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 ...
“.....needed to fund reasonable levels of retirement saving.”
FUBO
“.....needed to fund reasonable levels of retirement saving.”
FUBO
Documentation File on the negative impact of the Obamanation Counterculture on America.
"tax-preferred" indeed.
That is until we take it from them. And it won't be pretty.
Of course, you still have to make it past Obama’s Civilian Defense Corps!/s;)
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.
In other words, peanuts. It's not intended to raise revenues, it's intended to punish the successful.
.
I can't figure out why "rich" people would want to keep their money anywhere near where the scumbag government pigs can get their filthy paws on it. This Ubama initiative is like telling them flat out, "Get your money to safety NOW."
Soon it will be seen as patriotic to kill your self. Go nobama, eh?
We saw this coming. 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. That’s around 20% return on my money vs a quarter of a point in the bank? I’ve bought six of them. All in my neighborhood and one next door. If Ted Kennedy can have a compound, so can I.
I suspect something got lost in the translation here. It refers to 205,000 per year, which is the current maximum benefit in a defined benefit pension plan. Under current law, this amount gets indexed for inflation each year. They might be talking about freezing the limit. There would be a lot of unintended consequences, just like the last time they played with the limit, and the time before that, and the time before that.
With todays interest rates on simple deposit investment, it would take a hell of a lot more than 3 million to create a $205,000 per year return. We are talking in the 7% range, not one quarter of 1%.
My employer still matches my contributions to my 401K. I wonder how long until those who don’t save in my workplace complain of the economic injustice I unfairly get because they don’t save anything?
“Not a chance, this type of neglect is deliberate.”
This is not neglect. This is active destruction.
“Where does this Kenyan piggy get the authority to do this. This is BS.”
It’s what he “wants,” not what he’s going to “get.” The budget has to pass both houses of Congress.
Sorry effing bastard. None of their damn business how much somebody saves.
I’d like to know how $3mm is supposed to generate an annuity of any where close to $200k per year in this investment climate with any certainty over a 30+ year retirement.
Flat annuity maybe but in 30 years it would be worth the equivalent of $82k per year now.
These aren’t fools, they are liars and thieves. They are evil bastards.
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