bernadine.


14 posted on 04/05/2013 5:02:05 PM PDT by stormryter (How much is enough.)
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To: 2ndDivisionVet

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.


15 posted on 04/05/2013 5:02:06 PM PDT by Flick Lives (We're going to be just like the old Soviet Union, but with free cell phones!)
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To: 2ndDivisionVet

Devil Patrick is doing the same in Massachusetts.


16 posted on 04/05/2013 5:03:07 PM PDT by stormryter (How much is enough.)
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To: 2ndDivisionVet

FROM MY COLD DEAD HANDS...

I have nothing else to say


17 posted on 04/05/2013 5:05:37 PM PDT by Magnum44 (I have had just about enough)
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To: 2ndDivisionVet

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


18 posted on 04/05/2013 5:07:04 PM PDT by jersey117
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To: 2ndDivisionVet

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.


19 posted on 04/05/2013 5:09:15 PM PDT by ScottinVA (Gun control: Steady firm grip, target within sights, squeeze the trigger slowly...)
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To: 2ndDivisionVet

Only Marxist regimes set themselves up to determine how much of what you have earned is “reasonable”.

Time for these bastards to go!


20 posted on 04/05/2013 5:11:36 PM PDT by G Larry (Which of Obama's policies do you think I'd support if he were white?)
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To: ScottinVA

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.


21 posted on 04/05/2013 5:12:25 PM PDT by SaxxonWoods (....Let It Burn....)
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To: jughandle

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


Wrong.


22 posted on 04/05/2013 5:12:45 PM PDT by laplata (The Answer To 1984 Is 1776)
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To: 2ndDivisionVet
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.
23 posted on 04/05/2013 5:12:45 PM PDT by Logical me
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To: NoLibZone

“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?


24 posted on 04/05/2013 5:14:59 PM PDT by SaxxonWoods (....Let It Burn....)
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To: 2ndDivisionVet
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

25 posted on 04/05/2013 5:15:14 PM PDT by VRWC For Truth (Roberts has perverted the Constitution)
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To: jersey117
will limit how much wealthy individuals – like Mitt Romney John Kerry – can keep in IRAs and other retirement accounts.

Is that better?

26 posted on 04/05/2013 5:15:35 PM PDT by A_Tradition_Continues (formerly known as Politicalwit ...05/28/98 Class of '98)
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To: oldbrowser

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

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


27 posted on 04/05/2013 5:18:16 PM PDT by mrsmith (Dumb sluts: Lifeblood of the Media, Backbone of the Democrat Party!)
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To: 2ndDivisionVet

Time to feed the pigs...


28 posted on 04/05/2013 5:19:45 PM PDT by meyer (When people fear the government, you have Tyranny)
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Donate to Free Republic!
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Please take this generous offer into consideration!

29 posted on 04/05/2013 5:45:11 PM PDT by RedMDer (May we always be happy and may our enemies always know it. - Sarah Palin, 10-18-2010)
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To: 2ndDivisionVet

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.


30 posted on 04/05/2013 5:46:04 PM PDT by NEMDF
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To: mosaicwolf
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.

31 posted on 04/05/2013 5:48:40 PM PDT by SampleMan (Feral Humans are the refuse of socialism.)
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To: 2ndDivisionVet

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.


32 posted on 04/05/2013 5:53:58 PM PDT by ilgipper (The lesson for the GOP is simple - don't let the opposition define you)
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To: 2ndDivisionVet

Wonder what Corzine’s IRA looks like?

Bernie Madoff?

Eric Schmidt?

Zuckerberg?

Jay-Z?


33 posted on 04/05/2013 5:58:07 PM PDT by nascarnation (Baraq's economic policy: trickle up poverty)
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To: 2ndDivisionVet

To each according to their need...


34 posted on 04/05/2013 6:08:50 PM PDT by Vince Ferrer
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To: 2ndDivisionVet

fairness - there he goes again...


35 posted on 04/05/2013 6:12:19 PM PDT by OrioleFan (Republicans believe every day is July 4th, Democrats believe every day is April 15th.)
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To: 2ndDivisionVet

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


36 posted on 04/05/2013 6:20:03 PM PDT by Venturer
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To: Josa
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.

37 posted on 04/05/2013 6:25:22 PM PDT by Harmless Teddy Bear (Promotional Fee Paid for by "Ouchies" The Sharp, Prickly Toy You Bathe With!)
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To: 2ndDivisionVet
here it comes...

38 posted on 04/05/2013 7:27:27 PM PDT by Chode (Stand UP and Be Counted, or line up and be numbered - *DTOM* -ww- NO Pity for the LAZY)
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To: 2ndDivisionVet

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


39 posted on 04/05/2013 8:11:46 PM PDT by Graewoulf (Traitor John Roberts' Commune-Style Obama'care' violates U.S. Constitution AND Anti-Trust Law.)
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To: 2ndDivisionVet

Slouching towards fascism in Amerika.


40 posted on 04/05/2013 8:17:05 PM PDT by jwalsh07
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To: 2ndDivisionVet

“The proposal would save around $9 billion over a decade”


“SAVE”?!? WTF?


41 posted on 04/05/2013 8:22:56 PM PDT by ctdonath2 (3% of the population perpetrates >50% of homicides...but gun control advocates blame metal boxes.)
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To: mosaicwolf
rea·son·a·ble
adjective
1. agreeable to reason or sound judgment; logical: a reasonable choice for chairman.
2. not exceeding the limit prescribed by reason; not excessive: reasonable terms.
3. moderate, especially in price; not expensive: The coat was reasonable but not cheap.
4. endowed with reason.
5. capable of rational behavior, decision, etc.

Not a single one of these definitions applies to Obama, his cabinet, or the current government in DC.

42 posted on 04/06/2013 5:42:00 AM PDT by rarestia (It's time to water the Tree of Liberty.)
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