[Alberta's Child]

If something like this becomes a reality, then the biggest dupes were those who converted traditional IRAs to Roth IRAs in the last ten years — and paid income taxes on the conversion in the process.

[laxcoach]

"If something like this becomes a reality, then the biggest dupes were those who converted traditional IRAs to Roth IRAs in the last ten years — and paid income taxes on the conversion in the process."

I would argue that Roth Conversions were a scam perpetrated by the feds. Here's why:
1 - Most people have a larger marginal tax rate while saving in IRAs than they do during retirement when the withdraw. Supposing you only have X dollars to contribute, you are better of with X (pretax) than with the post tax amount in your Roth. The larger principal grows faster, and you pay a lower marginal rate when retired.
2 - The Roth conversions were a windfall for the feds. They got to tax money they otherwise were not going to tax for decades.
3 - Does anyone really believe they won't change the rules? I suspect at some point, they will means test Roth IRAs. For example, if you have more than $1M in assets, you have to pay taxes during withdrawals.

My final gripe, in general, is with putting my money into an account that has strings attached. This is true of all these retirement accounts. I would rather pay my taxes and have my money be free and clear of all the rules.

[RipSawyer]

Shortly after I first heard of the Roth IRA I read an article by one financial advisor warning people to stay away from the Roth because one day the government would renege and tax the money.

[CPT Clay]

Hey, I resemble that remark, actually I converted in ‘97.

[Chuckster]

...and you can't even take your cash out and stash it under the mattress because mere possession of "Too much" cash is considered evidence of a crime and subject to confiscation.