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
...and we don´t even know where 0bama was born, let alone how much loot he stashed away. After all, he´s probably save a lot from his many lucrative jobs. What´s that; you don´t remember his ever having a real job?
I cannot believe this is the same country I grew up in. I sure hope red state governors are planning for what I think is going to eventually going to need to happen -- secession. I just don´t see how we can coexist with these blue states that give us a Muslim Marxist like Hussein.
To raise $9 billion over 10 years, when the Fed is right now printing $85 billion every month? This is chump change. The real money´s in government and teachers retirements. Meanwhile, if you had $3 million and bought the 10 year Treasury, you´re earning a measly $50,000 per year. This government of ours has screwed everything up and now wants to control how much you can save for your family. Obscene abuse of power.
With all the money he has probably skimmed from all the big money pots he has been in charge of over the years, I suspect that capping his retirement at $3mil won´t bother him in the very least. And if he is treating his wife like she is a single mom, he had better tread very carefully. You know what they say about the scorned woman. Especially the one who knows where all of his skeletons are buried.
Don´t you think some patriotic spook here or in Israel would realize that exposing jug-ear´s past (passport, grades, social security, etc.) would earn him/her the eternal gratitude of at least two countries??
Just saw "Argo". If we could do that, we could certainly expose this narcissistic sociopath.
Tell us again what the president gets for a yearly pension after he leaves office. I do believe it is substantially more than $205,000 a year. That´s not counting the Secret Service protection for life and all of the other perks that we fund to go with it. None of these costs will be paid for in any way by money that the won earned and saved for his own retirement. He keeps saying he´s not a king or dictator, but he does act as if he is.
The plan appears to be to require investors who reach $3 million in an IRA to pay income taxes immediately on anything above that. You can still save as much as you want you just can´t defer the taxes above the $3 mil. Its essentially a tax increase on a relatively small number of high end earners. Since the median 401K is about $250,000 most folks will need Medicare and SS to survive. The tax change might keep these solvent a few more years but if interest rates rise even a few percent the added revenue will be insignificant to the total debt service.
This is pointless. High income earners will just find somewhere else to shelter their money. And what about people who already have more than 3 million in retirement accounts? Would they have to take an immediate tax hit? But it does signal that Obama has his eye on the trillions in 401K´s.
Piggybacking on #23. Who´s to say once Obama gets his camel´s nose under the retirement account tent, he won´t figure out a way of converting all of them into annuities. The problem with annuities is you get a guarranteed income for life, but when you die, the income stops, and the principal is gone.
So who is the one that is greedy....the man who saves money that he has earned in a retirement account, or the man who wants to tax what that saver has earned and use it for vacations and golf trips with Tiger Woods ?
Former Vice President Dick Cheney said Monday that the tea party is a positive influence on the Republican Party. “I think they raised issues that an awful lot of Americans care about,” Cheney said on NBC’s “Today” show. “It’s an uprising, in part, and the good thing is it’s taken place within the Republican Party. I don’t see it as a negative. I think it’s much better to have that kind of turmoil and change in the Republican Party than it would be to have it outside.” Cheney, who has a new book coming out about struggles with his heart health, said
The White House appeared to leave the door open Monday to delaying the so-called individual mandate in the federal health care law, as President Obama acknowledged the main website for enrollment is not working as it should. Press Secretary Jay Carney addressed concerns over the mandate at a press briefing shortly after Obama, in the Rose Garden, personally acknowledged failures with the HealthCare.gov site and vowed that "these problems are getting fixed." Carney was peppered with questions on whether the administration would be open to delaying the requirement on individuals to buy health insurance, if the website continues to lock out would-be
I just find it strange. Are Muslims now 20 percent of the country? They had to pick these people up from somewhere and that ‘somewhere’ was most likely political organizations linked to Obama. The group isn’t all that diverse. Comparatively speaking. There seems to be one African-American and one Latino prop in the 13. I don’t see any Asians. But what looks to be two Muslims. Of the 13 people who flanked President Obama during his speech defending Obamacare in the Rose Garden Monday, just three had successfully registered for the new Obamacare exchanges. Of that 13, we have… Malik Hassan, Prospective ACA
Could there be more convincing proof that President Obama is more concerned about himself than he is about the Americans he is supposed to serve than his Monday morning speech defending the disastrous Obamacare rollout rather than apologizing for it? Could there be more compelling evidence that he is first and foremost a Saul Alinsky agitator than the fact that he took the offense and attacked Republicans for fighting him on the budget — a fight that in no way caused any rollout problems — rather than humbly admit these inexcusable and humiliating problems? Democrats and the liberal media savaged President George
´More than a website" is the latest defense of the Affordable Care Act´s painful rollout, and liberals are partly right. ObamaCare has larger ambitions than the basket case called Healthcare.gov and the 36 federally run insurance exchanges. But building the website was supposed to be the easy part. The health law´s fiasco of a debut doesn´t inspire confidence in those other ambitions, such as re-engineering how U.S. medicine is provided, but it does help explain the modern liberal project. The White House pitched President Obama´s Rose Garden event on Monday as a new transparency, but the event amounted to an infomercial, complete
