Obama wants to tax your retirement accounts

Tuesday, February 17, 2015
By Paul Martin

Rush Limbaugh: ‘They’re gonna target money, and I warned everybody’


NEW YORK – Since 2010, WND has been reporting President Obama’s intent to extract more money from personal retirement accounts.

Now, Rush Limbaugh has expressed his concern, citing President Obama’s recently proposed fiscal year 2016 budget as proof Democrats have a plan to tax retirement accounts as a means of funding the administration’s ever-expanding social welfare, including to millions of illegal aliens granted amnesty by executive action.

“You can’t just rely on fake money that’s printed. They’re gonna have to get more,” the talk-radio host said Feb. 6. “They’re gonna target money, and I warned everybody, ‘They’re gonna come after your pensions, and they’re gonna come after your retirement accounts, because that’s real money there, and it’s yours, and it’s there.’”

After combing through the Obama budget submitted, Market Watch found a dozen new taxes the Obama administration wants to impose on retirement accounts.

For starters, under the Obama administration proposals, the after-tax money held in traditional IRA or employer-sponsor retirement plans would no longer be eligible for conversion to a popular Roth IRA. There is no up-front tax deduction for Roth IRA contributions as there are in traditional IRAs. Roth distributions are tax-free when the retirement investor follows the rules.

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