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Obama plan: Cut tax breaks for richest retirement savers
Wall Street Journal (Market Watch) ^ | February 21, 2014 | Robert Powell

Posted on 02/21/2014 1:32:19 PM PST by stevie_d_64

President Barack Obama plans to ask Congress in early March, as part of his fiscal 2015 budget, to reduce some of the tax advantages for employer-sponsored retirement plans for higher-income earners, according to published reports.

Plus, the president wants to limit the value of all tax deductions, defined contribution exclusions and IRA deductions to 28% of income — and include an overall cap on all retirement accounts, including pensions, that could bring in $1 billion a year in new tax revenue, according to a Pensions & Investments report. Read Companies bracing for 1-2 retirement punch .

According to the report, the proposals are designed to direct more of the tax preference for retirement savings toward getting more low- and middle-income people into the habit of saving.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Business/Economy; Front Page News; Government
KEYWORDS: 401k; confiscation; economykiller; ira; myra; retirement; revenue; taxes

1 posted on 02/21/2014 1:32:19 PM PST by stevie_d_64
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To: stevie_d_64

Obama: How much should we ALLOW a person to make?


2 posted on 02/21/2014 1:34:43 PM PST by Jim Robinson (Resistance to tyrants is obedience to God!!)
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To: All

I hope this is one of the straws that needs to break his back...

But, in reality, this is ALL about revenue generation to pay for as much of the crap he has gotten away with in the last 5-6 years...

Of course the elected official cadre will have their retirement plan protected, exempt...

Is it time to fire ALL of them or what???

I could really care less if you have your favorite, or like the person you’ve elected to represent you, or not...


3 posted on 02/21/2014 1:35:42 PM PST by stevie_d_64 (It's not the color of one's skin that offends people...it's how thin it is.)
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To: stevie_d_64

Obama the freaking commie.


4 posted on 02/21/2014 1:35:49 PM PST by Jim Robinson (Resistance to tyrants is obedience to God!!)
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To: stevie_d_64

President JackA$$ is a rabid ideologue and therefore too stupid to learn from history.


5 posted on 02/21/2014 1:37:44 PM PST by Chgogal (Obama "hung the SEALs out to dry, basically exposed them like a set of dog balls..." CMH)
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To: Jim Robinson
It is just more class warfare--presumably, designed to attract (envious) independent voters in the 2014 midterms.
6 posted on 02/21/2014 1:39:17 PM PST by AmericanExceptionalist (Democrats believe in discussing the full spectrum of ideas, all the way from far left to center-left)
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To: Jim Robinson; All

Well, if you must ask Jim, seems to me a compensation of $6000 a year for your congressman, and maybe an extra $500 for a U.S. Senator would be a good start...

That would eliminate the have’s continuing to screw you and I out of what we do to make our lives better, economically and socially...

If there is a segment of this population in this country that does not do anything but live off the government teet, than I have ZERO sympathy for you until they get off their duff and do things the way you are supposed to do as a citizen of a free society!!!

You are certainly free to be a shmup living off other peoples hard work, but the scales are tipped a bit too much in favor of shmups these days and it is getting worse...

Just my opinion...


7 posted on 02/21/2014 1:41:44 PM PST by stevie_d_64 (It's not the color of one's skin that offends people...it's how thin it is.)
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To: stevie_d_64

The BS Vortex continues in DC.


8 posted on 02/21/2014 1:42:31 PM PST by Huskrrrr
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To: stevie_d_64

I remember when they came out with the Roth account, and the promise “it would never be taxed”. Hey, is you like your retirement account, you can keep your retirement account.


9 posted on 02/21/2014 1:42:46 PM PST by Fido969 (What's sad is most)
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To: stevie_d_64

The Brown Clown is a TOTAL Azzhat!


10 posted on 02/21/2014 1:43:05 PM PST by Renegade
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To: stevie_d_64
Republican primary ballot proposals (in Texas) Wonder if this can apply to Federal representatives, or is only meant to apply to states (probably the latter, but if so, we should push hard to make this a U.S. federal law.)

