Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

Obama Budget Would Cap Retirement Savings

April 11, 2013 by  

Congress is very unlikely to approve President Barack Obama’s recommended budget, submitted Wednesday after much delay.

But if the President got his way, Congress would cap the amount of money people could save in tax-preferred retirement accounts so that no account could earn an annual return of more than $205,000. As U.S. News reports, that means accounts that today hold about $3 million would have reached their savings limit under Obama’s plan.

While $3 million is a lot of money, it’s not as much as it used to be — and that trend is certain to continue. And, whether it’s an extravagant amount, for those who’ve managed to save the money or simply a cushion intended to last a retired family 20 or 30 years, it’s not the dollar figure that should raise eyebrows.

What’s sinister about the scheme is the way in which it reveals Obama’s liberal, regressive attitude toward capitalism and wealth. It stems from the punitive idea that those who earn a lot of money no longer need money as much as others do, and that it’s government’s job to redistribute it.

Obama said as much, telling a POLITICO reporter that “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.”

Where’s the incentive to enter the free market when the government is standing in line to confiscate the wealth you’ve worked for?

Ben Bullard

Reconciling the concept of individual sovereignty with conscientious participation in the modern American political process is a continuing preoccupation for staff writer Ben Bullard. A former community newspaper writer, Bullard has closely observed the manner in which well-meaning small-town politicians and policy makers often accept, unthinkingly, their increasingly marginal role in shaping the quality of their own lives, as well as those of the people whom they serve. He argues that American public policy is plagued by inscrutable and corrupt motives on a national scale, a fundamental problem which individuals, families and communities must strive to solve. This, he argues, can be achieved only as Americans rediscover the principal role each citizen plays in enriching the welfare of our Republic.

Facebook Conversations

Join the Discussion:
View Comments to “Obama Budget Would Cap Retirement Savings”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.