Obama Turns America’s Retirement Dreams into Nightmares
Apr 29, 2013
If you think the U.S. government will not – or cannot – seize your money the way the government in Cyprus is doing, check out page 18 of the President’s Proposed Fiscal Year 2014 Budget of the U.S. Government.
That’s exactly what he intends to do.
Not years from now. Not decades from now.
This is organized crime on an incomprehensible scale and, if it passes, it will be legal, too.
Robbing Your Nest Egg
Anxious to raise more than $9 billion dollars over the next 10 years, President Obama has proposed a $3.4 million limit on individual retirement accounts (IRAs), 401ks and other tax-advantaged accounts as part of his 2014 budget.
In theory, this is going to generate a lot of cash by capping the amount of money that could be contributed tax free to tax-advantaged accounts like 401ks and IRAs.
In reality, it’s going to backfire spectacularly by creating a huge disincentive to save, while also penalizing those who desperately need to build wealth as a defense against their spendthrift government.