Obama figures the more crap he throws at the wall, the more will stick. It's the whole Cloward-Pliven thing.
Where does that moronic imbecile have the right to tell free citizens what they can or cannot have in their retirement accounts?
But I'm just guessing at the answer.
“Where does that moronic imbecile have the right to tell free citizens what they can or cannot have in their retirement accounts?”
He will write a RULE for the IRS to follow and it will happen. He dictates by writing RULES.
Well, he’s a brilliant economist.
Where does that moronic imbecile have the right to tell free citizens what they can or cannot have in their retirement accounts?
There are so many rules on those retirement accounts and that is even before this. I am not sure if i understand the whole thing. Is that 3 million in one account but you can have several? Most of us are not going to have 3 million in our total retirement anyway.
Obama figures the more crap he throws at the wall, the more will stick. It's the whole Cloward-Pliven thing.
He is just figuring how much it cost us for his family to vacation for two weeks and that should be good enough for a lifetime of the underlings!!
I’d hate to be his dreams!!!!
The government wants the taxes on that money, now. They want it because they know that it is more than the a person is likely to spend in their lifetime, and they don’t want to wait until the wealthy die.
They would like to take over all the money, and pay it back as an annuity, but they know that anyone who accumulated anywhere near 3 million dollars in a retirement account isn’t about to allow the government to manage their money.
You can have as much money in your retirement account as you'd like. The proposal here is to cap the amount for tax deferral purposes.
If you think this is a ridiculous idea, just keep in mind that the U.S. tax code already puts a cap on retirement plans -- at the front end. There's an annual limit to the amount of money you can deposit in an IRA or 401(k) on a tax-deferred basis. It typically changes with inflation, but you can do a simple Google search to find out how much it is for any given year.
Unfortunately, IRAs are not a God-given right. They were created by Congress in 1974 with the passage of the Employee Retirement Income Security Act (ERISA). In this act, IRAs were introduced where participants were allowed to contribute a maximum of $1,500 of their annual taxable income into an IRA account. The IRA required funds to be held until age 59 1/2 before non-penalized distributions could be made. These distributions would be added to income and had to be started by age 70 1/2.
The IRA was changed several times by later Congressional acts, among these the 1981 Economic Recovery Tax Act; the Tax Reform Act of 1986; the Small Business Job Protection Act of 1996; the Taxpayer Relief Act of 1997; and the Economic Growth and Tax Relief Reconciliation Act of 2001.
So, it is sad but true that the government has the right to tell us the parameters of how our retirement accounts work and how much we can set aside. We can wish it weren't so all we want, but it clearly is within their purview.
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Worth saying again...that was my first thought, too...WTF?? (pardon my language) Hello? this is America?!
Not that I have millions of dollars to invest in retirement accounts (would that it were so, but alas, not) but nevertheless, I will defend anyone's right to do with their WELL-begotten gains whatever they choose to! It's not (necessarily) a crime to be rich (or is it?)?!! SHEESH!
This is so infuriating. And of course, if you are a union ized public employee you can still ejoy your fat retirement. A lot of them in CA get more than $205K a year, and the taxpayers made all or most of the contributions.
He is a socialist. He believes that if you have more than you need for today, you have too much and it should be redistributed. But not what HE has.