Saturday, April 06, 2013

The latest front in the class war

Obama 2010: "At a certain point you've made enough money."

Obama 2013: "At a certain point you've saved enough money."
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.
The proposal would save around $9 billion over a decade, a senior administration official said, while also bringing more fairness to the tax code.
The senior administration official said that wealthy taxpayers can currently “accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.”
Nine billion is a shade more than what the government spends every day.  At a certain point, you have to wonder if the Obama administration is more concerned about punishing the rich than building the economy.

Extra - Ben K @ Ace of Spades: "Don't worry though, they'd never come after your retirement account."

More - From Hot Air.

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