NO LAWMAKER EXCEPTIONS All elected officials and their staff should be subject to the same laws, rules, regulations, and ordinances as their constituents.

YES / NO

11 posted on 02/21/2014 1:43:34 PM PST by boxlunch (Psalm 2)
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To: stevie_d_64
When do the tanks roll into the White-house? Answer never, the Marxist have neutered, queered up the military. It will be up to the people, see the Ukraine.
12 posted on 02/21/2014 1:45:31 PM PST by DAC21
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To: stevie_d_64

He steal our guns, takes away our health care, takes away our right to speak, takes away our money, takes away our jobs, and nobody in Congress does anything.

Nobody in America cares. Jimmy Fallon interviews the Obamabastard’s wife on TV and everybody falls all over her.

A nation of slaves waiting their master’s dictates.


13 posted on 02/21/2014 1:45:32 PM PST by ZULU (Magua is sitting in the Oval Office. Ted Cruz/Phil Robertson in 2016.)
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To: stevie_d_64

14 posted on 02/21/2014 1:45:33 PM PST by Brown Deer (Pray for 0bama. Psalm 109:8)
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To: stevie_d_64

“According to the report, the proposals are designed to direct more of the tax preference for retirement savings toward getting more low- and middle-income people into the habit of saving”

Translation, the Marxist Government will take from those whom were responsible towards their retirement, and set up Government type IRA accounts for those whom didn’t. The Government will pay pennies on the dollar in Capitol gains to the dead beat recipient and pocket the rest to fund their Communist dream.


15 posted on 02/21/2014 1:50:40 PM PST by DAC21
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To: stevie_d_64

More divisive class warfare BS. Ahead of the midterms.

A whole 1 billion dollars,in revenue! Will that even fund the government for two hours?


16 posted on 02/21/2014 1:51:08 PM PST by socal_parrot (I hate to say I told you so, but...)
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To: Jim Robinson

> Obama: How much should we ALLOW a person to make?

I’m sure this applies to HIMSELF as well...../s


17 posted on 02/21/2014 1:51:13 PM PST by jsanders2001
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To: Jim Robinson

> Obama: How much should we ALLOW a person to make?

I’m sure this applies to HIMSELF as well...../s


18 posted on 02/21/2014 1:51:15 PM PST by jsanders2001
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To: stevie_d_64

Since they are all calling up Congresmen and others requesting amnesty and since all of the news papers and media is supporting same along with the Dem’s that is just fine with me. If they want socialism then they are just going to have to pay for it. Not because they are rich but becasuse they are the ones tearing our country down. A year ago I never would of thought I would say this.


19 posted on 02/21/2014 1:54:26 PM PST by amnestynone (Lindsey Graham is feckless, duplicitous, treacherous, double dealing backstabbing Corksucker.)
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To: stevie_d_64

OBAMA HATES OLD PEOPLE.


20 posted on 02/21/2014 1:54:27 PM PST by CMailBag
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To: stevie_d_64

F you, Barky.


21 posted on 02/21/2014 2:24:28 PM PST by Eric in the Ozarks ("Say Not the Struggle Naught Availeth.")
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To: Jim Robinson

Jug ears is crazy for taxes. Don’t bother him with demagoguery.


22 posted on 02/21/2014 2:40:10 PM PST by VRWC For Truth (Roberts has perverted the Constitution)
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To: stevie_d_64
the proposals are designed to direct more of the tax preference for retirement savings toward getting more low- and middle-income people into the habit of saving.

So by leaving the tax benefits exactly the way they are for low and middle income people, and punishing higher income earners, you will get more of the low and middle income earners into the habit of saving. Got it. I think.
23 posted on 02/21/2014 2:48:27 PM PST by andyk (I have sworn...eternal hostility against every form of tyranny over the mind of man.)
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To: stevie_d_64

All of Barry’s rich friends have their wealth offshore away from taxes.


24 posted on 02/21/2014 3:56:35 PM PST by Old Yeller (P)
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To: DAC21

It’s not going to end well for D.C. Politicians. The peasants will eat the elitists.


