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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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Because, you know, Obama: “I do think at a certain point you’ve made enough money”
1 posted on 04/05/2013 6:32:16 PM PDT by Sir Napsalot
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To: Sir Napsalot

2 posted on 04/05/2013 6:34:53 PM PDT by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both)
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To: Sir Napsalot

I am ashamed of America, and the fact that people are allowing this to continue.


3 posted on 04/05/2013 6:36:56 PM PDT by stockpirate (Sen. John Kerry belonged to the terrorist group VVAW.)
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To: Sir Napsalot

If WH knows what is best for people to retire on, what else can they not decide?

Is there a limit on things they can ‘regulate’?

///I am really fuming here


4 posted on 04/05/2013 6:37:27 PM PDT by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: Sir Napsalot

$9 billion is chump change for this loser


5 posted on 04/05/2013 6:37:41 PM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: Sir Napsalot
Is this from The Onion? It should be.
6 posted on 04/05/2013 6:41:51 PM PDT by Major Matt Mason ("Journalism is dead. All news is suspect." - Noamie)
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To: Sir Napsalot

“I see you have some money there. Give it to me.” — Your Government


7 posted on 04/05/2013 6:42:29 PM PDT by ClearCase_guy (The ballot box is a sham. Nothing will change until after the war.)
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To: Sir Napsalot

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


8 posted on 04/05/2013 6:44:45 PM PDT by FlingWingFlyer (Dude! Where's my Bill of Rights?)
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To: Sir Napsalot

"Everyone's going to have to give." - BHO


9 posted on 04/05/2013 6:45:20 PM PDT by Jane Long (Background checks? Dandy idea, Mr. President. Shoulda started with yours. - Sarah Palin)
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To: Sir Napsalot

So this is directed at Corzine, Madoff, Eric Schmidt, Jay-Z, etc, right?


10 posted on 04/05/2013 6:46:12 PM PDT by nascarnation (Baraq's economic policy: trickle up poverty)
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To: driftdiver

9,000,000 might really be chump change after hyperinflation. Maybe enough for a week’s worth of food. Not unlike the Weimer Republic. This is not a time for anyone, rich or poor, to be buying into any rigid dollar limits projected into such an uncertain future.


11 posted on 04/05/2013 6:46:33 PM PDT by Springfield Reformer (Winston Churchill: No Peace Till Victory!)
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To: Sir Napsalot

Throw in 20 years of qe and that’s enough to buy a trailer home with a view of a trailer home.


12 posted on 04/05/2013 6:47:49 PM PDT by enduserindy (Conservative Dead Head)
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To: Sir Napsalot

Cyprus, anyone?


13 posted on 04/05/2013 6:47:52 PM PDT by Flycatcher (God speaks to us, through the supernal lightness of birds, in a special type of poetry.)
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To: Sir Napsalot

WOW- just wow....who the fuq does this POS think he is??


14 posted on 04/05/2013 6:48:17 PM PDT by God luvs America (63.5 million pay no income tax and vote for DemoKrats...)
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To: stockpirate
...substantially more than is needed to fund reasonable levels of retirement saving...

Ayn Rand could not have written a better line for a moocher.
15 posted on 04/05/2013 6:48:21 PM PDT by AD from SpringBay (We deserve the government we allow.)
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To: Sir Napsalot

bump


16 posted on 04/05/2013 6:49:09 PM PDT by knarf (I say things that are true ... I have no proof ... but they're true)
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To: nascarnation

don’t forget jamie dimon and george soros....


17 posted on 04/05/2013 6:49:17 PM PDT by God luvs America (63.5 million pay no income tax and vote for DemoKrats...)
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To: Sir Napsalot

A Stalinist turd resides in the WHut.


18 posted on 04/05/2013 6:49:51 PM PDT by SpaceBar
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To: Sir Napsalot; fellowpatriot; MarineMom613; Ron C.; wolfman23601; ColdOne; navymom1; Pat4ever; ...
+

Freep-mail me to get on or off my pro-life and Catholic List:

Add me / Remove me

Please ping me to note-worthy Pro-Life or Catholic threads, or other threads of general interest.

19 posted on 04/05/2013 6:50:56 PM PDT by narses
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To: Sir Napsalot
If WH knows what is best for people to retire on, what else can they not decide? Is there a limit on things they can ‘regulate’?

Maybe 80 years is long enough to live?

20 posted on 04/05/2013 6:51:23 PM PDT by Dartman (Mubarak and Gaddafi are going to look like choirboys when this is over)
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To: God luvs America

The sad part is ALL those pr!cks have their dough offshore and won’t be affected in the slightest.


21 posted on 04/05/2013 6:52:00 PM PDT by nascarnation (Baraq's economic policy: trickle up poverty)
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To: Sir Napsalot

Well, there it is.

Any questions left about who this guy is?

Anyone STILL not awake?

OTOH, with ObamaCare death panels in place, and doctors getting out of the profession, life expectancy - and hence money needed for retirement - should be considerably less, and, in addition, we won’t have to spend as much on unavailable doctors and medicines in our last days.


22 posted on 04/05/2013 6:57:24 PM PDT by dagogo redux (A whiff of primitive spirits in the air, harbingers of an impending descent into the feral.)
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To: Dartman

under Obamacare and its “death panels” you will be damned lucky to make it to age 80


23 posted on 04/05/2013 7:00:45 PM PDT by faithhopecharity (()
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To: Sir Napsalot

A) Where is the cap on gov’t spending?
B) Isn’t Lil Barry’s pineapple patch in HI worth more than $3M?


