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Obama budget to take aim at wealthy IRAs

Posted By admin On April 6, 2013 @ 4:50 am In Money Watch,Tile | Comments Disabled

Bernie Becker
The Hill [1]
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.

Full article here [1]

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URLs in this post:

[1] The Hill: http://thehill.com/blogs/on-the-money/domestic-taxes/292071-obama-budget-to-target-wealthy-iras

[2] 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

[3] 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

[4] 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

[5] 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

[6] 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

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