"Barack Obama's Budget Will Contain A Massive 'Screw You' To Mitt Romney"

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applegrove (57,793 posts)

"Barack Obama's Budget Will Contain A Massive 'Screw You' To Mitt Romney"


 
Barack Obama's Budget Will Contain A Massive 'Screw You' To Mitt Romney

by Walter Hickey at Business Insider

http://www.businessinsider.com/obama-proposes-to-cap-amount-in-iras-2013-4

"SNIP.....................................................

New details about the President's budget proposal — due out April 10 — have emerged from a senior White House official, POLITICO's Ben White reported this morning

....................................

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 budget would limit an individual’s total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million in 2013. This proposal would raise $9 billion over 10 years.

White then said, "You know one person who accumulated a LOT more than $3 million in an IRA? Mitt Romney."

He's referring to the ultra-IRA amassed by the former private equity CEO. Romney has some $100 million squirreled away in the tax-preferred account, a figure that raised a number of eyebrows during the election about how, exactly, Romney was able to get so much money into the account.


Read more: http://www.businessinsider.com/obama-proposes-to-cap-amount-in-iras-2013-4#ixzz2PeX96a6B


...................................................SNIP"

http://www.democraticunderground.com/10022623675

Like always liberals are very generous with other people's money. 

[DumbAss Tanker]

Since the House and Senate have each passed a budget, which would normally be in Reconciliation now, thanks to Big Zero failing to submit his on time, it's highly debatable whether anything in his that isn't already in either the House or Senate versions will see the light of day at all in the Conference Committee proceedings.

[DLR Pyro]

Obama is acting like a snot nose petulant brat.

[diesel driver]

Obama is acting like a snot nose petulant brat.

Not acting for Barry.

[SSG Snuggle Bunny]

So in other word: Obama wants rich people to offshore their retirement accounts and keep the assets out of Us banks where they might capitalize mortgages and small business loans.

[98ZJUSMC]

So in other word: Obama wants rich people to offshore their retirement accounts and keep the assets out of Us banks where they might capitalize mortgages and small business loans.

[DLR Pyro]

So in other word: Obama wants rich people to offshore their retirement accounts and keep the assets out of Us banks where they might capitalize mortgages and small business loans.

he wants to make the people who worked hard to make their money legally to suffer and feel the same pain that the lazy and incompetent who refuse to work feel.  with obama, it's all about everyone being equal.

....except for him and his inner circle of special friends

[Dori]

I heard that bambam's budget takes a bite out of SS and Medicare.  It also limits deductions to 20% of income.

These people will be wishing Romney won by the time Obama's out of office.  Can't wait until Obamacare hits, even the Dems running for the 2014 election are worried how it's going to affect them.

[SSG Snuggle Bunny]

he wants to make the people who worked hard to make their money legally to suffer and feel the same pain that the lazy and incompetent who refuse to work feel.  with obama, it's all about everyone being equal.

....except for him and his inner circle of special friends

I also find it interesting how they pegged $3M as "reasonable"

Does that mean any retirement not funded on $3M is less-than-reasonable?

[Mr Mannn]

I also find it interesting how they pegged $3M as "reasonable"

Does that mean any retirement not funded on $3M is less-than-reasonable?

Its part of the process of taking over retirement accts. There is no limit on retirement funds, but now there is no law was passed, no open discussion. but Obama just made $200k/a year the max funds merely by publishing it.
---Who in the media will challenge this?
Control the language and control the people-at least that's the theory.

I just wish we would have elected Republicans who would push back.

[Dori]

I just wish we would have elected Republicans who would push back.

What do you mean by pushing back?  All I hear is how Republican's won't compromise with the Democrats, and how everything that goes wrong is the Republican's fault.  Including Obama's dream child, the sequester.