Retirement Benefits

Obama Wants To Limit Retirement Accounts

Cap them at $3 million


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.

NEXT: Washington Cracks Down on Marijuana Bars

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  1. Well, he’s not grabbing them.

  2. 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.

  3. 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.

  4. 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.

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