Obama Budget Proposal Forces Enrollment in Retirement Accounts Capped at $3Mil

Via CNS News:

(CNSNews.com) – President Barack Obama’s proposed budget would simultaneously compel Americans to enroll in a tax-deferred retirement account and “prohibit” them from saving more than $3 million in such accounts.

That sum, Obama’s budget argues, is all that is “needed to fund reasonable levels of retirement saving.”

Under current law, American who save money in tax-deferred retirement accounts are taxed on the money in such accounts when they withdraw it–and are charged an additional tax penalty if they withdraw it before retirement age.

Obama’s plan to simultaneously compel enrollment in a retirement account and prohibit Americans from saving more than what he believes is a “reasonable” amount in such an account is published in part of his budget that deals with what the president calls “rebalancing the tax code.”

[…]

CONTINUE READING >>>

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s