They will be coming for yours!
President Obama’s budget, to be released next week, will limit how much wealthy individuals – like Mitt Romney – can keep in IRAs and other retirement accounts.
The senior administration official said that wealthy taxpayers can currently “accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.”
Under the plan, a taxpayer’s tax-preferred retirement account, like an IRA, could not finance more than $205,000 per year of retirement – or right around $3 million this year.
What nerve! They can’t limit the amount of money you can hold in your retirement accounts. I’ll tell you this: when Obama retires and starts earning millions from speaking fees and books, he’ll hire a tax attorney to find him all the ways to accumulate as much as possible in his retirement accounts and limit the amount of taxes he pays. Guarantee it!
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