Obama Wants Your Retirement Account

Rush Limbaugh.com ^ | February 6, 2015 | Rush Limbaugh

[Kaslin]

RUSH: It's a story from the website Watchdog.org, and the headline: "Obama's Budget Targets Your Retirement Accounts." I can't recall the number of times that I have mentioned casually, forcefully, predicted directly over the course of the years that, as this government continued to expand and spend money it didn't have and print money it needed, that at some point it was gonna have to go get money.

You can't just rely on fake money that's printed. They're gonna have to get more. They're gonna target money, and I warned everybody, "They're gonna they're gonna come after your pensions, and they're gonna come after your retirement accounts, because that's real money there, and it's yours, and it's there." I knew this because the Reverend Jackson way back in the late eighties suggested that this was a great source of wealth for the government, because people that had huge retirement accounts really didn't need 'em.

They were already rich.

So it didn't take an act of brilliance to see this coming.

But it looks like it has arrived now. It's in the Obama budget. This is not the 529 scam that he's running, or wanted to run. It says here, "You should be concerned about President Obama's plans to raise taxes, even if you aren't one of his main targets for tax hikes. Your retirement could be at stake. Earlier this week the president finally revealed his budget proposal. He wants to increase spending, increase the deficit, and increase taxes, all while promising to simplify the tax code.

"'Simplify' is an odd way of putting it, considering that his proposals would actually make the tax code even more complex. Most Americans might not be too concerned about his plans to raises taxes on the wealthy and corporations, but they might be concerned about his proposals to change the tax treatment of retirement accounts. Politico made light of a provision known as 'The Mitt Romney Loophole,' but [Politico] failed to mention the other ways the president wants to change the tax treatment of retirement savings.

"Wealthy Americans will not be the only investors affected by these proposals. MarketWatch went through [Obama's] budget and found that there are more than a dozen provisions in the [Obama] budget that target retirement accounts. They aren't all bad, but the proposal to change the rules on Roth IRAs would hit middle class savers the hardest. Under the Obama plan employees would no longer be allowed to convert traditional retirement accounts to Roth IRAs.

"Further, [Obama] wants to impose required minimum distributions (RMD) on Roth IRAs, which, according to MarketWatch, is the most egregious proposal. Unlike traditional IRAs, contributions are made to Roth IRAs after taxes, but then they aren't taxed again on earnings that accumulate over the years. Currently people can withdraw as much or as little from these [Roth IRAs] as they like any time after the age of 59½."

So predictions notwithstanding, this is in Obama's budget. Look what wanted to do on the 529. These are your education savings accounts. He wanted to just take the money. He wanted to retroactively tax you on the money that you had been permitted to deposit into the 529 account tax-free. Whether this is gonna pass is another thing. I mean, it's Obama's budget, and the Republicans run the show.

But, folks, there are many people, an increasing number of people who don't simply rely on the fact it's a different party as evidence enough alone to stop Obama. Some of this stuff like Obamacare, we're learning, and executive amnesty on illegal immigration, the Republicans agree with the president on. But the bottom line is, he's out there talking about tax increases on "the rich," and not talking about tax cuts for you. Remember, now, you are supposed to be happy.

You're supposed to think you somehow are going to prosper, you are somehow gonna benefit when the rich pay some more taxes. Somehow that's called limiting the income gap or reducing the income gap. But I don't know how that works. I don't know how somebody I don't know paying more taxes is gonna make me have more disposable income. I don't follow the math on that. I don't see how that works. "Well, that's right, Mr. Limbaugh, but you're gonna be given more government programs."

What government programs? I don't have government programs now, but how does a government program put money in my back pocket? It doesn't. Besides, if it's a government program, I've gotta behave in a certain way in order to qualify for it, and my income has to be in a certain category before I qualify for it. There's no way. It's silly to think that tax increases on rich people somehow make the middle class more prosperous. But that's what Obama's selling.

Anyway, while saying all that, he's making a beeline for your retirement accounts, and he wants to tax the money that you have placed in those accounts tax-free. When it comes to the Roth IRAs, he wants to change the rules in the middle of the game and eliminate the flexibility you have in withdrawing money and depositing money all independent of taxes, as was the original promise.

[George from New England]

Only once all the federal pensions and exempt ones pensions are at ZERO will the American public let them touch one penny of ours.

[DonaldC]

If not an insurrection, this would trigger a full economic reset because the current economy would crash beyond repair.

[MrB]

And guess what demographic has the most money in retirement accounts?

[Steely Tom]

I’ve thought this was inevitable ever since I first heard of “Roth Accounts.”

It’s really no different from any of the countless other scams the ruling elites use to get at the middle class’s money, which is where the mother lode of this country’s wealth is.

