Obama to Cap Retirement Accounts at $3M

Posted in the Columbus Forum

“animis opibusque parati”

Since: Oct 12

Location hidden

#1 Apr 6, 2013
Our government, incompetent and incapable of balancing its own budget...now telling Americans how much of their own money they need and are allowed to save for retirement.

Up next...pulling a Cyprus.

http://tinyurl.com/d5xgy3h

Obama Budget to Cap Retirement Accounts at $3 Million

by Tony Lee

The budget President Barack Obama will submit on April 10 will contain a proposal that would prohibit individuals from accumulating more than $3 million in Individual Retirement Accounts (IRAs) and tax-preferred retirement accounts.

According to a White House statement, the Obama administration believes the current rules allow some wealthy individuals "to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving."

"The budget would 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 in 2013," the statement said. "This proposal would raise $9 billion over 10 years."

Brian Graff, executive director and chief executive officer of the American Society of Pension Professionals and Actuaries, told Bloomberg News his group intends to "vigorously oppose" the proposal.

“It is a plan killer," Graff said.“As business owners reach the cap, they will lose their incentive to maintain a plan, and either shut down the plan or greatly reduce benefits. This would leave workers with a greatly diminished plan or without any plan at all.”
hey now

Columbus, OH

#2 Apr 6, 2013
This is how filthy darkies connive, and obama is proving to be a thief just like every other one.

“Tenured Marxist Radical”

Since: Jan 13

Ivy League-ISIS

#3 Apr 6, 2013
Straight outta Cyprus

You voted for ObamaBrownBeatty Ohio, you deserve it!
Wait what

Dublin, OH

#4 Apr 6, 2013
And on the other end of the spectrum, from the referenced link @ Politico:

"Obama’s budget will propose a new inflation formula that would have the effect of reducing cost-of-living payments for Social Security benefits, though with financial protections for low-income and very old beneficiaries … The idea, known as chained C.P.I., has infuriated some Democrats and advocacy groups to Mr. Obama’s left"…
Wait what

Dublin, OH

#5 Apr 6, 2013
Truly amazing! All that rhetoric to tax the rich - yeah, we're taxing the rich. In return, SS & Medicare recipients will suffer.

“Tenured Marxist Radical”

Since: Jan 13

Ivy League-ISIS

#6 Apr 6, 2013
Wait what wrote:
Truly amazing! All that rhetoric to tax the rich - yeah, we're taxing the rich. In return, SS & Medicare recipients will suffer.
You have to see it from a political perspective, Obama is betting he won't lose as many senior citizen supporters from doing that, as he will gain younger Latin supporters who are Obamacare's biggest supporters.
Neutral Party

Louisville, KY

#7 Apr 6, 2013
Keep blaming the rich and see what happens. I am sure other countries will welcome their wealth. There is a reason why retirees and wealthy people go to FL and TX and it is not just the weather.

Time to quit blaming them and see how we can imitate them. Those that think they got rich because the poor were abused are just making excuses and playing the blame game.

“animis opibusque parati”

Since: Oct 12

Location hidden

#8 Apr 6, 2013
Wait what wrote:
Truly amazing! All that rhetoric to tax the rich - yeah, we're taxing the rich. In return, SS & Medicare recipients will suffer.
And don't forget that Obama's new budget includes ANOTHER new tax on cigarettes.
Not to mention the EPA-induced tax increases on fuel.

Yep, he's for the little guy.
Wait what

Dublin, OH

#9 Apr 6, 2013
-tip- wrote:
<quoted text>
And don't forget that Obama's new budget includes ANOTHER new tax on cigarettes.
Not to mention the EPA-induced tax increases on fuel.
Yep, he's for the little guy.
LOL! Every single time someone excuses the fuel costs under Obama, I mentally flash back to the woman (at the convention?) who was saying that if Obama was elected in 2008 we wouldn't have to worry about filling up our gas tanks.
Neutral Party

Louisville, KY

#10 Apr 6, 2013
Do you really think this budget has a chance? Over $1T in tax increases, additional spending and more government control.

Obama hasn't learned a damn thing. Saddest of all is that this Obama got re-elected despite being the worst economic President ever.

Thanks Low information voters!

“Tenured Marxist Radical”

Since: Jan 13

Ivy League-ISIS

#11 Apr 6, 2013
Neutral Party wrote:
Do you really think this budget has a chance? Over $1T in tax increases, additional spending and more government control.
Obama hasn't learned a damn thing. Saddest of all is that this Obama got re-elected despite being the worst economic President ever.
Thanks Low information voters!
Your state appears to have far too many, as does ours.

Yarmuth is a good example.

