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Obama budget to take aim at wealthy IRAs
The Hill ^ | April 5, 2013 | Bernie Becker

Posted on 04/05/2013 4:48:44 PM PDT by 2ndDivisionVet

President Obama’s budget, to be released next week, will limit how much wealthy individuals – like Mitt Romney – can keep in IRAs and other retirement accounts.

The proposal would save around $9 billion over a decade, a senior administration official said, while also bringing more fairness to the tax code.

The senior administration official said that wealthy taxpayers can currently “accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.”

Under the plan, a taxpayer’s tax-preferred retirement account, like an IRA, could not finance more than $205,000 per year of retirement – or right around $3 million this year.

Romney, Obama’s 2012 opponent, had an IRA several to many times that amount, leading to questions about how the former Massachusetts governor was able to squirrel away so much money in that sort of retirement account....

(Excerpt) Read more at thehill.com ...


TOPICS: Business/Economy; Government; Politics
KEYWORDS: confiscateira; herewego; incrementalism; ira; obama; taxes; wealthyira
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To: 2ndDivisionVet

“The proposal would save around $9 billion over a decade”


“SAVE”?!? WTF?


41 posted on 04/05/2013 8:22:56 PM PDT by ctdonath2 (3% of the population perpetrates >50% of homicides...but gun control advocates blame metal boxes.)
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To: mosaicwolf
rea·son·a·ble
adjective
1. agreeable to reason or sound judgment; logical: a reasonable choice for chairman.
2. not exceeding the limit prescribed by reason; not excessive: reasonable terms.
3. moderate, especially in price; not expensive: The coat was reasonable but not cheap.
4. endowed with reason.
5. capable of rational behavior, decision, etc.

Not a single one of these definitions applies to Obama, his cabinet, or the current government in DC.

42 posted on 04/06/2013 5:42:00 AM PDT by rarestia (It's time to water the Tree of Liberty.)
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