Apparently Barry "Almighty’s" latest attempt at what’s laughably referred to as a budget, which we’re told is to be released next week, will limit how much wealthy individuals can keep in IRAs and other retirement accounts. And we’re also told that this proposal would somehow ‘save’ a paltry $9 Billion over a decade. This information comes to us by way of some senior administration official, who also made the claim that such a move would bring more fairness to our tax code. Now before too many folks start jumping on this little bandwagon, I think it’s important to keep in mind here just how it is that this corrupt group of thugs operates. This is always how the set their schemes in motion, by using these so-called "wealthy individuals" for the purpose of getting everybody onboard. But how long does anyone think before it won’t just the IRAs of those "wealthy individuals" that are effected? Soon it’s also the IRAs of average working class Americans that will be effectively getting raided by Democrats as they seek to acquire more "revenue" that can be used to cover the cost of paying off their constituents.
This supposed senior administration official implied that it is inherently unfair that wealthy taxpayers should be able to "accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving." Ok, says who? Barry "Almighty"? So it’s the government that should now to be the determining body when it comes dictating exactly what constitutes "reasonable levels of retirement saving?" Anyway under Barry’s plan, a taxpayer’s tax-preferred retirement account, like an IRA, could not finance more than $205,000 per year of retirement, or right around $3 million this year. Mitt Romney, Barry’s 2012 opponent, is always used as the case study regarding anything to do with "wealthy individuals, and it’s no different now as Barry’s team presents this latest attempt at a shakedown. Hence it is said that Romney had an IRA several to many times that amount, leading to questions, by Democrats, about how the former Massachusetts governor was able to put away so much money in that sort of a retirement account. It’s all more of the same class-warfare crap!
Barry’s ‘budget’ is expected to hit the street next Wednesday, and it, no doubt, will be very long on ‘revenue-raising’ proposals and quite short on proposing any real spending cuts. And it comes at a time when Democrats and Republicans continue to spar over whether more tax increases are needed to reduce deficits. Personally, that should be a non-issue. The Democrats got their tax increases back in the beginning of the year, and once again there were no cuts in spending even discussed. From this point on the focus needs to be on substantial cuts in spending and serious entitlement reform on not merely cuts in the growth of the rate of spending. This attack on private retirement accounts is something that has been bandied by about Democrats ever since Barry first came into office. There has been a continued desire to impose rules and regulations that would effectively abolish the private retirement saving and investment markets. And to believe the rhetoric that this, somehow, only will effect those "wealthy individuals," is to allow yourself to be duped by a man who’s nothing but a pathetic liar.
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