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Savings cap in President Obama's Budget

The white house can tell me how much money I am allowed to save?

According to advance reports, the administration's budget due out on Wednesday will propose a cap limiting the amount of annual return a retirement account can create to $205,000. If that proposal were enacted today, that would mean retirement accounts would be limited to $3 million in assets. The White House estimates that caps on the tax-preferred accounts would generate $9 billion over 10 years.
 
"Under current rules, some wealthy individuals are able to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving," the White House told Politico last week.

Say what?

Let me get this straight - not that I currently have grand dreams of being able to save $3 million dollars, but who the hell gave the government, the white house or the President the right to decide how much an American tax paying legal citizen is allowed to save for retirment? Who the hell do they think they are? I know - they are going after the rich people, those disgusting dirt bags, the rich deserve it right? No, they are going after the rights and freedoms of American citizens and if that is not good enough for you - they are going after you and your childrens rights.

I worked with seniors on assembly lines, average American joes just like me and you who worked hard all thier lives and saved as much as they could and had some of these million to three million or more IRA accounts - do you really think they are only going after the super rich? How blind has the American people become?

An analysis by Forbes finds that a 20-year old saving for retirement would need to amass a $9.97 million portfolio to fund just a $60,000 lifestyle by age 65. What’s more, writes David John Marotta of Forbes, $3 million today represents just $500,000 in 1970s dollars.

So under the guise of "getting the rich" and making more money for the government - because after all that's what it is all about, not savings, not budget cuts, not controlling government waste - but getting more money into the governments coffers, the government wants to create plans to tell you, order you, control how much money you can save in these accounts. Interesting though that these does not in no way shape or form effect the lifetime retirment plans the President or congress has for themselves.

So if I am miidle class or poor why should I be upset? For one reason, the middle class can and some do save up large amounts of retirment savings because of the very way the IRA's are structured (it's not only the rich). Secondly, don't you find it odd that in a country that promotes freedom, the protection of civil rights, a contry that celebrates the protection of it's people - the government is adding, or trying to add one more rule, law that does just the opposite of what America, a free America stands for.

But no worries, it's just me. I'm sorry if I believe that my country is asking too much of me, I should not worry when they try to make laws that tell me how much I should save, after all it's not like their trying to control my every move?

First I heard the president wants to ignore the constitution - our highest law of the land to make something completly new from strach to deal with terrorist threats so we can indifinitly incarcerate people who may be threats but have not committed a crime yet - no biggy he is only trying to protect us right. But now he wants to tell you how much people can save in order to make the rich pay and increase government revenue. God bless America.
 

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