Posted on 04/11/2013 8:40:23 AM PDT by Sub-Driver
Obama: ‘Prohibit’ Americans from Saving More Than $3M in Retirement Accounts April 11, 2013 By Terence P. Jeffrey Subscribe to Terence P. Jeffrey RSS
President Barack Obama
(CNSNews.com) - President Barack Obama’s proposed budget would simultaneously compel Americans to enroll in a tax-deferred retirement account and “prohibit” them from saving more than $3 million in such accounts.
That sum, Obama’s budget argues, is all that is “needed to fund reasonable levels of retirement saving.”
Under current law, American who save money in tax-deferred retirement accounts are taxed on the money in such accounts when they withdraw it--and are charged an additional tax penalty if they withdraw it before retirement age.
Obama’s plan to simultaneously compel enrollment in a retirement account and prohibit Americans from saving more than what he believes is a “reasonable” amount in such an account is published in part of his budget that deals with what the president calls “rebalancing the tax code.”
Although the budget would “automatically” enroll Americans in a retirement account—even if they did not want to enroll—it would allow them to “opt out” of actually making contributions to that account.
“About half of American workers have no workplace retirement plan,” says Obama’s budget. “Yet fewer than 1 out of 10 workers who are eligible to make tax-favored contributions to an Individual Retirement Account (IRA) actually do so, while nearly 9 out of 10 workers automatically enrolled in a 401(k) plan continue to make contributions. The Budget would automatically enroll workers without employer-based retirement plans in IRAs through payroll deposit contributions at their workplace. The contributions would be voluntary—employees would be free to opt out—and matched by the Saver’s Tax Credit for eligible families.”
(Excerpt) Read more at cnsnews.com ...
You forgot to put satire into the keywords.
I don’t know. 3M bucks just ain’t what it used to be.
As a matter of fact he is doing one helluva perfect impersonation of the king.
Accept that Henry was not gay.
I really don’t like this poor excuse for a human.
Tell me again why anyone says we aren’t a socialist country bordering on communism..
No, he’s king hussein, supreme emporer of the compromised states of America. So, sooner or later, you’ve made enough money. (Well, actually, you didn’t make it, somebody else made if for you.) Anything over MY set limit will be USED by the government to build roads and bridges. Or chevy dolts. Or make some green algae fuel or something.
Well, now that the Supreme Court says its OK to compel us to have health insurance, it looks like we can be compelled to have IRAs too. At some point, we will be compelled to contribute to them. How is that logic any different than the health insurance logic? I mean, if you don't save for retirement, someone else will have to support you so government will force you to save. More and more control over individual decisions. No more right to be left alone.
He said it’s not fair that some have retirement accounts in the millions when average Americans can only contribute a few thousand a year. There is already a cap on what one can contribute annually complete with discrimination tests in group plans. If one has saved all their life and made a good return on their investments that’s how they get the big balance. Most people I know that haven’t saved alway cash out and blow their 401K (if they ever participated)when they leave a job instead of rolling it over like those evil rich people.
COMMUNISM!!!!
It’s YOUR money, NOT his!
YOU worked for it, NOT him!
YOU saved it, so that YOU could enjoy life, or at least be able to pay the doctor, NOT his government-approved QUACK!
We knew Obama and the other socialists would go after IRA's, 401K's and other retirement funds.
It was just a matter of time.
Today it's just talk about anything over $3 million.
But like the EPA, the BATF, Homeland Security and others, once the Feds have a new power that becomes they new baseline.
Then they immediately begin working non-stop to expand it.
Just as projected years ago. The Commie Rat Bastards are now going to socialize Retirement funds. If this passes you can expect in less than 10 years they all become property of the US Government and EVERYONE will recieve a modest check once a month regardless if you paid in 3 million a year or nothing.
Combine that with the Scamnesty plan and everyone who is a freeloader is a happy camper. Demorats will win elections by 30-40 point margins.
And, within those accounts, you will be compelled to buy only US Treasuries, so they can borrow, borrow, borrow....
Long live the King! /s
They are working on that. CA is considering a private retirement plan (voluntary at first) to be run by Calpers of all things. I guess they figure they can use the private contributions to cover their public employee distributions a few years longer then tell the private workers that they don’t get their’s because they didn’t have a public union contract.
The cover of the latest American Rifleman got it right. He’s on the cover of that publication and the NRA refers to him as ‘King Pinocchio’.
-PJ
Think how many new government employees will be needed to administer such a screwed up plan!!
Anyone that has that much money should never put it in any account here in this country as long as the freeloader idiot is in office...
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