Sounds like the fuel of revolution.
And even more here:
http://www.nypost.com/p/news/business/obama_budget_clipping_rBTRDGwonfmWn4TvZ3eWZO
Obama’s budget clipping 401(k)s
Eyes $2.7M lifetime limit on contributions
EXCERPT:
President Obama’s new budget proposal aims to trim Americans’ nest eggs by setting a cap on lifetime contributions of 401(k)s at an average of $2.7 million and putting the policing of the limit on their employers.
The idea is supposed to simplify the tax code, but would actually make life much more complicated, says one expert.
“This required record-keeping will be very difficult for employers,” according to Jack VanDerhei, research director of the Washington-based Employee Benefit Research Institute (EBRI).
This proposal, if it becomes law, would be the first time there has been a limit on the balances one could build up in a defined contribution plan, such as a 401(k) or an IRA.
CLICK ABOVE LINK FOR THE REST...
No. As long as it starts out as only confiscating the 401(k)s of "the rich" and then only gradually impacts the middle class, the sheep will accept it. Our country has been conditioned to believe that nanny government will take care of them and that its OK for the government to grab private property to do it as long as "the rich" are hit hardest.
This action, if implemented, would in essence be a declaration of war by the takers against the makers. Working people may not like the idea of theft of their lifetime retirement savings. This could be the tipping point that starts the next revolution.