Message From Dear Leader: I'm Coming After Your Savings.
I was reminded of it vividly today when I read this article in the Wall Street Journal. It's about how Dear Leader's new "budget" proposes to cap the amount you and I can save in 401Ks and IRAs. Yep. Seems that Barry doesn't like these "tax-sheltered investment vehicles." Otherwise known as the LIFETIME FREAKING SAVINGS OF HARDWORKING AMERICANS.
Did you get that? He's decided that people have accumulated "substantially more than is needed to fund reasonable levels of retirement saving."
HE HAS DETERMINED THAT. All by his little ol' self.
I was reminded of it vividly today when I read this article in the Wall Street Journal. It's about how Dear Leader's new "budget" proposes to cap the amount you and I can save in 401Ks and IRAs. Yep. Seems that Barry doesn't like these "tax-sheltered investment vehicles." Otherwise known as the LIFETIME FREAKING SAVINGS OF HARDWORKING AMERICANS.
"The White House explanation is that some people have accumulated "substantially more than is needed to fund reasonable levels of retirement saving." So Mr. Obama proposes to "limit an individual's total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million for someone retiring in 2013."
Did you get that? He's decided that people have accumulated "substantially more than is needed to fund reasonable levels of retirement saving."
HE HAS DETERMINED THAT. All by his little ol' self.
"The Administration's political motive here is two-fold: First, it's a redistributionist play and a revenue grab. But for many on the left it's also about reducing the ability of individuals to make themselves independent of the state. They have always disliked IRAs, just as they oppose health-savings acounts, because they make Americans less dependent on federal entitlements or transfer payments."