Class warfare continues. The Obama administration thinks too many wealthy people have been “abusing” the individual retirement account (IRA) system by following the law and maxing out their contributions. Then, they had the gaul to hire investment councilors – or make smart decisions themselves – and actually make a profit … too much of a profit.
This week, the U.S. Treasury will ask for comments on the conversion of private IRA and 401(k) funds into government annuities backed by Treasury bills. You’ve been doing a good job saving for retirement, and President Obama’s administration sees your investments as a solution to their problem.
This is unbelievable. Since Congress has totally screwed up Social Security and refuse to do a damn thing about it, now they are looking for more cash to fund their out-of-control spending. Since we know we can not depend on Social Security for our retirement, many smart investors are depending on 401(k) accounts, IRAs and Roth IRAs.
All three offer tax breaks either now or in the future and get this, a couple of Democrats don’t think they are getting enough for their investment. Their investment? They have the gall to think that $80 million in tax breaks provided to 401k investors is an investment. It’s our damn money!