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Obama Budget to Cap Retirement Accounts at $3 Million
Big Government ^ | 4-5-2013 | Tony Lee

Posted on 04/05/2013 6:32:16 PM PDT by 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."

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


TOPICS: Breaking News; Front Page News; Government; News/Current Events
KEYWORDS: 401k; bhofascism; budget; communism; democrats; fascism; fubo; govtabuse; obama; tyranny
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To: Sir Napsalot

“.....needed to fund reasonable levels of retirement saving.”

FUBO


41 posted on 04/05/2013 7:51:44 PM PDT by Gator113 ( ~just keep livin~)
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To: Sir Napsalot

“.....needed to fund reasonable levels of retirement saving.”

FUBO


42 posted on 04/05/2013 7:52:08 PM PDT by Gator113 ( ~just keep livin~)
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To: Sir Napsalot

Documentation File on the negative impact of the Obamanation Counterculture on America.


43 posted on 04/05/2013 7:57:26 PM PDT by Graewoulf (Traitor John Roberts' Commune-Style Obama'care' violates U.S. Constitution AND Anti-Trust Law.)
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To: Sir Napsalot
Who can take seriously an article written by someone who doesn't know what a tax-deferred savings account is?

"tax-preferred" indeed.

44 posted on 04/05/2013 8:21:17 PM PDT by grobdriver
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To: nascarnation
The sad part is ALL those pr!cks have their dough offshore and won’t be affected in the slightest.

That is until we take it from them. And it won't be pretty.

45 posted on 04/05/2013 8:25:03 PM PDT by unixfox (Abolish Slavery, Repeal The 16th Amendment!)
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To: faithhopecharity

Of course, you still have to make it past Obama’s Civilian Defense Corps!/s;)


46 posted on 04/05/2013 8:34:54 PM PDT by Frank_2001
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To: dagogo redux
"Any questions left about who this guy is?" ☪☭☭☭☪ That about sums it up;)
47 posted on 04/05/2013 8:39:09 PM PDT by Frank_2001
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To: Sir Napsalot

This is just prep for the coming super-inflation. $3,000,000 will be almost nothing within 20 years and the 401k’s the left detests will be effectively history. That makes more people dependent on government.


48 posted on 04/05/2013 8:53:13 PM PDT by ModelBreaker
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To: Sir Napsalot
"This proposal would raise $9 billion over 10 years."

In other words, peanuts. It's not intended to raise revenues, it's intended to punish the successful.

49 posted on 04/05/2013 9:02:48 PM PDT by okie01 (The Mainstream Media: IGNORANCE ON PARADE)
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To: Logical me
His communists empire controls America.
50 posted on 04/05/2013 9:17:07 PM PDT by Windflier (To anger a conservative, tell him a lie. To anger a liberal, tell him the truth.)
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To: Sir Napsalot

.


51 posted on 04/05/2013 9:24:42 PM PDT by skinkinthegrass (who'll take tomorrow,$pend it all today;who can take your income,tax it all away..0'Blowfly can :-)
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To: Sir Napsalot
Obama Budget to Cap Retirement Accounts at $3 Million

I can't figure out why "rich" people would want to keep their money anywhere near where the scumbag government pigs can get their filthy paws on it. This Ubama initiative is like telling them flat out, "Get your money to safety NOW."

52 posted on 04/05/2013 9:34:47 PM PDT by Lancey Howard
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To: Lancey Howard

Soon it will be seen as patriotic to kill your self. Go nobama, eh?


53 posted on 04/05/2013 9:42:08 PM PDT by ogen hal (First amendment or reeducation camp?)
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To: muffaletaman

We saw this coming. While we have very healthy 401K balances and had always saved the max, and still do, we bought single family homes at rock bottom and rent them out $1500 per month.
A 60K house off a short sale returns $13,000 in gross yearly revenue. That’s around 20% return on my money vs a quarter of a point in the bank? I’ve bought six of them. All in my neighborhood and one next door. If Ted Kennedy can have a compound, so can I.


54 posted on 04/05/2013 9:49:48 PM PDT by blackdog (There is no such thing as healing, only a balance between destructive and constructive forces.)
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To: Sir Napsalot

I suspect something got lost in the translation here. It refers to 205,000 per year, which is the current maximum benefit in a defined benefit pension plan. Under current law, this amount gets indexed for inflation each year. They might be talking about freezing the limit. There would be a lot of unintended consequences, just like the last time they played with the limit, and the time before that, and the time before that.


55 posted on 04/05/2013 9:53:53 PM PDT by Tymesup
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To: enduserindy

With todays interest rates on simple deposit investment, it would take a hell of a lot more than 3 million to create a $205,000 per year return. We are talking in the 7% range, not one quarter of 1%.


56 posted on 04/05/2013 10:02:45 PM PDT by blackdog (There is no such thing as healing, only a balance between destructive and constructive forces.)
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To: Tymesup

My employer still matches my contributions to my 401K. I wonder how long until those who don’t save in my workplace complain of the economic injustice I unfairly get because they don’t save anything?


57 posted on 04/05/2013 10:06:35 PM PDT by blackdog (There is no such thing as healing, only a balance between destructive and constructive forces.)
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To: Captain7seas

“Not a chance, this type of neglect is deliberate.”

This is not neglect. This is active destruction.


58 posted on 04/05/2013 10:22:15 PM PDT by PLMerite (Shut the Beyotch Down! Burn, baby, burn!)
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To: FlingWingFlyer

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

It’s what he “wants,” not what he’s going to “get.” The budget has to pass both houses of Congress.


59 posted on 04/05/2013 10:47:36 PM PDT by vette6387
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To: Sir Napsalot

Sorry effing bastard. None of their damn business how much somebody saves.

I’d like to know how $3mm is supposed to generate an annuity of any where close to $200k per year in this investment climate with any certainty over a 30+ year retirement.

Flat annuity maybe but in 30 years it would be worth the equivalent of $82k per year now.

These aren’t fools, they are liars and thieves. They are evil bastards.


60 posted on 04/05/2013 11:21:30 PM PDT by Sequoyah101
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