For some reason I´ve been thinking about the TARP bailout this morning. The way that Nancy Pelosi and John Boehner marched arm in arm in bipartisan collusion to bring that first bailout bill to the House floor in 2008, only to see the American people defeat them. The way that Harry Reid and Mitch McConnell larded up the same bill with spending earmarks and special favors to buy the votes in the Senate. And the way that all the beltway "experts" bullied the House to comply with their wishes with dire predictions of financial collapse and the end of the world as
Andrew, the fellow in the ad is Daniel McNaughton, a 22-year-old student at Valencia Community College in Orlando, Fla., who is, of all things, pursuing a bachelor’s degree in computer science. Turns out that signing up for a health-care plan via the federal exchange isn’t quite as easy as the ad made it out to be. According to the Orlando Sentinel, McNaughton successfully enrolled after attempting to sign up at 6:00 a.m. on Wednesday, October 2, and credits his success to the fact that “a lot of people were asleep.” McNaughton, who interned for Democratic state senator David Aronberg in 2009, also
Escape: Productive Frenchmen are leaving their country due to its excessive government. Their exit makes it clear the Iron Curtain girding socialist nations wasn´t there to keep people out — it was there to keep people in. Over the weekend, Anne-Elisabeth Moutet of the British Telegraph reported that France´s "failing economy" and the "harsh taxes of Francois Hollande´s beleaguered nation are sending thousands packing — to Britain´s friendlier shores." It´s a scene we´ve watch play out here. New Jerseyites and Californians have fled their states for places such as Texas, Arizona and Nevada, where taxes are lower, regulations less insane and government
Corruption: President Obama dares his critics to "go out there and win an election." Does he mean the way he "wins," by misusing the IRS to muzzle the voices of those who dare to oppose him? To someone from Mars, the president´s recent taunt of his opponents might sound oh-so-reasonable: "Let´s work together to make government work better, instead of treating it like an enemy or purposely making it work worse." Evoking the Founding Fathers, Obama said, "You don´t like a particular policy or a particular president? Then argue for your position. Go out there and win an election. ... Don´t break
The administration’s effort to respond to the catastrophic rollout of the federal Obamacare exchange seems at this point to consist of having special teams of IT experts from inside and outside the government—in the president’s words, “the best and the brightest”—come in and help fix the healthcare.gov site. Even if you put aside the fact that the phrase “the best and the brightest” was popularized by the title of a David Halberstam book about how smart people can do stupid things (in that case, mismanage American foreign policy and march the nation into the Vietnam War), this idea seems very problematic. Anyone
The always excellent Michael Cannon of Cato has a post over at Forbes with advice for the free-market movement about what to do next in the fight against Obamacare. He suggests that, rather than fight among themselves about whether or not the Cruz-Lee strategy was good or bad, they should focus on the following four things: 1.Stop the Medicaid expansion in the states. 2.Get states, employers, and citizens to challenge the IRS’s illegal Obamacare taxes. 3.Educate states about how to block the IRS’s illegal taxes legislatively. 4.Urge House investigators to subpoena all materials related to the IRS’s illegal taxes. His whole piece is a must-read
Governor Chris Christie (R., N.J.) has decided not to appeal a ruling allowing same-sex marriage, and social conservatives aren’t happy about it. Bob Vander Plaats, an influential social-conservative leader in Iowa, tells National Review Online that the move doesn’t do any favors for Christie’s potential 2016 presidential run. “This would suit him a lot better if he were running as a Democrat,” he says, adding that while social conservatives “had some cautionary flags raised already,” the move is uniquely problematic for the governor. “This just adds more concern to those cautionary flags,” he says, “because not only is he backing away from
Senate Minority Leader Mitch McConnell’s campaign spokeswoman Allison Moore attacked the Senate Conservatives Fund for endorsing McConnell’s primary challenger Matt Bevin on Friday. “Matt Bevin now has the dubious honor of standing with a self-serving D.C. fundraising group that made its name by recruiting and promoting unelectable candidates that ensured Barack Obama a majority in the Senate,” Moore said in a statement to the Washington Post. “They clearly care less about Kentuckians than they do about their reputation for supporting laughably bad candidates. Now they can add a New England bailout recipient who claims he went to MIT to their
Members of Congress and their staffs are on red alert tonight for a CBS 60 Minutes investigation by veteran CBS reporter Steve Kroft and Government Accountability Institute (GAI) President and Breitbart News editor Peter Schweizer exposing how lawmakers convert campaign donations into lavish lifestyle upgrades for themselves and their family members. Sources say top CBS executives thought the report was so explosive that they made it the show’s lead story and delayed airing it for another week in order to capture tonight’s much larger NFL-viewing audience. The report features selected revelations from Schweizer’s forthcoming book, Extortion: How Politicians Extract Your
WASHINGTON- President Barack Obama is expected to acknowledge that widespread problems with his health care law´s rollout are unacceptable, as the administration scrambles to fix the glitches. Obama was scheduled to speak Monday from the Rose Garden, his first health care-focused event since the cascade of computer problems became apparent. The troublesome rollout of the health care exchanges has been a glaring embarrassment for Obama´s signature legislative achievement. White House officials say the president will discuss steps the administration is taking to address the glitches, including ramping up staffing at call centers where people can apply for insurance by phone.