Saying social security is a “retirement account,” and giving everyone a little card with a code number on it to make it seem like they’ve actually got an account in some kind of bank. Laughable.

The amazing thing is that they get away with it. I guess the term “sheeple” isn’t that far off the mark.

[Zakeet]

---

Here's what the idiots in Washington really want ... all of them!

[pgyanke]

I’ve seen the Roth IRA proposals before and I’m dumbfounded at how this helps the government raise money. First, if you eliminate the ability to convert Traditional IRAs to Roth, you will have to wait until participants withdraw in the future to see the taxes. The government will be shooting itself in the short-term funding foot. Second, if you apply RMDs to Roth IRAs... so what? You now have to start taking money from your Roth IRA? Ok... and that benefits the government how? The withdrawals are tax-free.

Now, if they were to say that withdrawals from a Roth IRA would be taxable, then you might have something. Until then, I don’t get these proposals from a government, tax-generation standpoint.

[Jonty30]

They want everything.

[Mozilla]

Obama is a dangerous tyrant totalitarian dictator even if he steps aside in 2016, which nothing is off the tablet with this crazed guy.

In 24 hours I learnd four things the Commie bastard wants to do:
A. His free college plan is not free at all as he will be passing on costs to the taxpayers.

B. He wants to Seize Retirement accounts such as the IRA, which others warned about in 2012, but he was re-elected anyways.

C. He is going to make the internet a public utility, with his FCC’s puppet in charge. I heard this is angering internet providers and they will sue sending the whole scam into court.

D. He will begin allowing illegals to join his amnesty plan on February 18. Among the things they well get is a drivers license, work permit and tax credits.

Then if that is not enough...he met some of his fellow muzzies and discussed Islamophobia in America.

Obama need to be sent to jail as soon as possible.

[bkopto]

And guess what demographic has the most money in retirement accounts?

I'd guess lawyers.

Just remember: When you open up a retirement account (IRA, 401K), the .govs are your counterparty, and that counterparty absolutely cannot be trusted.

I stopped contributing to my 401K a long time ago. Screw that.

[Still Thinking]

“You didn’t save that!”

[Old Yeller]

And guess what demographic has the most money in retirement accounts?

[Mozilla]

I did forgot one thing that he is trying to negotiate as well. Sending Guantanamo Bay back to Cuba and ending Gitmo.
Plus we have people affiliated or working with ISIS in every state except Alaska according to the FBI. That’s 49 states. Thanks Obama you moron.

[sheana]

A couple of years ago I retired and converted everything to cash. Not making anything on it but i don’t trust any of them.

[353FMG]

But, but, but, the GOP will prevent that, right?

Boner will not allow it, right?

R-I-G-H-T ?

[Kaslin]

He wants to Seize Retirement accounts such as the IRA, which others warned about in 2012, but he was re-elected anyways.

I blame those who sat the election out or voted for some third party candidate because they didn't like the nominee.

The same thing will happen in the 2016 election if we don't unite and stay behind our nominee. Hillary or Fauxtahona Warren will be president

[Beagle8U]

“Now, if they were to say that withdrawals from a Roth IRA would be taxable, then you might have something. Until then, I don’t get these proposals from a government, tax-generation standpoint.”

Currently a Roth IRA is after tax money you invest. When you withdraw it after age 59 1/2+ both what you put in AND any earnings on the investment are tax free.

O’bastard wants to tax the earnings part, which may amount to as much as 50% of it.

[NewMexLurker]

I don’t get these proposals from a government, tax-generation standpoint

I've been scratching my head over that part about requiring RMDs on Roth IRAs as well (they already require RMDs on the other flavor of Roth - the 401k Roth). Maybe the government knows that whatever you have in your Roth IRA today is a lost cause to them, but they could be looking down the road. If they can force you to move money out of your Roth IRA before you want to, then any future earnings on that money probably will be taxable. Either you put in back in some kind of taxable investment (since you are unlikely to be able to contribute any more to a Roth IRA, once you hit the age that RMDs kick in). Or if you spend that money, then someone else will do something with it, and eventually pay taxes on it. Either way, by requiring those RMDs, the government is forcing you to put that money "back in play" for taxes on future earnings.

[grania]

...the current economy would crash beyond repair....

You think? If the plan is to switch savings to government-guaranteed annuities with better savings than CDs, a lot of people will accept it. Keep in mind that a lot of seniors are putting their savings in annuities because of low interest on savings, so keeping a government guarantee would have appeal.

People aren't up in arms about jobs going to invaders. They aren't up in arms about the budget deficits. They aren't up in arms about our foreign policy which created ISIS. Why would they be up in arms about anything that didn't affect them immediately? Younger generations won't be concerned; they aren't able to save anything to worry about.

[Bronzewound]

You don’t have to use pictures.

“Saltine Americans” is the PC way to say it.

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