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 ...
“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.
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...;-)
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