Obama budget to take aim at wealthy IRAs

Discussion in 'Politics & Religion' started by wjk, Apr 5, 2013.

  1. wjk

    wjk

    http://thehill.com/blogs/on-the-money/domestic-taxes/292071-obama-budget-to-target-wealthy-iras

    "President Obama’s budget, to be released next week, will limit how much wealthy individuals – like Mitt Romney – can keep in IRAs and other retirement accounts.

    The proposal would save around $9 billion over a decade, a senior administration official said, while also bringing more fairness to the tax code.

    The senior administration official said that wealthy taxpayers can currently “accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving."

    Under the plan, a taxpayer’s tax-preferred retirement account, like an IRA, could not finance more than $205,000 per year of retirement – or right around $3 million this year."


    I have two things to say.

    1: I hope this applies to all those rich fuckers in the admin, the senate, and the house...which happens to be most of them, left and right.

    2: Who the fuck do they think they are to tell anyone, left or right, what a reasonable level of retirement is? What makes these fuckers experts at...anything? [​IMG]