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Obama Budget to Cap Retirement
Accounts at $3 Million

Breitbart´s Big Government, by Tony Lee

Original Article

Posted By:Desert Fox, 4/5/2013 9:40:39 PM

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

      


Post Reply  

Reply 1 - Posted by: Nimby, 4/5/2013 9:44:18 PM     (No. 9261893)

None of his fing business if i choose to save.

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Reply 2 - Posted by: novakid, 4/5/2013 9:47:30 PM     (No. 9261897)

...and we don´t even know where 0bama was born, let alone how much loot he stashed away. After all, he´s probably save a lot from his many lucrative jobs. What´s that; you don´t remember his ever having a real job?

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Reply 3 - Posted by: Charactercounts, 4/5/2013 9:52:48 PM     (No. 9261907)

#1, not only what you choose to save, but whether your savings were invested wisely and produced better returns. Will people be forced to remit "excess gains" to the government?

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Reply 4 - Posted by: Grommit, 4/5/2013 9:54:19 PM     (No. 9261912)

Not to worry. BHO will take it like Cyprus did before you get anywhere close

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Reply 5 - Posted by: Okie 52, 4/5/2013 9:55:25 PM     (No. 9261913)

Next up: forcing all retirement accounts to be managed by the Pension Benefit Guarantee Corporation, in order to bail out the PBGC deficit accounts. Hello Socialism.

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Reply 6 - Posted by: Safari Man, 4/5/2013 10:01:07 PM     (No. 9261926)

I cannot believe this is the same country I grew up in. I sure hope red state governors are planning for what I think is going to eventually going to need to happen -- secession. I just don´t see how we can coexist with these blue states that give us a Muslim Marxist like Hussein.



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Reply 7 - Posted by: CEP, 4/5/2013 10:03:20 PM     (No. 9261928)

WHAT! Obama is now telling people how much they need to retire on? It is none of his business.

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Reply 8 - Posted by: leviteprez, 4/5/2013 10:04:58 PM     (No. 9261929)

quite worrying... this budget has as much chance of getting passed as I do of landing on pluto before morning.

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Reply 9 - Posted by: ColonialAmerican1623, 4/5/2013 10:07:26 PM     (No. 9261934)

Feeling alone ? The silence from Congress is overwhelming. When Nasty Nanci was speaker we saw her face everyday yammering for her liberal side.

Used to be you could park your money someplace else. Remember the Swiss bank accounts ?



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Reply 10 - Posted by: privateer, 4/5/2013 10:10:55 PM     (No. 9261938)

Obozo´s residential pension must also be capped at $3 mil, with SS protection to be paid out of that as well.

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Reply 11 - Posted by: Vaquero45, 4/5/2013 10:11:43 PM     (No. 9261939)

Now you know why he wants everyone´s guns.

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Reply 12 - Posted by: reilly, 4/5/2013 10:11:45 PM     (No. 9261940)


To raise $9 billion over 10 years, when the Fed is right now printing $85 billion every month? This is chump change. The real money´s in government and teachers retirements.
Meanwhile, if you had $3 million and bought the 10 year Treasury, you´re earning a measly $50,000 per year. This government of ours has screwed everything up and now wants to control how much you can save for your family. Obscene abuse of power.


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Reply 13 - Posted by: Westcoastette, 4/5/2013 10:26:09 PM     (No. 9261961)

#10 - what a brilliant idea.

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Reply 14 - Posted by: chance_232, 4/5/2013 10:31:59 PM     (No. 9261969)

Typical liberal. He has his....... screw you.

He has a guaranteed 6 figure income for life, at MY expense, and is guarantees millions more in speaking fees.

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Reply 15 - Posted by: Chuzzles, 4/5/2013 10:34:49 PM     (No. 9261970)

With all the money he has probably skimmed from all the big money pots he has been in charge of over the years, I suspect that capping his retirement at $3mil won´t bother him in the very least. And if he is treating his wife like she is a single mom, he had better tread very carefully. You know what they say about the scorned woman. Especially the one who knows where all of his skeletons are buried.

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Reply 16 - Posted by: NorthernDog, 4/5/2013 10:36:19 PM     (No. 9261973)

$3 million may sound like to the Low Info crowd. But the way costs are escalating the average person could easily need that much (and much more) over the course of 25 years or so.

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Reply 17 - Posted by: rsgonner, 4/5/2013 10:43:36 PM     (No. 9261983)

I´ll second #10.

Don´t you think some patriotic spook here or in Israel would realize that exposing jug-ear´s past (passport, grades, social security, etc.) would earn him/her the eternal gratitude of at least two countries??

