Posted Apr 17, 2013 by Martin Armstrong
President Obama’s budget for fiscal 2014 actually proposes to cap the amount Americans can save in these tax-sheltered investment vehicles. The White House has its spin to explain that some :”rich” people have accumulated “substantially more than is needed to fund reasonable levels of retirement saving.” The solution, tax it of course. Obama is proposing to “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 for someone retiring in 2013.”
They are eying up pension with about $20 trillion there. They want your retirement funds now. By the time we get to 2016, when the business cycle turns down again, they want to “protect” you and may not bailout the banks using that as the excuse they need to takeover all 401Ks and pension plans. We are exploring alternatives and will keep you advised.