Friday, April 12, 2013
Obama makes a tax play for your retirement savings
Obama has arbitrarily settled on $3million as the maximum amount an American can save in a sheltered IRA. According to Obama’s budget, that is all that is “needed to fund reasonable levels of retirement saving.”
If this part of the budget bill passes, the US treasury department will confiscate through additional taxes, $9billion from erstwhile savers over the next 10 years. Obama ridiculously calls this "re-balancing the tax code".....and by "re-balancing" he means "redistributing" money otherwise used for retirement into social programs that benefit minorities.
A nation that punishes those who work hard, make good decisions, save money, and plan for the future, by taking what they've worked for and giving it to those who've hardly worked, made poor decisions, failed to save, and never plan beyond their next welfare check, is not the kind of country I want to live in.