- Prison Planet.com - http://www.prisonplanet.com -
Obama budget to take aim at wealthy IRAs
Posted By admin On April 6, 2013 @ 4:50 am In Money Watch,Tile | Comments Disabled
The Hill 
April 6, 2013
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 proposal would save around $9 billion over a decade, a senior administration official said, while also bringing more fairness to the tax code.
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.
Article printed from Prison Planet.com: http://www.prisonplanet.com
URL to article: http://www.prisonplanet.com/obama-budget-to-take-aim-at-wealthy-iras.html
URLs in this post:
 The Hill: http://thehill.com/blogs/on-the-money/domestic-taxes/292071-obama-budget-to-target-wealthy-iras
 Government To Confiscate 401(k)s and IRAs For Mandatory Savings Tax?: http://www.prisonplanet.com/government-to-confiscate-401ks-and-iras-for-mandatory-savings-tax.html
 Obama Plans to Reduce Budget Deficit to $533 Billion by 2013: http://www.prisonplanet.com/obama-plans-to-reduce-budget-deficit-to-533-billion-by-2013.html
 How Many Democrats Will Stand Up Against Obama’s Bloated Military Budget?: http://www.prisonplanet.com/how-many-democrats-will-stand-up-against-obamas-bloated-military-budget.html
 Barack Obama’s Budget For 2012: A Complete And Total Joke: http://www.prisonplanet.com/barack-obama%e2%80%99s-budget-for-2012-a-complete-and-total-joke.html
 Council snoopers sifting through rubbish bins to find out if you’re wealthy or poor: http://www.prisonplanet.com/council-snoopers-sifting-through-rubbish-bins-to-find-out-if-youre-wealthy-or-poor.html
Copyright © 2013 PrisonPlanet.com. All rights reserved.