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Obama: Nobody Needs More Than $3M To Retire

From an unfazed Bloomberg News:

Obama’s Budget Would Cap Romney-Sized Retirement Accounts

By Richard Rubin and Margaret Collins – Apr 5, 2013

President Barack Obama’s budget proposal would cap multimillion-dollar tax-favored retirement accounts like the one held by Mitt Romney, his Republican rival in 2012.

They just can’t stop the class warfare. The hate. Their ‘campaigning’ never ends.

Obama’s budget plan, to be unveiled April 10, would prohibit taxpayers from accumulating more than $3 million in an individual retirement account. That proposal would generate $9 billion in revenue for the Treasury over the next decade, according to a White House statement released today.

Welcome to ‘Cyprus West.’

“Under current rules, some wealthy individuals are able to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving,” the statement said.

Naturally, Mr. Obama knows exactly how much people need for retirement. By the way, how much is Obama’s retirement plan, all totaled?

And, for that matter, how much are the retirement plans for public sector union employees? Maybe we should start deciding where those should be capped.

The most prominent taxpayer with a multimillion-dollar IRA is Romney, the 2012 Republican presidential nominee and co- founder of Bain Capital LLC. Romney disclosed in public filings during the campaign that his retirement account held between $18.1 million and $87.4 million. At one point, the maximum exceeded $100 million.

Kill him!

IRAs have evolved from a retirement-planning technique into an estate-planning tool for some wealthy families because tax laws allow the accounts to be passed on to heirs, said Ed Slott, an IRA specialist and certified public accountant based in Rockville Centre, New York.

And we can’t have that. After all, that money really belongs to the government.

“Over the last election it hit a critical mass when a lot of people found out that Romney had $100 million in his IRA,” Slott said. “People thought, how on earth did that happen? I think that was the tipping point.” …

Funny, but we don’t even recall this being mentioned. But we didn’t watch Obama’s campaign ads.

The administration’s statement didn’t explain in detail how the proposal would work.

Of course they didn’t explain how this would work. They only care about the optics.

The cap would apply to the total of all of an individual’s tax-favored retirement accounts.

Brian Graff, executive director and chief executive officer of the American Society of Pension Professionals and Actuaries, said his group will “vigorously oppose” the idea.

“It is a ‘plan killer,’” he said in an e-mailed statement. “As business owners reach the cap, they will lose their incentive to maintain a plan, and either shut down the plan or greatly reduce benefits. This would leave workers with a greatly diminished plan or without any plan at all.” …

Er, that’s the idea, Mr. Graff. Wake up and smell the revolution.

This article was posted by Steve on Monday, April 8th, 2013. Comments are currently closed.

4 Responses to “Obama: Nobody Needs More Than $3M To Retire”

  1. Astravogel says:

    Actively discouraging people from accumulating ‘wealth’ means
    that fewer will be off the government dole, thus creating more jobs
    for the case workers and suchlike.

  2. untrainable says:

    Once you reach $3M in your IRA, the rest goes into the bank of mattress king, or maybe the underground bank of Mason.

  3. Rusty Shackleford says:

    Clearly this guy has spent more time bitching about just about everything. His inability to actually govern is now very obvious and it has gotten the attention of some neo democrats but not nearly enough. As the wheels slowly start to come off, wobbling heavily at first, he will eventually have to be the one who gets the blame.

    The media is going into hyperdrive to avoid that very thing but it can’t last forever. It’s becoming more and more obvious every day and the real kicker? OBAMACARE! It has so much nastiness in it that there’s no way to hide it. However, there are still numerous dorks who insist that the current helathcare charade was “an idea from the republicans” although it’s been proven that that notion is false.

    The other real problem is the media, still. However, the waning days of the alphabet crowd is becoming noticeable too. However it may not be enough as people slowly realize that utopia isn’t coming up on the GPS at all, let alone any minute now.

    As so often happens, the world has ton crumble into disaster before the logical, sane minds are allowed the opportunity to take action.

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