Not really the governments job to decide what is a sufficient income, is it??
Do you think George Soros and the other leftist billionaires would live on that?
Fire up the shredder...
FUBO! Who died and made you king?
His next tax will be means testing Social Security income so if you were a good doo-bee and saved your ass off, he will tax your ass off.
Except of course ex-Presidents, Senators and Congressmen.
“The vast majority of Americans would never feel the cap.”
Never feel the cap THIS time. In a few years the cap will be ratcheted down to 1mil, than 750K to 250K. There has never been a pot of your money that the government hasn’t tried to grab.
It’s far easier to go after the middle class than the super wealthy who have every way to keep their money so yours can go to the deserving poor. /s
He is throwing all sorts of crap out there just to see what will stick.
Obama: “I do think at a certain point you’ve made enough money”
This dude must have lost his damn mind.
He knows none of this stuff has a chance of getting through. It’s just red meat for the Marxist class envying base.
http://www.whitehouse.gov/sites/default/files/omb/budget/fy2015/assets/opportunity.pdf
• $28 billion in savings from reducing tax benefits for multi-million dollar retirement accounts. Tax-preferred savings accounts were intended to help middle class families save for retirement. However, under current rules, some wealthy individuals are able to accumulate millions of dollars in these accounts, substantially more than is needed to ensure a secure retirement. The Congress could pay for the remaining half of the Opportunity, Growth, and Security Initiative by enacting the President’s proposal to prevent additional tax-preferred saving by individuals who have already accumulated tax-preferred retirement savings sufficient to finance an annual income of over $200,000 per year in retirement — more than $3 million per person.
LOL- the moron tried to do this a few years ago at $3mill:
http://www.moneynews.com/StreetTalk/Retirement-Obama-3-million-IRA/2013/04/18/id/500082/
Yet
This is “foot in the door” stuff and needs to be stopped cold.
Send Obama’s Budget to Venezuela they need Toilet Paper
Every law intended to “soak the rich” winds up hitting the Middle Class the worst, see the A.M.T.
Only Congressmen who have signed over their accumulated wealth in excess of Obama’s $3.4 million cut-off will be allowed to vote “Approved” on this measure.
Congressional “donations” will be applied to paying down the National Debt - ONLY!
ONLY $200K a year?? But then how can Al Gore run all over the place in his private jet? Or make the payments on his seven houses? The Emperor is gonna get a nasty visit from Fat Al!
“At some point, you’ve made enough money...”