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 ...
how is the federal budget going to do that?
wouldn’t that be a law?
If obama needs a new law, Congress will only be too happy to oblige.
>>> how is the federal budget going to do that? wouldnt that be a law?
Law or no law, Obama regime had been operating illegally ever since ....
Who can take seriously an article written by someone who doesn’t know what a tax-deferred savings account is?
It is correct — I checked with the accountant/Mrs.
“Tax-preferred” encompasses “tax-deferred” AS WELL AS accounts with OTHER types of tax incentivization (type THAT three times fast).
It’s accounting-geek cant.
Peet (who always wanted to use “cant” in a sentence)
Okay on that line of Odumb@$$ reasoning
- All Presidents must only go one vacation per four years and that is for 1 week..
- all presidents can only golf 1 time per year
- all presidents salaries are limited to $50,000.00 a year
- no secret service detail.
- all presidents who write any book prior to becoming president and after becoming president the profits of the book are taxable at 100%
The criminal gang now ruining this country steal more than that every day.
Thanks Sir Napsalot.
it's been done... Nice touch to put the cover under the "DO NOT REMOVE UNDER PENALTY OF DEATH" label
This is pure class envy. All funds in an IRA are eventually taxed as ordinary income as a result of “required minimum distributions”. The more $$$ you have in your IRA the more you have to withdraw after age 70. And you pay tax on the withdrawal. When you die your heirs continue it.
Yes, and next comes the Obama confiscation.
Some one should shut this liberal fascist down before he has the country up in arms.
Please, please, please...the only way this whole discussion makes sense is in the context of our manipulative income tax system. Otherwise, we tax when we buy, and then we own whatever we've just bought.
Get rid of the income tax. Rid us of the 16th amendment.
[Proposed 1909; Questionably Ratified 1913]
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
When they imposed universal suffrage by Constitutional ammendment and let morons vote, thiis was sure to follow.
There is no Constitution anymore, the political class in DC can imose anything they want on the productive class and the people that shouldn’t have been enfranchised in the first place are cheering them on
The Federal government spends $9 billion every 21 hours.
“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. Thats around 20% return on my money vs a quarter of a point in the bank? Ive bought six of them. All in my neighborhood and one next door. If Ted Kennedy can have a compound, so can I.”
Having all of your eggs in one basket (at least in terms of property) is risky; here in NJ they’d get their pound of flesh from you in property taxes. There is only so much you can charge in rents (especially in a dying state), and you pay them regardless of whether or not you have a tenant. Section 8 tenants anywhere near your compound can make a $60K house into a $10K house fairly quickly (see Detroit).
Funny, I don’t recall the little marxist talking bout this during the campaign /sarc
This was precisely my initial reaction. Atlas Shrugged prophecy is realized daily during the Obama regime.
This is just a start folks. This will creep down into the middle class sooner than later. The government will not let trillions of dollars in IRAs & 401ks go untaxed. I just purchased a property that will yeild me 36k a year in rent. Did NOT want to become a landlord again (been there done that) but this was the only way to cover my you know what.
I want to, once again, thank the dumb masses that reelected this loser.
What is “reasonable” for perhaps 50 years of retirement when massive inflation kicks in? 3 mil aint much at all. This clown is a POS.
“YOU DIDN’T SAVE THAT”
BINGO! I have some questions also
1. is this indexed for inflation?
2. what authority does Obama have to do this? It seems like a measure for the House to legislate.