I was playing around this weekend reading up on retirement accounts and options available to me when I came across this gem:
How many times have you read financial-advice stories lecturing you to max-out on your IRA, save as much as you can in your 401(k), and even pay taxes now to change your regular IRA into a Roth IRA that will be tax-free until you die?
Well, be careful how much you save.
That’s the message in President Obama’s budget for fiscal 2014, which for the first time proposes to cap the amount Americans can save in these tax-sheltered investment vehicles. The White House explanation is that some people have accumulated “substantially more than is needed to fund reasonable levels of retirement saving.” So Mr. Obama proposes to “limit an individual’s total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million for someone retiring in 2013.”
That’s the annoying thing about the Left; they just feel they know all about “fairness”. See, it’s not fair that someone retire with more than a certain amount.
Because, the Barackness Monster knows best.
This is ridiculous.
It’ll never pass because of its ex post facto nature. You can’t promise that people’s money is safe, wait until they accumulate it, and them rob them of it without significant repercussions.
It is nothing but naked theft.
It is nothing but naked theft.
Sean, good to see you! How is the writing?
And yes, the Left reverts to theft, calling it “fair share”, in an effort to create what they define as equality.
The writing is going well. So far I’ve sold four short stories and plan to publish an anthology of them in the first quarter of 2014. I’ve already had a cover commissioned here:
The anthology is pretty much done with the exception of commentary about each story, I just want to give some of the stories a bit longer to sell in other markets (Three of the stories in the ten-story anthology will have been published in other venues by then, and three of them have won Honorable Mentions in the Writers of the Future Contest). I’m doing that for marketing purposes. It’s important to have people other than yourself willing to pay for your work before you self-publish something. Otherwise, there is nothing to distinguish the quality of your work from the thousands of other self-published titles on the market.
But Vern, you ARE the patriarchy!
Unless, of course, you’ve finally changed your name to Veronica, in which case I apologize.
I blame the patriarchy.
To be sure, I doubt Obama had anything to do with that particular clause. I can’t see it as theft, unless it is retroactive. It would have to be forward, and then it’s simply limiting a tax break – that’s pretty common, in most tax breaks there are limits to the amount that can be claimed.
To be sure, I doubt Obama had anything to do with that particular clause.
The article quote “The White House”
It is certainly a plan that comes from ‘the Administration’ or ‘White House’ – but that includes the vast bureaucracy of the executive branch. Not a big deal, I just doubt Obama came up with the idea. He’s got other things on his mind!
He’s got other things on his mind!
At some point, Obama has to take responsibility for his administration.
It would have to be forward, and then it’s simply limiting a tax break – that’s pretty common, in most tax breaks there are limits to the amount that can be claimed.
I hit submit too soon.
Your point is a fair one.