From the man who once said, “at a certain point you’ve made enough money.”
(CNSNews.com) – President Barack Obama’s proposed budget would simultaneously compel Americans to enroll in a tax-deferred retirement account and “prohibit” them from saving more than $3 million in such accounts.
That sum, Obama’s budget argues, is all that is “needed to fund reasonable levels of retirement saving.”
Under current law, American who save money in tax-deferred retirement accounts are taxed on the money in such accounts when they withdraw it–and are charged an additional tax penalty if they withdraw it before retirement age.
Obama’s plan to simultaneously compel enrollment in a retirement account and prohibit Americans from saving more than what he believes is a “reasonable” amount in such an account is published in part of his budget that deals with what the president calls “rebalancing the tax code.”