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Obama Wants To Limit Retirement Accounts

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.

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.

Source: Bloomberg Businessweek. Read full article. (link)

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  • Sevo||

    Well, he's not grabbing them.
    Yet...

  • MJGreen||

    Ugh, fuck this guy.

    And $3 million does not sound like a lot for a retirement account. Granted, you include a bunch of other assets, but it's not like you could live big in your final decades with $3 million in the bank. Especially if the stock market takes another tumble.

  • Aresen||

    So, if you plan carefully and invest wisely, Obama will punish you for it?

    If someone had bought $40K in Apple shares in 1997, they would be over the limit. Same if they'd put $100K in Coca-cola in 1982 and reinvested the dividends.

  • RightNut||

    Is this a late April Fool's day joke? Goddamit Obama is a fucking idiot.

    “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.

    Kulaks are enemies of the people you know.

  • ericalevi||

    Thanks for the informative article. A couple of recent reports by Allianz point to the problem of retirement in today's poor economy. Most of those nearing retirement are not only unprepared, but often they have no practical concept of how much cash they need to put away to retire. Consequently, their children will likely not see an inheritance from their parents. Get a cash advance to help pay for your retirement costs at https://personalmoneynetwork.com/cash-advance.

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