The kenyan now wants money from IRA's

[lostinblue 1,989]

Obama budget to take aim at wealthy IRAs

By Bernie Becker - 04/05/13 11:45 AM ET

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.

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.

Obama's budget, expected Wednesday, has several revenue-raising proposals that come as Democrats and Republicans continue to spar over whether more tax increases are needed to reduce deficits.

Obama’s framework also includes higher taxes on cigarettes, as a way to pay for expanded access to pre-kindergarten. Congressional tax writers in both parties and both chambers are currently examining the code in hopes of a broad tax-reform package.

Read more: http://thehill.com/blogs/on-the-money/domestic-taxes/292071-obama-budget-to-target-wealthy-iras#ixzz2Pmrg6xEq

"substantially more than is needed to fund reasonable levels of retirement saving.”

Now the kenyan will decide how much money you will need to live on.

A local radio talk show on retirement planning said yesterday they have clients who reach this amount by doing a good job investing ,saving and living a simple lifestyle. They were in a $60,70,000 income bracket and they WILL fall under this tax plan.

[himher 634]

I guess with a fixed lump sum amount and fixed maximum income amount that pretty much sets how long you will be allowed to live

[Darnell 8,479]

Well, he can submit it. It's still on Congress to hack and slash before they approve it.

I'm looking forward to the hacking and slashing.

Yay Partisan ! Go Partisan !

[himher 634]

The coolest thing about libs is that taking more money from taxpayers savings accounts is defined as: save around $9 billion over a decade

Edited April 7, 2013 by himher

[Darnell 8,479]

ya, what's this ####### about 'saving money' ? ####### ? pardon, I gotta find an accounting book to burn.

[lostinblue 1,989]

The coolest thing about libs is that taking more money from taxpayers savings accounts is defined as: save around $9 billion over a decade

It use to be that the average working stiff could save money ... now when the government taxes you more....the more it says it saves. Biden just spent a half million dollars a night on hotel rooms. You think he could "save " a little also. He better have had a few high class hookers thrown in at these rates. Maybe Spitzer could reccomend some.

[himher 634]

IRA thievery is DOA, at least in this Congress.

[lostinblue 1,989]

IRA thievery is DOA, at least in this Congress.

Perhaps you will get executive order 93,201