Obama plan: Cut tax breaks for richest retirement savers
Posted in the Minneapolis Forum
Since: Sep 11
#1 Feb 21, 2014
"Plan designed to spur saving by low-, middle-income earners" What a load of crap.
"President Barack Obama plans to ask Congress in early March, as part of his fiscal 2015 budget, to reduce some of the tax advantages for employer-sponsored retirement plans for higher-income earners, according to published reports."
The first, said Schweiss, is that contributions to retirement plans are made on a tax-deferred basis, not a tax-deductible basis.“That is, while I may receive a tax deduction this year for making my contribution, the government will get its money down the road when I withdraw the funds in my retirement years,” he said.“And it will get more, as it will tax the earnings as well as the contributions.”
"The second consideration, said Schweiss, is that if someone is in an upper-income bracket, say 35%, and only gets a 28% deduction on her retirement plan contributions, she will pay taxes on the other 7% this year, and pay taxes on those funds later when withdrawn in retirement.“So those income dollars would be taxed twice under this type of proposal,” he said."
"And a third potential problem, said Schweiss, is that the more restrictions on tax benefits we impose on retirement plans, the less attractive it will become for a business owner to sponsor a plan.“And who loses then?” he asked “The worker, not the business owner.”
Obama and his leftist cartel. The ever vigilent enemy of the small business people and emtrepremeurs, and the self employed, of this world.And no, no, NO!!
$250,000 a year is not rich. Not even close by todays standards.
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