25 posted on 02/21/2014 3:58:22 PM PST by Old Yeller (P)
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To: CMailBag

the old people don’t need to keep their money.... because he has cut medical care for old people drastically anyway.....they will all die from lack of care (and if not, then he has his death panels to enforce this for him)


26 posted on 02/21/2014 4:06:17 PM PST by faithhopecharity
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To: andyk

“So by leaving the tax benefits exactly the way they are for low and middle income people, and punishing higher income earners, you will get more of the low and middle income earners into the habit of saving. Got it. I think.”

Liberal logic strikes again.


27 posted on 02/21/2014 5:58:42 PM PST by yorkiemom
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To: stevie_d_64

Asshole


28 posted on 02/21/2014 6:18:52 PM PST by Real Cynic No More (Border Fence Obamacare!)
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To: Jim Robinson
Obama isn't a socialist like people on the right keep saying.

He's an out and out communist. Income equality, tax the rich til they're the same as everyone else.

Communism.

29 posted on 02/21/2014 7:49:33 PM PST by HeartlandOfAmerica (GOP = Gathering of Pussies!)
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To: DAC21

It’s the story of the three little pigs, in reverse.


30 posted on 02/21/2014 8:14:27 PM PST by pieceofthepuzzle
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To: stevie_d_64
According to the report, the proposals are designed to direct more of the tax preference for retirement savings toward getting more low- and middle-income people into the habit of saving.

Why would they save money when you're giving them all kinds of handouts for their free wheeling lifestyles Mr Obama?
31 posted on 02/21/2014 9:16:57 PM PST by Tzimisce
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To: stevie_d_64

Using Karl Marx’s ideas to help the middle class is like using Adolph Hitler’s ideas to help the Jews.

But middle classers keep voting for it....


32 posted on 02/21/2014 9:17:37 PM PST by Tzimisce
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To: stevie_d_64

Seems to me that those retirement savings programs came into existance as a hedge against the chance that social security would fail. The recent introduction of myRA suggests a confirmation that it will fail.

People who invested in IRAs didn’t do do because they had money to burn. They sacrificed a portion of their disposable income in the past for a little more financial freedom and security in their retirement years.


33 posted on 02/22/2014 1:43:08 AM PST by clearcarbon
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To: stevie_d_64
that could bring in steal more than $1 billion a year in new tax revenue from productive members of society, according to a Pensions & Investments report. Read Companies bracing for 1-2 retirement punch .

Fixed it...

34 posted on 02/22/2014 2:55:59 AM PST by trebb (Where in the the hell has my country gone?)
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To: clearcarbon
MyIra is a gimmick. Anybody that meets the income threshold can already contribute to a Roth IRA if they have any disposable income left after paying the bills . You can lead a horse to water but you can't make it drink.

Most people don't defer the big money until after the house is paid off and the kids are out of college. That is why they have the catch up provisions after 50. My guess is that these proposals are just envy politics..

35 posted on 02/22/2014 3:59:33 AM PST by EVO X
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To: stevie_d_64
According to the report, the proposals are designed to direct more of the tax preference for retirement savings toward getting more low- and middle-income people into the habit of saving.

What type of logic says if you tax more by reducing the amount of the deductible on the higher income employees (normally officers of the company), that will be an incentive for the lower earner into saving more?

"Gee, my boss is getting screwed by the government, I think I will add 2 % to my 401 K contribution"

More like I'm next...to get the screw

And a third potential problem, said Schweiss, is that the more restrictions on tax benefits we impose on retirement plans, the less attractive it will become for a business owner to sponsor a plan. “And who loses then?” he asked “The worker, not the business owner.”

Oh' Wait the "evil" business owner offers the plan....

Well, guess what: he wants to take advantage of the 401 K rules and defer his taxes as well, take away the incentive to do so and he may not want to deal with all the administrative costs in having a 401 k and just give his employees a different plan like "Here's your bi-weekly $25.00 saving bond"

36 posted on 02/22/2014 4:19:34 AM PST by Popman ("Resistance to Tyrants is Obedience to God" - Thomas Jefferson)
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To: stevie_d_64
I hope this is one of the straws that needs to break his back...

