“Obama’s War on Successful Americans Hits 401(K)s”

2 May

 

From The Fiscal Times:

Critics charge that President Obama’s budget and tax policies target wealth redistribution – social engineering – rather than boosting the economy. His proposal to limit contributions to tax-deferred savings accounts strengthens their case.

In his budget released earlier this month, Obama proposed capping lifetime contributions to 401(k)s or Individual Retirement Accounts (IRAs) at “about $3 million for someone retiring in 2013,” in order to prevent “wealthy individuals” from accumulating “substantially more than is needed to fund reasonable levels of retirement savings.”…

…What is the point? The proposal is expected to save the government only $9 billion over the next 10 years – a drop in the budget bucket. This suggestion is not aimed at balancing our books, but at preventing the industrious from getting ahead.

Truly amazing.

 

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