Just saw "Argo". If we could do that, we could certainly expose this narcissistic sociopath.

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Reply 18 - Posted by: disasterman, 4/5/2013 10:45:12 PM     (No. 9261985)

Tell us again what the president gets for a yearly pension after he leaves office. I do believe it is substantially more than $205,000 a year. That´s not counting the Secret Service protection for life and all of the other perks that we fund to go with it. None of these costs will be paid for in any way by money that the won earned and saved for his own retirement. He keeps saying he´s not a king or dictator, but he does act as if he is.

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Reply 19 - Posted by: reddfroge, 4/5/2013 10:53:14 PM     (No. 9261996)

dittos # 11
disarm us and then King Pinoccio can do what he wants....like Hitler, Stalin, Mao...right??

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Reply 20 - Posted by: davew, 4/5/2013 10:57:14 PM     (No. 9262002)

The plan appears to be to require investors who reach $3 million in an IRA to pay income taxes immediately on anything above that. You can still save as much as you want you just can´t defer the taxes above the $3 mil. Its essentially a tax increase on a relatively small number of high end earners. Since the median 401K is about $250,000 most folks will need Medicare and SS to survive. The tax change might keep these solvent a few more years but if interest rates rise even a few percent the added revenue will be insignificant to the total debt service.

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Reply 21 - Posted by: BaseballFan, 4/5/2013 11:01:59 PM     (No. 9262004)

What´s WRONG with you people? Obama knows better than you what you need, as well as what´s reasonable.... who do you think you ARE, anyway?

/s off/

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Reply 22 - Posted by: whyyeseyec, 4/6/2013 12:14:53 AM     (No. 9262062)

Tax democrat registered voters at a higher rate than everyone else. They voted for this guy let them pay for his socialism.

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Reply 23 - Posted by: msjena, 4/6/2013 12:48:14 AM     (No. 9262074)

This is pointless. High income earners will just find somewhere else to shelter their money. And what about people who already have more than 3 million in retirement accounts? Would they have to take an immediate tax hit? But it does signal that Obama has his eye on the trillions in 401K´s.

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Reply 24 - Posted by: Crashnburn, 4/6/2013 1:05:39 AM     (No. 9262081)

Piggybacking on #23. Who´s to say once Obama gets his camel´s nose under the retirement account tent, he won´t figure out a way of converting all of them into annuities. The problem with annuities is you get a guarranteed income for life, but when you die, the income stops, and the principal is gone.

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Reply 25 - Posted by: planetgeo, 4/6/2013 1:10:09 AM     (No. 9262083)

First comes the limit...then comes the taking.

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Reply 26 - Posted by: Objectivity, 4/6/2013 1:21:15 AM     (No. 9262086)

Well, well, well, ... That didn´t take long ..... Cyprus morphs its way across the Atlantic .... All for a ´good´ cause.

I hope they take Brian Williams retirement first the big hankerchief in suit jacket pocket fake.

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Reply 27 - Posted by: Patchy groundfog, 4/6/2013 4:14:48 AM     (No. 9262143)

"I do think, at some point, you´ve made enough money."

We lack a single word powerful enough to describe the outrageously presumptuous, greedy, evil, paranoid, intrusive, unconstitutional control freakery involved here but these are a few starters.

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Reply 28 - Posted by: Really?, 4/6/2013 5:36:58 AM     (No. 9262168)

So who is the one that is greedy....the man who saves money that he has earned in a retirement account, or the man who wants to tax what that saver has earned and use it for vacations and golf trips with Tiger Woods ?

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Reply 29 - Posted by: Trigger2, 4/6/2013 6:06:05 AM     (No. 9262187)

Does this apply to federal employees under FERS where they´re allowed to amass as much as they can with the goobermint matching the employee´s amount?

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Reply 30 - Posted by: FunOne, 4/6/2013 7:04:56 AM     (No. 9262225)

The absolute best investment that a person with considerable wealth could make today would be to contribute generously to any candidate who stands for reducing government and taxes.



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They were some of the strangest animals to walk the Earth: wombats as big as hippos, sloths larger than bears, four-tusked elephants, and an armadillo that would have dwarfed a VW Beetle. They flourished for millions of years, then vanished from our planet just as humans emerged from their African homeland. It is one of palaeontology´s most intriguing mysteries and will form the core of a conference at Oxford University this week when delegates will debate whether climate change or human hunters killed off the planet´s lost megafauna, as these extinct giants are known. "Creatures like megatherium, the giant sloth,


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