Every day we are finding more and more evidence in the Obama proposed budget of his hatred for a citizen’s ability to care for himself instead of relying on a central planning government regime.
Yesterday’s focus was his destruction of the mortgage interest deduction.
Today’s focus is on his abuse of tax-deferred retirement savings accounts — you know, the accounts that were created by federal legislation in 1986 under Ronald Reagan for the purpose of alleviating the burden of retirement on future generations by getting people to more easily help themselves.
What does Barack Hussein Obama think of people helping themselves?
Tucked deep inside President Obama’s budget proposal to Congress is an innocuous-sounding provision that would cap the amount of money you can accumulate in IRAs and other tax-deferred retirement savings plans at $3 million. <source>
Notice the classic Communist mind at work: set the limit at a high-sounding number so that the average citizen will imagine that it won’t affect him, all the while knowing that the law of unintended consequences will wreck more of the capitalist system that has made the United States the most free and wealthy nation on earth.
Here is one such result:
But VanDerhei points out that the cap would also be an “administrative nightmare” for small-business owners and could discourage them from offering retirement savings plans to their workers. Small-business owners can contribute much higher amounts to their tax-deferred retirement accounts than their employees—up to $56,500 in 2013. If their contributions are capped, they may have little incentive to set up a plan for their employees, the American Society of Pension Professionals and Actuaries says.
What an appropriate phrase for just about anything Obama touches: administrative nightmare for small-business owners. He must smile when he reads reviews like this.
The man hates small business owners and their allegedly filthy stinking rich income levels, and he is not going to stop until he squeezes every last breath out of them.
Barack Hussein Ebola is on the loose, and we had all better run for our lives.