You go Obama, sticking it to the savers and compound interest-ers. I always knew I was doing the right thing by not contributing to the IRA - the most significant benefits will no longer exist thanks to O'beezy.
http://thehill.com/blogs/on-the-money/domestic-taxes/292071-obama-budge…
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.Romney, Obama’s 2012 opponent, had an IRA several to many times that amount, leading to questions about how the former Massachusetts governor was able to squirrel away so much money in that sort of retirement account.
Read more: http://thehill.com/blogs/on-the-money/domestic-taxes/292071-obama-budge…
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I was about to post my argument but popped a blood vessel in my head. I'll keep it simple and just say "I am upset."
Signed,
Guy who has a few roth iras that he started funding at age 18.
Damn, that is terrible. Who would have thought being responsible would come back to bite you in the ass?
Whats funny is that whenever life has me down I would always find happiness, if only for a second, knowing that I have a 99% probability of retiring a millionaire. In those moments I imagine my present self and my past self standing next to each other, then I'd give my past self a bro-fist and thank him for saving and he would respond 'I got your back dog."
This section is disturbing:
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.”
I didn't realize the government was allowed to determine what a "reasonable level of retirement saving" is. It's all about control--disturbing.
Ok I'm still raging. I will say this though:
In regards to "fairness" leave iras and roth iras as they are with the exception of the rule that allows roth iras to be passed down to children after death, outside of the estate tax, to continue growing tax free for another sixty years and unwrapped completely tax free. I don't think Mitten's financial health is determined by the size of his ira. At this point he has enough put away in other areas that will cover his retirement and the iras are going to be freebies for his kids. This legislation would only have a meaningful impact on those who planned ahead, saved for the future and planned a retirement strategy on having those moneys (regardless of size) available to them at a later date.
This isn't a "1%" argument. The "dirty tax loop-holes" that everyone wants to close down (mortgage interest deductions, iras) were put in place to build the middle class. These 'tax tricks' give Americans incentives to provide for their own retirements while relying less on social security and buying homes and starting families. Bill Gates doesn't give a fuck about mortgage interest. He has enough fliff to buy whatever property he wants straight cash. Those 'financial elite' couldn't fund an ira if they wanted to since their agi is in excess of contribution thresholds.
Strange world where financial modesty is viewed as a bad thing.
Modesty? Didnt you read the article? Those fat cat rich people are squirreling away millions in their retirement accounts! SQUIRRELING!
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