You're kidding yourself...this isn't even a straw....

This is aimed at those "evil" rich people...mostly white and male....

I'm sure in many peoples mind after years of class warfare rhetoric and demonizing the producers in this country, they think:

"They deserve it"

37 posted on 02/22/2014 4:26:03 AM PST by Popman ("Resistance to Tyrants is Obedience to God" - Thomas Jefferson)
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To: Popman

Simple. There will be no more business owners.

Because “It’s the right thing to do”.


38 posted on 02/22/2014 6:41:11 AM PST by ecomcon
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To: ecomcon
Simple. There will be no more business owners.

Yup... in our new coming fascist state, state ownership is the only fair and equitable way to achieve social justice and...

Because “It’s the right thing to do”.

39 posted on 02/22/2014 8:54:26 AM PST by Popman ("Resistance to Tyrants is Obedience to God" - Thomas Jefferson)
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To: stevie_d_64

Those greedy rich fat cats just need to pay their fair share!!!!

What is their fair share, you ask? Why, its more, more, more, more!!!!!


40 posted on 02/22/2014 10:39:19 AM PST by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: faithhopecharity

“the old people don’t need to keep their money.... because he has cut medical care for old people drastically anyway.....they will all die from lack of care (and if not, then he has his death panels to enforce this for him)”

Ovens are so yesterday. There are more modern methods available to The One.


41 posted on 02/22/2014 5:12:05 PM PST by Aleya2Fairlie
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To: stevie_d_64

I live next door to a “depressed” alcoholic and his spouse. According to their own proud crowing, their lawyer has kept them in the house that they have paid no mortgage payments or taxes on for almost five years. “Mr. Depressed” has free healthcare and gets food stamps which he uses to feed beef roast to his dog and salmon to his cats.

He is also retaining a lawyer to win lifetime disability for his “depression” which doesn’t seem to effect his motorcycle riding, lawn mowing or woodcutting in the least. He is around late fourties in age.

Meanwhile, my son-in-law. who has a heart condition, works a sixty hour week to take care of his children, pay his healthcare premiums, mortgage and taxes after having a huge chunk of his paycheck stolen to pay for the fiasco next door. Last Summer, Mr. Depressed had his pill-head son, thirteen-year-old grandaughter an her one year old, three more grandchildren and daughter-in-law staying in his taxpayer funded paradise for three months. None were employed and all received government benefits. There was no “poverty” in that household. Good times rolled until enough neighbors complained and most of them found more “fun” places to live.

“Mr. Depressed” still retains his lawyer who makes it impossible for the bank to reclaim their property. Poor smucks like my son-in-law and most people on these forums still go to work every day and hand over their hard won money to their government off the top before they even begin to pay their own way just so deadbeats can live better than they themselves do.

I have had my Medicare benefits cut to the bone and property taxes raised to the point that I am struggling to buy medicine while the cats next door eat better than me.

But wait! King Obama is about to use his magic pen to import several million more charges for you poor taxpaying, working stiffs to support. I want to know how long the working class and business is going to stand for this in a country that is supposed to rest on the backbone of its industry and hard work.

This has been the rant of a woman who has seen better days in this country. I’ve never been one to hate but I hate what has happened and the ones responsible for allowing people to become deadbeat welfare leeches to gain votes and power.


42 posted on 02/22/2014 6:02:03 PM PST by Aleya2Fairlie
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To: stevie_d_64

Lets start by means testing politicians pay and retirement pay. We’ll try that for 50 yrs. and see how that works.


43 posted on 02/23/2014 7:49:17 AM PST by spudville
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To: Old Yeller

It will create more of a carbon footprint due to the consumption of said individuals...plus...

I get really gassy...its not pretty...;-)


44 posted on 02/24/2014 5:47:24 AM PST by stevie_d_64 (It's not the color of one's skin that offends people...it's how thin it is.)
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To: stevie_d_64
This is the camel's nose under the tent of taxing wealth as well as income. A grim development given that Obama is happy to rule by decree until someone stops him.
45 posted on 02/24/2014 10:14:25 AM PST by hinckley buzzard
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