Obama Is Eyeing Your Savings

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:

18 thoughts on “Obama Is Eyeing Your Savings

  1. There’s a storm rolling up on the horizon in the US; the government has turned into a criminal and its victims are all the country’s citizens, at least the ones that work and produce.

  2. A timely post Jim. In fact, it was the SEIU that hatched the drive to nationalize retirement funds to fund their own pension obligations. So they created Retirement USA to sell it.

    It was just last month when AFL-CIO’s Trumpka said he was working with Obama on “solutions” to healthcare costs from Obamacare.

    I’d bet this is part of the “solution”. The unions may not get their Obamacare exemption exactly as promised, but they may get to tap into the nations retirements as part of a give and take with Obama.

    1. It makes you want to scream, doesn’t it? I don’t know what percentage of the electorate have IRA or 401K accounts, but I assume it would less than half. The majority won’t get very excited about something that doesn’t affect them. How very sad!

  3. There have been rumors for awhile that he was going to go after this money and I do not doubt it for a second. They do not see this as our money, they see it as potential income for the government. You are right, because we are taking a legal tax break the government thinks they are getting screwed, hos backwards is that?

    1. I’m afraid that is the truth of it, Steve. Any money we citizens have is money the government doesn’t have. They don’t like that. This is why they stay awake nights dreaming up new ways to seperate us from our money.

  4. Obama doesn’t have a CLUE as to how expensive one’s later years can be! Sometimes, as in the case of Mr. AOW, medical catastrophe (stroke) happens earlier — in one’s fifties. $1,000,000 isn’t nearly enough for Mr. AOW’s living expenses and medical expenses after Medicare benefits now!

    As you know, Jim, we just ponied up big bucks for a van equipped for the handicapped. We’ll have to replace the van within about 5 years as the one we bought is a 2007 van.

    Obama is all about equalizing wealth, but, of course, exempts himself from that “principle.”

    1. Just as Frankenstein Government said: ObamaCare is funded by taking from the working poor, the mdiddle class, and those on fixed income. IT CAN’T WORK, can it? No wonder so many people are so upset. Gawd I hope the Republicans will stand their ground this time!

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