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Old 04-12-2013, 04:31 PM  
Taco John Taco John is offline
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Obama budget caps individual retirement accounts at $3 million

Obama seeks to cap retirement accounts so that no individual saves “more than is needed”

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.

“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.

http://www.businessweek.com/news/201...ney-sized-iras
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Old 04-13-2013, 08:51 AM   #31
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Originally Posted by BigRedChief View Post
The government has the right to decide tax breaks or deferrments.

I'm sure you can save however much you want. But, the government will only allow you $3 million in tax deferred $ until you are ready to pull the money out.

Don't see the outrage here. A $3 million tax deferred nest egg is damn generous. I thought we were broke?
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Old 04-13-2013, 09:22 AM   #32
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Old 04-13-2013, 09:39 AM   #33
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Old 04-13-2013, 10:16 AM   #34
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And another thing, keep the governments hands off my Medicare!
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Old 04-13-2013, 10:46 AM   #35
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And another thing, keep the governments hands off my Medicare!
It's funnier in sign form:

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Old 04-13-2013, 10:51 AM   #36
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And another thing, keep the governments hands off my Medicare!
Especially, after they've paid into it for so many years. Talk about more theft!
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Old 04-13-2013, 10:52 AM   #37
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Old 04-13-2013, 11:02 AM   #38
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Aren't there limits on what you can defer anyway? Can you get more than $3 million deferred if you have average annual returns? It seems like this is a bigger issue for people who are really good at picking stocks.
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Old 04-13-2013, 11:55 PM   #39
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You don't understand incrementalism.
According to some posts on here, it means Obama is Hitler.
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