poorrichardsnews
President Obama wants to make sure that people don’t save “more than is needed,” and his budget proposal includes steps that would limit the amount of money individuals can have in their retirement accounts.
from Bloomberg:
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.
“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.
My first thought when I read this headline was to shudder at how eerily similar the proposal sounds to the institutionalized theft that just happened in Cyprus where bank accounts over $130,000 had 40% their deposits simply confiscated. Only two weeks ago, I warned that this would find its way here eventually. I didn’t expect it to be so soon.
This is thinly veiled Marxism sold as “revenue generation,” and anyone who opposes the measure will be accused of not wanting a “balanced approach” to reduce the deficit.
Naturally, the rule wouldn’t apply to President Obama himself, whose retirement will be funded by the taxpayer and include tens of millions of dollars in benefits. Regardless, Obama thinks he’s qualified to decide how much is “too much” for the rest of the country.
WTF? Who determines what qualifies as more than needed? The Elite? The Government? Biden got $29 thousand dollars in social security last year and he is wealthy? WTF?
My income is based on my military retirement and disability. I can no longer work because I am incapable.
When will they decide that I get too much? Who will decide that? The VA has already given me end of life counseling and asked if I felt was a burden on the US taxpayer.
Seems I cannot die soon enough.
***NEWS FLASH***
no one is going to do anything about it…so all the rhetoric about what SHOULD be done is becoming a bit, shall I say, humorous…and I know you all are as serious as heartattacks in your non motivating comments o_o. when you come up with a real plan, how to execute, a date and time you want to began, then fire off….until then, HAVE A SEAT, with one finger over your lips.
How about it’s none of his F…ing business. This is pure Marxism. He is a traitor to the American way of life and so are all his cohorts.
SO….you or I aren’t doing anything about it, so stop your whining and face the facts…js
OK, once and ort all, this man is not authorized ot worry about anyone elses money, he is not eligible to worry about anyones money, excepty his money he made with Soros that he put in the off shore bank, 85 million , let alone tell us how much money we can have, where the hell does he come from? His Cousin Ondinga has more than he needs, start on him, but don’t worryabout you being a commie anymore, , of course you are, well we dont’t put up with commies in this country, you honored a man , a Priest, today on TV, I belive his name was Father Kapon, how dare you give that mans family a medal posthumously and recite a passage from an American prayer , when you are not only a muslim but you are a communist too, thats why that man died, ot save us from Communism and help the good people of Vietnam avoid that. now here you stand making one communist remark and declaration after another, No you will not take our money, no you will not trample on the constitution one more time, you will be forced to leave and take the commie senate with you, the devils imps I like ot call them, cowards all of them, misfits who lucked out and have a job that is more than they deserve. You and your cohorts are there ot run this country, you are not legal, why they spineless wonders let you stay I don’t know but its over, I can see why you need gun control try taking people money and see how gun control is working out. What is the penalty for a great big fat lie like Sandy Hook? we’ll find out won’t we. Bin Ladin was a lie and SH ois a lie, hwo far will you really go ot keep what you have stolen?
Obama bin Ladin is at it again , Stealing whatever he can and whenever he can.If EVER the USA NEEDED to find a W.M.D. it is now, and don’t have to look further than O.B.L. He is now good and solidly on his way to wreck and ruin the whole USA. Has he realy mesmerised the whole American population so easily, like a snake playes with a rat. What will it take to wake up the population to the danger of this AFRICAN.
In other words, he thinks the money belongs to the “state” . A confiscatory, dictating state is a very very bad thing. Anyone who thinks it is not is nuts.
This is why he needs gun control