Obama Budget to Cap Retirement Accounts at $3 Million

Big Government ^ | 4-5-2013 | Tony Lee

[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 individual’s 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."

[Sir Napsalot]

Because, you know, Obama: “I do think at a certain point you’ve made enough money”

[BenLurkin]

[stockpirate]

I am ashamed of America, and the fact that people are allowing this to continue.

[Sir Napsalot]

If WH knows what is best for people to retire on, what else can they not decide?

Is there a limit on things they can ‘regulate’?

///I am really fuming here

[driftdiver]

$9 billion is chump change for this loser

[Major Matt Mason]

Is this from The Onion? It should be.

[ClearCase_guy]

“I see you have some money there. Give it to me.” — Your Government

[FlingWingFlyer]

Where does this Kenyan piggy get the authority to do this. This is BS.

[Jane Long]

"Everyone's going to have to give." - BHO

[nascarnation]

So this is directed at Corzine, Madoff, Eric Schmidt, Jay-Z, etc, right?

[Springfield Reformer]

9,000,000 might really be chump change after hyperinflation. Maybe enough for a week’s worth of food. Not unlike the Weimer Republic. This is not a time for anyone, rich or poor, to be buying into any rigid dollar limits projected into such an uncertain future.

[enduserindy]

Throw in 20 years of qe and that’s enough to buy a trailer home with a view of a trailer home.

[Flycatcher]

Cyprus, anyone?

[God luvs America]

WOW- just wow....who the fuq does this POS think he is??

[AD from SpringBay]

...substantially more than is needed to fund reasonable levels of retirement saving...

Ayn Rand could not have written a better line for a moocher.

[knarf]

bump

[God luvs America]

don’t forget jamie dimon and george soros....

[SpaceBar]

A Stalinist turd resides in the WHut.

[narses]

+

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[Dartman]

If WH knows what is best for people to retire on, what else can they not decide? Is there a limit on things they can ‘regulate’?

Maybe 80 years is long enough to live?