Four years ago, my remarkably prescient wife warned, "You just watch, one day he will go after our retirement accounts." The "he" she was referring to was the new President who had placed priorities on "spreading the wealth" and "transforming America."
I responded that no politician, not even the uber progressive Barack Obama, would be foolish enough to confiscate personal IRA and 401-k accounts. It looks like my wife was right, again.
According to a White House statement released in advance to Politico.com, Obama’s 2014 budget to be delivered to Congress on April 10 puts a big target on personal retirement accounts:
"The budget will include a new proposal that prohibits individuals from accumulating over $3 million in IRAs and other tax-preferred retirement accounts. Under current rules, some wealthy individuals are able to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving. The budget would limit an individual’s total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million in 2013. This proposal would raise $9 billion over 10 years." Read more
This is from the same Barack Obama who somehow also knows how much Americans can earn. In 2010 in a rare unscripted, off-teleprompter moment he showed both his arrogance and his disdain for earned success by industrious Americans. "I do think at a certain point you’ve made enough money," he told a Quincy, Illinois audience. It was only "fair," Obama continued to argue, that government should confiscate the rest by raising taxes.