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Obama Seeks To Cap Retirement Accounts So That No Individual Saves More Than Is Needed
Tuesday, April 9, 2013 19:18
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President Obama wants to make sure that people don’t save “more than is needed,” and his budget proposal includes steps that would limit the amount of money individuals can have in their retirement accounts.
from Bloomberg:
President Barack Obama’s budget proposal would cap multimillion-dollar tax-favored retirement accounts like the one held by Mitt Romney, his Republican rival in 2012.
Obama’s budget plan, to be unveiled April 10, would prohibit taxpayers from accumulating more than $3 million in an individual retirement account. That proposal would generate $9 billion in revenue for the Treasury over the next decade, according to a White House statement released today.
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