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Author: NewLiberal Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1962030  
Subject: Tunneling Into Our Retirement Accounts Date: 2/22/2014 7:58 PM
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It's the latest and greatest DC slam-dunk! Theft in the name of "equality" or "the good of the collective" is cool ... cool like Obama.

http://blogs.marketwatch.com/encore/2014/02/21/obama-would-s...
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Author: HMALETTER Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923662 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/22/2014 8:49 PM
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Obama's going to here it loud and clear from his own wealthy supporters. I wonder if that includes SEP IRA's as well?

He keeps testing the waters for revenue to pay for his own mistakes. If we had a robust economy, he wouldn't need to waste his Progressive breath.

I'll bet the TP types are salivating over his misuse of power, and his openly stating his intentions. Very little of this is about Social Security. The chained index is not a very defensibly subject now anyway, because the existing inflation index is completely bogus.

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Author: NewLiberal Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923667 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/22/2014 9:37 PM
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The frightening aspect of Oblah-blah's policy pronouncement is that the government's take on retirement accounts will increase as interest rates increase. Interest rates will certainly increase dramatically once the Fed bumps up against the possible destruction of the dollar.

Attention Americans: gov't parasites plan on bailing themselves out with your retirement accounts.

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Author: jerryab2 Big red star, 1000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923683 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/23/2014 1:10 AM
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Attention Americans: gov't parasites plan on bailing themselves out with your retirement accounts.

How do you plan to remove your unbreakable grip on the govt teat?

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Author: kenm47 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923687 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/23/2014 8:22 AM
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I'm sure the Romneys of the world are shaking in their boots.

Those "plans" aren't tunneling into MY "our" retirement account.

Ken

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Author: sano Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923698 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/23/2014 10:49 AM
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I'm sure the Romneys of the world are shaking in their boots.

Those "plans" aren't tunneling into MY "our" retirement account.


Or mine.

The people who would be affected range from quite wealthy to filthy rich.

The impact won't affect their wine selection at the country club.

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Author: willynaylor Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923699 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/23/2014 11:19 AM
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I'm sure the Romneys of the world are shaking in their boots.

Those "plans" aren't tunneling into MY "our" retirement account.

Ken


_______________

How about the JFK's of the world? Vile stuff with the name of Romney yet you worship the JFK's of the world.

Comes down to party first.



W

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Author: lowstudent Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923700 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/23/2014 11:25 AM
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How about the JFK's of the world? Vile stuff with the name of Romney yet you worship the JFK's of the world.

_________________________________

A lot of these poor schmucks do not recognize as long as they are given someone to hate and blame they are just useful but clueless dupes.

So off the go hate in hand

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Author: JediGALT Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923776 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/24/2014 6:48 AM
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If Liberals EVER plunder and take control of 401k’S, IRA’s, etc……………

I’ll contribute to Liberals every election cycle from now until the end of times.

JediG

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Author: HMALETTER Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923780 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/24/2014 8:33 AM
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Just about every time an Obama plan is reviewed, loyal Obama supporters offer their appreciation that it won't impact them. Many of Obama's supporters are extremely wealthy smug people. While many state their politically-correct views, they generally aren't too keen when it does impact them.

Whenever a topic like this comes up, you can tell who the Progressives are, with their not so subtle Communist leanings.

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Author: sano Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923789 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/24/2014 9:41 AM
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HMALETTER: Just about every time an Obama plan is reviewed, loyal Obama supporters offer their appreciation that it won't impact them.

Economic realists appreciate that it won't impact them or the millions of lower and middle class rightwingers who also will not be negatively affected.

Are you in the group making more than $205,000. per year in retirement income?

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Author: JediGALT Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923800 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/24/2014 10:54 AM
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Thats what affluent-in-their-own-mind-working-for-rich-corporation-Liberals want: They want to keep the poor out of sight and out of their enclaves. They want every tax break and 401k greedy tax help for themselves, and they want 1%’era to foot the whole bill.

Which will work.

Until it doesn’t.

And then the day of reckoning come and those who think they are so safe in the Whole Foods Parking Lot when the welfare state explodes. I hope the yuppies can afford the same security measures as the 1%’ers can. Hopefully the yuppies won’t be armed either and the bad guys will be (I now support gun control)

Oh and to whomever was whining about wine:

Don’t stereotype. Not everyone at a Country Club drinks wine. Some people might have a standing order of a Bacon Cheeseburger, medium rare, extra mayo and red onion on the side, and Cherry Coke with light ice. (Because they want to eat in peace on weekends to avoid the idiot coastal cubicle yuppies crowding up the restaurants).

