While I agree he is a putz, he is not capping how much you can save for retirement. He is proposing capping how much you can save in a tax-advantaged account.
it still is a disincentive to work harder and earn more and save more....
the president wants to limit the value of all tax deductions, defined contribution exclusions and IRA deductions to 28% of income — and include an overall cap on all retirement accounts, including pensions
There's already a cap on what I can contribute to my tax-deferred account per tax year (I think $23K for me, this year).
If I have a 401K, an IRA and a pension... he wants an "overall cap".
I see what you are saying, and it’s true. However, I would worry this puts us on a slippery slope to going beyond just tax advantaged retirement savings, setting income levels, etc. And going beyond that.