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President Obama’s new budget proposal includes a cap that would limit the amount people could save in tax-preferred retirement accounts to $3 million in assets.
According to the White House, “Under current rules, 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.”
In other words, [insert sarcastic voice] some of you Americans are saving too much money! Stop that! When you save all that money, that’s fewer dollars Washington can get its hands on.
Whether or not you think you’ll ever have $3 million dollars saved in your retirement account is not the point. The point is that Washington is attempting to dictate how much money you can save. This coming from a city that has never met a debt it didn’t like.
In the words of Gandalf from The Lord of the Rings, let’s hope this budget “shall not pass!”
What do you think about this proposal?