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 allo