Skip to comments.Obama plan: Cut tax breaks for richest retirement savers
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 ...
Obama: How much should we ALLOW a person to make?
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...
Obama the freaking commie.
President JackA$$ is a rabid ideologue and therefore too stupid to learn from history.
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...
The BS Vortex continues in DC.
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.
The Brown Clown is a TOTAL Azzhat!
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
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.
“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.
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?
> Obama: How much should we ALLOW a person to make?
I’m sure this applies to HIMSELF as well...../s
> Obama: How much should we ALLOW a person to make?
I’m sure this applies to HIMSELF as well...../s
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.
OBAMA HATES OLD PEOPLE.
F you, Barky.
Jug ears is crazy for taxes. Don’t bother him with demagoguery.
All of Barry’s rich friends have their wealth offshore away from taxes.
It’s not going to end well for D.C. Politicians. The peasants will eat the elitists.
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)
“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.
He's an out and out communist. Income equality, tax the rich til they're the same as everyone else.
It’s the story of the three little pigs, in reverse.
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....
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 didnt 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.
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..
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"
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"
Simple. There will be no more business owners.
Because “It’s the right thing to do”.
Yup... in our new coming fascist state, state ownership is the only fair and equitable way to achieve social justice and...
Because Its the right thing to do.
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!!!!!
“the old people dont 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.
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.
Lets start by means testing politicians pay and retirement pay. We’ll try that for 50 yrs. and see how that works.
It will create more of a carbon footprint due to the consumption of said individuals...plus...
I get really gassy...its not pretty...;-)