Then they came for your IRA...

[billc]

Well, they don't think that wealthy people need all that money in their IRAs, so the want to take it for their own purposes...

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

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.

I always enjoy when greedy, corrupt, powerhungry politicians tell other people what they need or don't need, especially when it comes to money the citizen has earned by his own work...

If you think they are only going to go after the rich, you better think again...they want your retirement account too, and they are just working out the details...

 

[DennisBreene]

Well, they don't think that wealthy people need all that money in their IRAs, so the want to take it for their own purposes...

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



I always enjoy when greedy, corrupt, powerhungry politicians tell other people what they need or don't need, especially when it comes to money the citizen has earned by his own work...

If you think they are only going to go after the rich, you better think again...they want your retirement account too, and they are just working out the details...[/FONT]

While admitting that Social Security will shortly be unable to meet it's obligations through the contributions of the current work force. And of course, Social Security is also funded by our contributions from our earnings, and was essentially plundered by previous congresses, rather than being invested for the benefit of those that will depend on that income upon retirement. Wasn't the government conceived to be an agent of the people in this country? It seems that we have become indentured servants to the government instead.

 

[arnisador]

Raise the tax. Pay for it.

 

[Steve]

Remove the cap in FICA, and add a fourth tier to the payment computation. Solvency issue fixed. FICA is regressive now, in that people who make above the cap of about $125k per year don't pay FICA on earnings over the cap.

But that won't happen, because it only affects the folks who earn over that amount. Poor people don't typically have the money for good lobbyists.

There are dozens of ways to fix any issue. But nothing will work while one side is determined to sabotage anything the other does.


Sent from my iPad using Tapatalk HD

 

[celtic_crippler]

Raise the tax. Pay for it.

You're awfully free with other people's money. Why don't you pay for it?

 

[elder999]

This is in direct response to a part of the tax code that is protected because it is such a huge corporate boon, but some think wrongfully benefits certain individuals-like Mitt Romney, with his $100 million IRA-something most people couldn't imagine or understand, given that such accounts have typically had an annual contribution limit of less than $6000 they couldn't help but wonder how that was possible....Obama can't go after the part of the tax code that allows it, because it is-and was meant to be-a corporate benefit, not an individual benefit for those with corporate-level wealth-so he's going after the green itself....