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 ...
The sad part is ALL those pr!cks have their dough offshore and won’t be affected in the slightest.
Well, there it is.
Any questions left about who this guy is?
Anyone STILL not awake?
OTOH, with ObamaCare death panels in place, and doctors getting out of the profession, life expectancy - and hence money needed for retirement - should be considerably less, and, in addition, we won’t have to spend as much on unavailable doctors and medicines in our last days.
under Obamacare and its “death panels” you will be damned lucky to make it to age 80
A) Where is the cap on gov’t spending?
B) Isn’t Lil Barry’s pineapple patch in HI worth more than $3M?
Who is he to tell a person what is a reasonable level of retirement saving??
Obama, you have made enough money off of Bill Ayers' book and your time in the state and national Senate, and the presidency. Henceforth, acting as a citizen of the USA, I declare you will receive no further pay for being president.
Additionally, you will reimburse the treasury for the excessive travels and vacations of your family. I have just capped your income and retirement funds. Leave office. Your have made enough money. Bye!
If you are going to tell me when I have enough, I (and every other citizen) certainly have the right to tell you the same. You have enough.
instead of trying to block people from saving and investing (and instead of destroying so damned many jobs and businesses that could offer employment), Obama and his colleagues should take a complete U-TURN and ... encourage people to work, go into business, save, and invest.
to stop the downwards economic spiral and set it back again on its (natural) upwards path.
he needs to do a complete turn-around....if he wants to help America succeed again. if he wants to do that.... if... if...???
Secondly, I've found that investing outside a retirement plan gives you a lot more flexibility with your money and doesn't tie it up for many years like an IRA or 401(k) does.
Anyone who has the werewithal to save $3M in a retirement account might do well to invest in a lot of hard assets like real estate, precious metals, etc.
Looks like someone tipped off Obama and those who were salivating that nationalizing IRAs would quickly result in decorated lamp posts (especially since it looks like national gun registration schemes are going nowhere), an attempt is underway to confiscating money by taxation of funds that are not deferred.
funny...no clamping down on things such as this:
“Alameda County supervisors have really taken to heart the adage that government should run like a business rewarding County Administrator Susan Muranishi with the Wall Street-like wage of $423,664 a year.”
Any system that is recognized as having the authority to establish a “minimum wage”
must also be recognized as having the authority to establish a “maximum wage”.
“500k stopped looking for work in March”- FoxNews
$9 billion is less than 7 days of Federal Reserve money printing presently called Quantitative Easing.
Yes. He’s created a major depression.
Yes. He’s created a major depression.
Dictator. His communists empire controls America.
With all the money that people are going to start keeping under their mattresses, someone should invent an actual mattress safe!
He’s hell bent on turning USA into Cyprus......
For many years, $10million invested in SAFE interest bearing instruments would earn about $400k/year. Not too shabby.
Now you earn about $24k per year, with the current policies. So you have to burn your capital also.
Things fall apart.