“animis opibusque parati”

Since: Oct 12

Location hidden

#12 Apr 24, 2013
via Breitbart:

"$3 Million Retirement Cap in Obama's Budget Would Not Apply to Him"

by Wynton Hall

President Barack Obama’s 2014 budget puts a $3 million cap on tax-advantaged retirement accounts to crack down on “wealthy individuals” using these investment vehicles to earn “substantially more than is needed to fund reasonable levels of retirement savings.”

But an analysis by Forbes finds that a 20-year old saving for retirement would need to amass a $9.97 million portfolio to fund just a $60,000 lifestyle by age 65. What’s more, writes David John Marotta of Forbes,$3 million today represents just $500,000 in 1970s dollars.

Kathleen Pender of the San Francisco Chronicle also notes that Obama’s plan would not apply to himself:

"The limit would not apply to Obama’s own pension, which is worth at least $5 million, because it is not in a tax-advantaged account, according to Brian Graff, executive director of the American Society of Pension Professionals & Actuaries. Obama’s pension, which guarantees him a Cabinet-level salary for life indexed to inflation, is a 'non-qualified deferred compensation plan, similar to what corporate executives get,' he says."

“No legislation should inhibit individuals from taking care of their own retirement,” says Marotta.“Government officials know very little about retirement planning. They haven’t even had the foresight to keep Social Security solvent.”

***

He expects to maintain his golf/vacation schedule without interrupting into his golden years. And golden they are. For him. The King.
They cannot kill a Spook

Detroit, MI

#13 Apr 24, 2013
-tip- wrote:
via Breitbart:
"$3 Million Retirement Cap in Obama's Budget Would Not Apply to Him"
by Wynton Hall
President Barack Obama’s 2014 budget puts a $3 million cap on tax-advantaged retirement accounts to crack down on “wealthy individuals” using these investment vehicles to earn “substantially more than is needed to fund reasonable levels of retirement savings.”
But an analysis by Forbes finds that a 20-year old saving for retirement would need to amass a $9.97 million portfolio to fund just a $60,000 lifestyle by age 65. What’s more, writes David John Marotta of Forbes,$3 million today represents just $500,000 in 1970s dollars.
Kathleen Pender of the San Francisco Chronicle also notes that Obama’s plan would not apply to himself:
"The limit would not apply to Obama’s own pension, which is worth at least $5 million, because it is not in a tax-advantaged account, according to Brian Graff, executive director of the American Society of Pension Professionals & Actuaries. Obama’s pension, which guarantees him a Cabinet-level salary for life indexed to inflation, is a 'non-qualified deferred compensation plan, similar to what corporate executives get,' he says."
“No legislation should inhibit individuals from taking care of their own retirement,” says Marotta.“Government officials know very little about retirement planning. They haven’t even had the foresight to keep Social Security solvent.”
***
He expects to maintain his golf/vacation schedule without interrupting into his golden years. And golden they are. For him. The King.
Wonder if there is a laundry deduction for cleaning bloody underwear and sheets hiddin the budget for his fisting buddies?

“Tenured Marxist Radical”

Since: Jan 13

Ivy League-ISIS

#14 Apr 24, 2013
-tip- wrote:
via Breitbart:
"$3 Million Retirement Cap in Obama's Budget Would Not Apply to Him"
by Wynton Hall
President Barack Obama’s 2014 budget puts a $3 million cap on tax-advantaged retirement accounts to crack down on “wealthy individuals” using these investment vehicles to earn “substantially more than is needed to fund reasonable levels of retirement savings.”
But an analysis by Forbes finds that a 20-year old saving for retirement would need to amass a $9.97 million portfolio to fund just a $60,000 lifestyle by age 65. What’s more, writes David John Marotta of Forbes,$3 million today represents just $500,000 in 1970s dollars.
Kathleen Pender of the San Francisco Chronicle also notes that Obama’s plan would not apply to himself:
"The limit would not apply to Obama’s own pension, which is worth at least $5 million, because it is not in a tax-advantaged account, according to Brian Graff, executive director of the American Society of Pension Professionals & Actuaries. Obama’s pension, which guarantees him a Cabinet-level salary for life indexed to inflation, is a 'non-qualified deferred compensation plan, similar to what corporate executives get,' he says."
“No legislation should inhibit individuals from taking care of their own retirement,” says Marotta.“Government officials know very little about retirement planning. They haven’t even had the foresight to keep Social Security solvent.”
***
He expects to maintain his golf/vacation schedule without interrupting into his golden years. And golden they are. For him. The King.
Well, I was going to post that but I was beat to it.

The Occupier views us with contempt.

In the UK, the leftists turned their backs on the Thatcher funeral, time for us to do the same to the Occupation.

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