24 posted on 04/05/2013 7:00:58 PM PDT by VRWC For Truth (Roberts has perverted the Constitution)
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To: Dartman
Sometime ago I read on Belmont Club, some dr and architect for ObamaCare argued that after year 30 your ‘value’ decline..... (had to dig the article out)
25 posted on 04/05/2013 7:03:02 PM PDT by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: Sir Napsalot
substantially more than is needed to fund reasonable levels of retirement saving

Who is he to tell a person what is a reasonable level of retirement saving??

Obama, you have made enough money off of Bill Ayers' book and your time in the state and national Senate, and the presidency. Henceforth, acting as a citizen of the USA, I declare you will receive no further pay for being president.

Additionally, you will reimburse the treasury for the excessive travels and vacations of your family. I have just capped your income and retirement funds. Leave office. Your have made enough money. Bye!

If you are going to tell me when I have enough, I (and every other citizen) certainly have the right to tell you the same. You have enough.

26 posted on 04/05/2013 7:07:45 PM PDT by Right Wing Assault (Dick Obama is more inexperienced now than he was before he was elected.)
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To: Sir Napsalot

instead of trying to block people from saving and investing (and instead of destroying so damned many jobs and businesses that could offer employment), Obama and his colleagues should take a complete U-TURN and ... encourage people to work, go into business, save, and invest.

to stop the downwards economic spiral and set it back again on its (natural) upwards path.

he needs to do a complete turn-around....if he wants to help America succeed again. if he wants to do that.... if... if...???


27 posted on 04/05/2013 7:10:37 PM PDT by faithhopecharity (()
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To: Sir Napsalot
Forget about Obama. I have to question why anyone would have $3M in a tax-deferred retirement plan under any circumstances. For one thing, the money gets taxed anyway -- when you withdraw it. And if you don't withdraw it fast enough once you reach a certain age, you get penalized by the IRS.

Secondly, I've found that investing outside a retirement plan gives you a lot more flexibility with your money and doesn't tie it up for many years like an IRA or 401(k) does.

Anyone who has the werewithal to save $3M in a retirement account might do well to invest in a lot of hard assets like real estate, precious metals, etc.

28 posted on 04/05/2013 7:13:57 PM PDT by Alberta's Child ("I am the master of my fate ... I am the captain of my soul.")
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To: Sir Napsalot

Looks like someone tipped off Obama and those who were salivating that nationalizing IRAs would quickly result in decorated lamp posts (especially since it looks like national gun registration schemes are going nowhere), an attempt is underway to confiscating money by taxation of funds that are not deferred.


29 posted on 04/05/2013 7:16:16 PM PDT by Tench_Coxe
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Comment #30 Removed by Moderator

To: Sir Napsalot; All

funny...no clamping down on things such as this:

“Alameda County supervisors have really taken to heart the adage that government should run like a business — rewarding County Administrator Susan Muranishi with the Wall Street-like wage of $423,664 a year.”

http://blog.sfgate.com/matierandross/2013/03/25/alameda-county-administrator-tops-in-pay/


31 posted on 04/05/2013 7:17:13 PM PDT by God luvs America (63.5 million pay no income tax and vote for DemoKrats...)
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To: Sir Napsalot

Any system that is recognized as having the authority to establish a “minimum wage”
must also be recognized as having the authority to establish a “maximum wage”.


32 posted on 04/05/2013 7:20:15 PM PDT by Repeal The 17th (We have met the enemy and he is us.)
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To: faithhopecharity
“IF he wants to help America succeed again”
Not a chance, this type of neglect is deliberate.

“500k stopped looking for work in March”- FoxNews

33 posted on 04/05/2013 7:20:49 PM PDT by Captain7seas (Fire Jane Lubchenco and John Pistole.)
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To: driftdiver

$9 billion is less than 7 days of Federal Reserve money printing presently called Quantitative Easing.


34 posted on 04/05/2013 7:23:22 PM PDT by theBuckwheat
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To: Captain7seas

Yes. He’s created a major depression.


35 posted on 04/05/2013 7:28:30 PM PDT by faithhopecharity (()
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To: Captain7seas

Yes. He’s created a major depression.


36 posted on 04/05/2013 7:28:31 PM PDT by faithhopecharity (()
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To: God luvs America
WOW- just wow....who the fuq does this POS think he is??

Dictator. His communists empire controls America.

37 posted on 04/05/2013 7:29:54 PM PDT by Logical me
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To: Sir Napsalot

With all the money that people are going to start keeping under their mattresses, someone should invent an actual mattress safe!


38 posted on 04/05/2013 7:32:37 PM PDT by The Chief
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To: Sir Napsalot

He’s hell bent on turning USA into Cyprus......


39 posted on 04/05/2013 7:32:44 PM PDT by The_Media_never_lie (Actually, they lie when it suits them! The crooked MS media must be defeated any way it can be done!)
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To: Sir Napsalot

For many years, $10million invested in SAFE interest bearing instruments would earn about $400k/year. Not too shabby.

Now you earn about $24k per year, with the current policies. So you have to burn your capital also.

Things fall apart.


40 posted on 04/05/2013 7:36:20 PM PDT by muffaletaman (IMNSHO - I MIGHT be wrong, but I doubt it.)
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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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