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Author: intercst Big funky green star, 20000 posts Top Favorite Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76075  
Subject: Re: Strategy comparison S&P500 vs. IUL [rev 1] Date: 4/8/2013 4:27 PM
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Owebama Budget to Take Aim at Wealthy IRAs
http://thehill.com/blogs/on-the-money/domestic-taxes/292071-.........

Under the 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.

</snip>


The original IRA legislation had a 15% excise tax on IRA withdrawals in excess of $160,000/year. Texas "Senator from Enron" Phil Gramm had that provision removed in a late-night amendment to a tax bill in 1998.

IRAs were never meant to be a tax dodge for the wealthy. I'd prefer we claw back some of these loopholes for the rich & entitled before we start screwing middle-class folks with cuts to Medicare and Social Security.

intercst
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