A reader who says that he has done large software installations for one of the big accounting firms wrote the following in an email. It seems to validate the concerns discussed in my Washington Examiner column on the Obamacare IT mess.1. The integration aspect is most difficult. In this case, the integration of various Federal Systems to determine subsidies is proving a daunting task. You are dealing with legacy systems that don’t integrate very well. Also the integration with the insurers consisting of sending an insurance application to the insurance company, a much easier task, was also screwed up. 2. The
In an essay "Freedom of the Press" George Orwell wrote presciently about the dangers of a press too bound to prevailing orthodoxy to print anything else: "Unpopular ideas can be silenced, and inconvenient facts kept dark, without the need for any official ban. Anyone who has lived long in a foreign country will know of instances of sensational items of news -- things which on their own merits would get the big headlines -- being kept right out of the British press, not because the Government intervened but because of a general tacit agreement that "it wouldn´t do" to mention that
During an interview for “This Week,” former Republican Florida Gov. Jeb Bush encouraged Texas Republican Sen. Ted Cruz – who told ABC News that he would do “anything” to stop Obamacare – to come up with an alternative and show some restraint if his aim was to repeal the president’s signature healthcare law. “I think the best way to repeal Obamacare is to have an alternative; we never hear the alternative...we could do this in a much lower cost with improved quality based on our principles, free market principles...and two, show how Obamacare, flawed to its core, doesn’t work,” Bush
President Barack Obama will declare the glitches in a new healthcare website ´unacceptable´ on Monday as his team scrambles to fix problems that have tainted the roll-out of his signature healthcare law. Fresh from two weeks of budget battles that have consumed Washington, Obama will hold an event at 11:25am in the White House Rose Garden with consumers, small business owners, and pharmacists who have been affected by the new law. The move is the highest-profile step in a broad damage control effort that the administration has launched since technical problems with the website, healthcare.gov, have prevented Americans nationwide from signing up
The word “appropriate” is one of the better homonyms in the English language. As an adjective, it is defined as “suitable or proper in the circumstances,” while as a verb appropriate means “to take something for one’s own use, typically without the owner’s permission.” Which brings us to the Washington Redskins. Currently the Redskins are more than a disappointing NFC East franchise; they are a national litmus test. The franchise has in recent months taken a lot of heat – and not Miami Heat – because its name is a racial slur. Which - and we might as well deal with this
Tea Party groups and big-business interests will ratchet up the civil war for the heart and soul of the Republican Party during the 2014 elections. Fed up with conservatives who do not want comprehensive immigration reform and more government expansion, business groups like the Chamber of Commerce will seek to oust conservative lawmakers in Congress. “We are going to get engaged,” Scott Reed, a senior political strategist for the U.S. Chamber of Commerce, told Bloomberg News. “The need is now more than ever to elect people who understand the free market and not silliness.” The chamber reportedly "spent $35.7 million on federal elections
President Obama is "frustrated" by the disastrous launch of an online computer marketplace for Obamacare, the White House says. Here are five reasons why frustration isn´t enough. He should be frightened.1. It´s worse than his team has let on. The White House has tried to position the failed first days of Obamacare as mere "glitches" caused by the site´s popularity. An administration spokesman told the Washington Post on Sunday that the "main driver of the problem is volume." That is intentionally misleading. The White House has heard complaints from insurance companies, consumers, and health policy experts about issues embedded deeply
President Obama´s long-winded speech in defense of his health care reform nearly put one audience member to sleep, with a guest standing directly behind the President almost fainting as he continued to drone on for nearly 30 minutes. A young woman, who appeared to be pregnant, dressed in a bright red frock stood at attention behind the President during his Rose Garden remarks, smiling brightly during much of the address. But Obama´s verbosity got the best of her — and she nearly toppled over, seemingly a result of the bright D.C. sun. She began to appear lightheaded, blinking several times
New concerns are being raised about so-called ObamaCare "navigators" following a string of reports about the questionable backgrounds of those selected to guide Americans through what is shaping up to be a rocky roll-out of the health care law. The concerns come on top of the drama over the HealthCare.gov site itself, which is the main federal hub for would-be participants and has been riddled with technical problems. The "navigators" are outreach workers, funded by federal taxpayer dollars, who are supposed to help people sign up for coverage. The Daily Caller reported earlier this week that one "enrollment assister" in Lawrence, Kan.,