Remember when President Obama said “there comes a point when a person has earned enough”? Well, it should be a surprise that he also feels that people have saved more than they need for retirement. Mr. Obama has given new meaning to the word “arrogance”.
With this scandal a day administration, it is no wonder some of their plans to get their hands on more of your money slip under the radar.
On Aril 12, 2013, the Wall Street Journal wrote:
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.
Assistant OpinionJournal.com editor Allysia Finley on President Obama’s attack on tax deferred retirement accounts.
A lot of job-switchers are ignoring what may be one of the best options to get the most out of their retirement: Moving their savings into their new employer’s 401(k). MarketWatch’s Jim Jelter explains the benefits.
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.”
On April 14, 2013, the Independent Sentinel wrote:
THEY ARE COMING FOR YOU NEXT, make no mistake about that!. They already proposed it back in 2008. The government is on the hunt for more money to support its spending problem. President Obama wants more “revenue” – “taxes” – so he can make more “investments” as he spreads the wealth around.
You need to be afraid, very afraid!
Americans have $17.5 trillion in savings with 25% of it in IRA’s. It is a future source of revenue for the government if they can get their hands on it.
President Barack Obama’s Fiscal Year 2013 budget plan estimated that retirement tax deductions taken by employers and individuals over the next five years add up to $429 billion in “lost” tax revenue. The government believes your savings is their lost revenue.
See how that works? Because you take a legal tax deduction, the government is getting screwed. Never mind that the original idea was to give citizens an incentive to save. Further along in the Independent Sentinel article we find this: