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Obama plan: Cut tax breaks for
richest retirement savers

Marketwatch.com, by Robert Powell

Original Article

Posted By:karmageddon2008, 2/21/2014 10:31:45 AM

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. Plus, the president wants to limit the value of all tax deductions, defined contribution exclusions and IRA deductions to 28% of income — and include an overall cap on all retirement accounts, including pensions, that could bring in $1 billion a year in new tax revenue, according to a Pensions & Investments report.

Comments:
Rich = couples earning more than $225,000 which is pretty much any house with two professionals. Also, the plan currently cap tax-preferred accounts at $3.4 million, but could go lower as interest rates rise. Maximizing 401(k) and compounding over 30 years can get you over that number. Let´s punish people who do the right thing and save seems to be this President´s agenda.

Headline split by staff

      


Post Reply  

Reply 1 - Posted by: revdeppisch316, 2/21/2014 10:34:05 AM     (No. 9741109)

Ya thnk many libs will be affected by this idea and raise hell?

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Reply 2 - Posted by: Ben Around, 2/21/2014 10:42:32 AM     (No. 9741116)

So juvenile, it´s almost funny. Grow up, little barry.

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Reply 3 - Posted by: Griller1, 2/21/2014 11:03:29 AM     (No. 9741152)

Once again, anyone who has saved money for retirement, who has no debt, who owns their own house, will be considered "rich." Go away you commie creep.

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Reply 4 - Posted by: 6079 Smith, W, 2/21/2014 11:17:42 AM     (No. 9741174)

Libs once again show that they feel that all money is the government´s and IT get to decide how much YOU get to keep. Raise the minimum wage and TAX anything above their MAXIMUM wealth determination. Who ARE these people?

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Reply 5 - Posted by: marthaville, 2/21/2014 11:23:49 AM     (No. 9741187)

Maybe the president will give the US Treasury the $16 million he has received from his books. And renounce his presidential pension. That would be a start. Then reduce his salary to $50,000. Call it equalizing income inequality.

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Reply 6 - Posted by: scurfie, 2/21/2014 11:28:02 AM     (No. 9741195)

From day one we have known that progressives will find and take/tax/steal the money. We were warned that retirement plans were fair game to this bunch and our prez so we should not be surprised. Soon we will all be poor, and that´s exactly the plan.

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Reply 7 - Posted by: MattMusson, 2/21/2014 11:38:00 AM     (No. 9741207)

Just wait. Barry will mandate that a portion of your IRA be invested in Govt Bonds!

Just to make sure your investments are safe, of course.

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Reply 8 - Posted by: Cor-vet, 2/21/2014 11:52:36 AM     (No. 9741226)

Do you think he will exempt those great pensions that our congress thieves get?

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Reply 9 - Posted by: Really?, 2/21/2014 12:29:50 PM     (No. 9741288)

Really ? Cap their accounts at $ 3.4 million ?

So what happens there ? People get to $ 3,400,000 and they do what ? Pull out of the market ? (causing a decline) or do they forfeit the money ?

Or do they have to withdraw and pay tax on the excess ?

What kind of idea is this ?

Will Barry´s pension be capped at $ 205,000 ?

Does he just dream of ways to take money from those who have saved ?



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Reply 10 - Posted by: ROLFnader, 2/21/2014 1:19:00 PM     (No. 9741376)

No, #9-It´s hidden offshore. Wouldn´t you?

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Reply 11 - Posted by: ADNova, 2/21/2014 2:00:51 PM     (No. 9741418)

Yeah, we wouldn´t want people to accumulate assets for their retirement outside the paltry sum Social Security will pay.

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