Skip to comments.Obama Budget to Cap Retirement Accounts at $3 Million
Posted on 04/05/2013 6:32:16 PM PDT by Sir Napsalot
The budget President Barack Obama will submit on April 10 will contain a proposal that would prohibit individuals from accumulating more than $3 million in Individual Retirement Accounts (IRAs) and tax-preferred retirement accounts.
According to a White House statement, the Obama administration believes the current rules allow some wealthy individuals "to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving."
"The budget would limit an individuals total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million in 2013," the statement said. "This proposal would raise $9 billion over 10 years."
(Excerpt) Read more at breitbart.com ...
I bet this MF has accumulates $100M so far and prolly more.
Does this also include the politicians that go to Washington as paupers and retire as multimillionaires, too? Or is this just another attack on the American citizens they scammed all their millions from?
Anything that alters behavior will bear unintended consequences. They can only guess at the end result. Some things are obvious and perhaps are what they’re looking for.
You don’t get a tax break so you don’t put the money into a retirement plan the money will go into a bank and boost tier 1 capital. You spend it so velocity picks up. Those are two obvious beneficial results. Less money into money managers hands means less growth overall in equities and less capital available to buy debt. Of course the banks will likely be sitting on more cash so they will be the big beneficiaries.
Very interesting. If i sat and thought about this longer i bet i come up with at least 50 more results.
No Demoncrat Weasel Dirtbag Felons who are card carrying Obamists will be exempt.
Cyprus writ large by a larger turd in office.
Only in a just world ....... my FRiend.
Somehow I doubt you and I live in that ‘reality’.
Class warfare has worked its charm among the lazy, low information dufuses among us. The Democrats should be so proud of themselves. They have successfully made accomplishment an evil concept. We are so screwed in this country.
just the next step in the persistent march towards wealth confiscation. The government taxes your income, your investments, your spending and even your non-spending (e.g. Obamacare “tax”). It’s just a matter of time before they confiscate accrued assets while you are still alive.
Thank God we have Barack Hussein Obama (aka Barry Soetero) and the federal government Democrat leftists around to tell us what we Americans need or don’t need.
Imagine what kind of a disaster our country could be facing without them!
how very hugey long. He proposed a total cap on property of five million.
Obama, from each to each.
Obama and the MSM are communists by their ACTIONS.
This is a ploy to make the “poor” hate the “rich” more. How many people will ever save $3 million in an IRA? I figure most of the people in the US would not be hurt by this BS. So, they’ll be all for it.
Nine billion as in $900 million in a year.
As in roughly what Obamao blows through in seven or eight hours and that assumes the people who actually earn that money will meekly fork it over in taxes rather than move it off-shore or not even earn it at all. How likely is that to actually happen?
One of the things that happened when they lowered the retirement plan limits is that they made these plans less important to executives. Not surprisingly, executives decided it wasn’t important to fund these plans well. Lower funded plans = employees get less benefits, taxpayer picks up tab, balance sheets get more volatile.
Wait. Defined plans are poorly funded at the city and state level as well. This is a symptom and not something endemic to businesses. The poorly funded plans are largely if not exclusively in union shops.
So apparently, it’s not enough to steal 42% of my income, he has to come for my savings, too.
What a POS.
How about Dirty Harry Reid???
Feinstein? Boxer??? Pelosi??? Schumer??? Jessee Jackson???