Skip to comments.Obama Budget to Cap Retirement Accounts at $3 Million
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 individuals 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 ...
The big eared prick will get a retirement paid by us that is at least twice what he thinks is “reasonable”.
I can’t write anymore without getting in trouble.
>>> Sorry effing bastard. None of their damn business how much somebody saves.
Of course it is their damn business to know exactly how much you have.
It is all theirs, they just need to figure out how to break it to you.
>> This Ubama initiative ...
It’s a populist gimmick that serves at least 3 objectives: 1) spur the class warfare for self-preservation, 2) the same for 2014, and 3) seed the notion that it’s acceptable to steal.
He’s a dick.
There should only be investment accounts. And cap gains (long or short) should be taxed at 0%, as should dividends.
And of course, once its established that the government can limit how much you can save for retirement, the actual number is just a minor detail.
You are going to upset a lot of people.
You just descibed a Roth IRA.
You and me both!
tick tick tick...the clock gets ready to hit zero on the Rev II time clock.
Oh man, what were we thinking?
It’s a good thing we have Lord and Savior Barack Obama always looking out for us. If not for him, a bunch of us would have been earning way too much money during our retirement years.
That was close.
The retirement income for life that will be given to Obama is currently $191,000. That won’t leave him much room for any income from IRAs and such, since he will of course want to keep his income below this $205,000 figure.
The most abused word in the English language and it's intentional.
That’s what I was thinking about when I read this. There are a lot of CA public employees that get more than $205,000 a year in retirement, which Obama thinks is “enough”. Are they going to limit them too?
I suspect the answer is that they will get a "waiver"....
I have been ashamed of my country for a long time now. I have been ashamed of the men who lead the military that I once served in. I am about to head to the funeral this morning of a dear and beloved gentleman at my church. He was 88 years old and a 25 year military man. He was simply an outstanding person and we will all miss him. He was very down about what has happened too the military. He could not understand why the military leadership was allowing this garbage to happen. It would only take the leadership to stand as one and say enough is enough. While we take orders from the civilian leadership of the nation, we are not going to be used and abused and then tossed aside as roadkill. It simply is sickening what America has become. Sadly, there is no place on earth to get away from the garbage of this lost and dying world. Only through the Lord will you escape. My beloved friend whom we have just lost is now with the Lord and in a better place. I can only hope that soon all those who believe in the Lord will be there also.
Someone in Europe did! I read about it a few weeks ago.
I used to be an administrator for a 401K. I was required to perform a discrimination test to make sure that highly compensated employees didn’t save more than the rest, even though there is a cap on how much you can save already.
Never apply for a job you don’t want and never start a fight you can’t win decisively.
Not enough will fight to win. Now it would only be a battle of principles worth dying for.
Legally he doesn’t have any authority to do this, but the laws haven’t stopped him yet. Neither have the repubs so as long as he wants to flaunt the law, he can.
Silver lining here is that there is always a loophole designed for the ruling class. Find out where they are hiding their money and follow suit.
You may be right about that at least until they get to taking everything from everybody. I’ve seen stats that say during Rev 1 only 30% supported independence while 30% were Torries and the rest were uncommitted. I sense that is pretty much the same today with perhaps even less wanting their freedoms back and perhaps more supporting the governments march against those freedoms.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.