Saturday, April 6, 2013

Obama budget to take aim at wealthy IRA accounts

Well, there has been quite a bit of discussion over the last year or two about the federal government getting access to your retirement accounts, namely the 401K plans.  So now, the Obama budget takes aim at wealthy IRA accounts.  Hmmm, I wonder how the definition of a "wealthy account" will change over time?  Ten million?  Ten thousand?  Should we brush this off if we are not among those that the government feels is "wealthy", or has a threshold been crossed now.  The example of what occurred in Cyprus over the last few weeks has set a new precedent, that when the financial system and the governments of the world get desperate, they will take funds from not only tax payers, but your bank accounts and retirement accounts as well.  Zerohedge ran a similar story - Obama Proposes Retirement Account Limit In First "Wealth Tax" Salvo.

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