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News Link • Obama Administration

Here Comes Obama's Raid On YOUR Retirement

• http://market-ticker.org, by Karl Denninger
 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.
 
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.

You can bet this won't be indexed to anything approaching an actual cost-of-living adjustment.

This sounds like it will only attack the "rich" today, but don't bet on it. Note that "other retirement accounts" is likely to mean aggregation of all retirement assets, including the actuarial value of pensions and similar.

Oh, all those people who thought they had done so well by screwing the taxpayer (like, for instance, Superintendents in Chicago area schools with massively-bloated pensions)?

"Your" funds will be stolen for the federal government's use too.

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