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 Obama coming after your 401(k) - Government to limit your retirement savings

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Join date : 2012-05-29
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PostSubject: Obama coming after your 401(k) - Government to limit your retirement savings    Sun 19 May 2013, 14:30

Obama coming after your 401(k) - Government to limit your retirement savings

(NaturalNews) Thank goodness for President Barack Obama, for without his
wisdom and foresight none of us would know how to live our lives, and
in particular, how much money we need to save for our own retirement.

the president's proposal for the government to come after a portion of
your retirement by limiting the amount of money you can put into your
401(k). If Obama has his way, the government will begin to penalize you
(as in tax you) if you save more than $3 million for your own retirement.

Is it any wonder why his critics call him a socialist?

Now, hold on a moment. Before you start shouting, "Holy smokes, man, that's a lot of money! Why shouldn't Americans have to pay taxes on 401K programs above that amount?"

are plenty of reasons why, up to and including the fact that the
government is a lousy financial planner (look at how our "leaders" have
raided Social Security, which now teeters on bankruptcy).

Why does this president try to define our lifestyle?

of all, you can't let Obama and his class-warfare claptrap define the
issue. Understand that from the get-go, the premise of his argument is
completely bogus because it assumes a) the government has an inherent
right to your retirement savings; and b) that Obama has a right to set the amount of retirement savings you are allowed to have before he penalizes you.

Who is he - or anyone else - to put a limit on what you can earn and save, without having a portion of it stolen from you by government?

It is a bass-ackwards economic principle. Per Forbes, a media outlet that knows a thing or two about finances, personal and otherwise:

Obama's understanding of financial planning is fundamentally flawed. In
his latest budget, the chief executive proposed a cap on tax-preferred retirement
accounts. An individual's total balance could not accumulate over $3
million. This total would include the sum balances of a traditional IRA,
Roth IRA, 401(k) and defined contribution plans.

justified his budget by saying, "Tax-preferred savings vehicles are
intended to help middle class families save for retirement. But 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."

Obama further
states that $3 million is "an amount sufficient to finance an annuity of
not more than $205,000 per year in retirement."

Punishing success and the American dream

not only does Obama want to penalize you for being successful - a truly
anti-American proposition - but he wants to limit the amount of money
you live on in retirement.

There's more. The heart of Obama's budget plan, and this particular "proposal" in particular, is to raise more taxes,
period. The man and his party are already responsible for raising
trillions of dollars in new taxes via the expiration of the 2 percent
payroll tax Jan. 1 and the horde of new taxes and "fees" that Obamacare will raise (and is raising).

Moreover, according to Forbes,
the president's figures aren't even accurate: "A $3 million account
might be able to purchase a fixed annuity of $205,000 at age 65. But the
quotes we received were all below that."

Whether you believe the
government has a "revenue problem not a spending problem," understand
that this proposal is exactly the wrong way to fix it. And know this:
Your money may be growing tax-free while in your retirement accounts,
but it is taxed as you withdraw it. If you don't withdraw it all before
you die, don't worry - the government's death tax will grab a huge
portion of it. So either way, Uncle Sam is getting his "fair share" -
and then some.


One more thing. Forbes points out that while Obama is raiding your
retirement accounts, "workers are more likely to have fat compensation
packages of government-defined benefit plans and pensions. These would
not be limited in any way by his proposal. To punish private sector
defined contribution plans and reward public sector defined benefit
plans is egregiously self-serving."

To Barack Obama,
the government can never tax enough, spend enough, and deprive you of
your financial liberty enough. Nothing is out of bounds. All he is
proposing is more taxing and spending, and this "strategy" would be unacceptable no matter who is president.

Nothing defines liberty as much as economic freedom.
It is a fundamental American principle. When Americans begin to be
punished for essentially saving too much money for retirement, it is
well past time to reform our tax code.

One last thing. Obama will
earning in excess of $350,000 annually in retirement, or the draw from
an $8 million retirement account. Per Forbes, "Obama's own government pension is more than sufficient by his own standard."

Whatever you think of this proposal, you can add hypocrisy to it.

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