In what is either a plan B instead of, or a prelude to, the future wholesale seizing of private retirement accounts*, the Obama administration has made plans to limit the amount of money that can be deposited into retirement accounts.
401K's, IRA's and such are pet targets for Leftist economists in our era. Allowing the public to defer tax payments on earned wealth until one can be taxed at a lower rate is something that certainly has long rankled Leftists, but only since the last two presidential elections have these individuals felt safe enough to overtly push to change the rules. Only the election of someone who advocated fundamentally transforming the United States could provide a sign that the electorate has changed sufficiently to make the coast clear for attacks on personal property. Only the reelection the same man, who apparently so desperately wanted to quit that he did everything he could to lose the 2012 election, proved that these attacks could go mainstream and become the new norm.
The White House has taken it upon themselves to determine how much annual income you need from your investments to live comfortably in your retirement.
"The [proposed 2014] budget will include a new proposal that prohibits individuals from accumulating over $3 million in IRAs and other tax-preferred retirement accounts. 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. The budget would limit an individual’s total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million in 2013. This proposal would raise $9 billion over 10 years."
This is exactly the same argument that the Leftist are using against privately-owned firearms; trying to force you to defend yourself by citing "needs" when the the issue is one of rights. They arbitrarily set a certain dollar amount, one that is not only based on a very generously predicted rate of return but also ignores the classic means to governmental seizure of property - inflation, and tell you that since this all that you "need", they will have to prevent you from earning any more than this upon retirement.
A restriction of this type does not hurt the truly wealthy (Not that they should be targeted either) but literally hammers those who have socked away the most money earned from years of hard work. As colonizers look upon indigenous peoples, free tribes are only holding agents for land until it can be appropriated by more colonizers. Your money is the same; while it is in your hands you are its temporary possessor until they figure out a way to either wet their beaks or take the bulk of it.
People who are driven by an overwhelming sense of ambition are drawn to positions of power. Many of these quickly become aware that they do not have the skills to attain such positions in private organizations that produce wealth. Still desirous of power, they turn to politics and seek election to office or appointments to bureaucratic assignments, where they will not only be able to wield considerable power, but will be effectively shielded from any negative consequences for failure. The most ambitious and incompetent of these head straight for the Left. Failure for such types is only an opportunity to justify the seizure of more power and the property of others. A vicious cycle ensues - each restriction or seizure creates more failure, which is employed as proof positive that yet for restrictions and seizures are needed.
The Left would seek to look at money as a form of "credits"; measurable units that should be periodically gathered back into the arms of the State and doled out as it see fit. The earner is enslaved by crushing governmental debt and the ongoing and growing welfare state. Want an iota of freedom from the local family case worker? - Then you will work and produce for as long as we see fit.
The article at top should be read in its entirety I call the writer out on one thing - he refers to the creators of this proposal as idiots-savants. In truth, they are nether idiots nor savants; they are envious, hateful, and controlling people who will do everything within their power to reduce all of us to perpetual servitude and a state of state of ignorance of the history and culture that made our society.
Progressive talk...Why should one have a private pension when we can rely on the state? Social security will always be there, won't it?
ReplyDeleteMore progressive talk...Besides, these millionaires don't need this kind of wealth...it should be redistributed to those who didn't have the foresight to save.
If it looks like they are serious about this, I will cash in my IRA's, take my money and leave for a tax haven. Let them come and get me.