File this one under “Good job, America!”
The Obama administration’s budget would be so super awesome that Jay Carney, the bespectacled idiot that speaks for the White House, assured us would “blow your mind…” Well, he’s right, and not in a good way.
Part of the president’s plan to squeeze you for more money includes more taxes on your retirement plans, and limiting you to $3 million in retirement savings. Actually, what he says is that you can have no more than an annuity of $205,000 per year, but that’s about how it works out. Now, up until now, your IRA and 401k contributions aren’t taxed income; you are taxed when you draw the money. Under the president’s proposal, you would be taxed your full annual income, and I guarantee you’d still pay when you draw the money. They’re aiming to double dip.
Here’s the usual collection of media sycophants enthusing over the budget proposals. It’s no surprise that government officials and people who do not respect (others’) property rights would see this as a wondrous thing. Like your children, your money belongs to them.