Obama Goldman 2012

Hillary Sachs 2016

Time to rape the 401k’s.

JediG

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Author: TheDope1 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923817 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/24/2014 11:43 AM
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Wow, there's a fine how-do-you-do. You earn money and park some of it in your 401(k). Then through keeping up with your plan it grows to be nice and big over time. Obama now wants to punish you for having a good retirement plan.

Why are left wingers so anti-accomplishment? It's not like anyone held up a bank and put the money there tax free.

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Author: THEMATHISNEAR Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923828 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/24/2014 12:43 PM
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Why are left wingers so anti-accomplishment?

Asked and answered; they're that way by definition.

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Author: xLife Big funky green star, 20000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923928 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/24/2014 9:40 PM
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Obama now wants to punish you for having a good retirement plan.

BS. Capping IRA's at $3.4 million isn't punishing anyone.

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Author: TheDope1 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923930 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/24/2014 9:44 PM
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BS. Capping IRA's at $3.4 million isn't punishing anyone.


BS on this. Who gets to decide how much money someone should get to sock away?

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Author: laissezFaireOne Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923931 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/24/2014 9:52 PM
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"Who gets to decide how much money someone should get to sock away? "

The beautiful people.

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Author: sano Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923935 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/24/2014 10:14 PM
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BS on this. Who gets to decide how much money someone should get to sock away?

The idea is that you can still 'sock away' all you want, but only a certain amount gets tax favored status.

Are you worried that you won't be able to make ends meet if your income in excess of $205,000.00 is not equally sheltered?

Really?

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Author: xLife Big funky green star, 20000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923940 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/24/2014 11:16 PM
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BS. Capping IRA's at $3.4 million isn't punishing anyone.

---
BS on this. Who gets to decide how much money someone should get to sock away?


Nobody's telling anyone how much they can sock away. You can sock away however much you want. The IRA cap would pertain only to how much you can exempt from taxes.

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Author: NewLiberal Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923945 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/24/2014 11:58 PM
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The politics of envy continues. Such theft is common in democracies, but not in free and just societies.

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Author: xLife Big funky green star, 20000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923946 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/25/2014 12:11 AM
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The politics of envy continues. Such theft is common in democracies, but not in free and just societies.

WTF are you talking about? Tax exemptions aren't a God-given right. And removing tax exemptions on IRAs over $3.4 million is hardly theft.

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Author: NewLiberal Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923948 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/25/2014 12:15 AM
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WTF are you talking about?

Private Property Rights.

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Author: xLife Big funky green star, 20000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923949 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/25/2014 12:27 AM
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WTF are you talking about?

Private Property Rights.


What do private property rights have to do with how much money in an IRA qualifies for a tax exemption?

Your understanding of how IRAs work is worse than your spelling.

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Author: NewLiberal Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923950 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/25/2014 12:37 AM
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Simply put, the US gov't plans to use our retirement accounts to pay its promises.

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Author: sano Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923983 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/25/2014 9:30 AM
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Nobody's telling anyone how much they can sock away. You can sock away however much you want. The IRA cap would pertain only to how much you can exempt from taxes.

Benghazi!

Sputter sputter sputter... Hmmm

Hillary!

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Author: sano Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923984 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/25/2014 9:34 AM
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And removing tax exemptions on IRAs over $3.4 million is hardly theft.

Isn't the plan to limit the size of the IRA to 3.4 million.

Over that amount you simply put the money into a cute little trust that has some tax preferred features.

If you have that kind of money, and don't have a trust, you're not doing the dance properly.

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Author: Bimmer325 Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923985 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/25/2014 9:34 AM
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Quit whining and put the money in a Roth. When people choose this option and discontinue the use of Traditional IRA's and Rollovers maybe they'll go away and you won't have to worry about "punishment".

Problem solved.

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Author: sano Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1923986 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/25/2014 9:41 AM
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Simply put, the US gov't plans to use our retirement accounts to pay its promises.

Do you object also to being high income earners being taxed on social security too?

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Author: TheDope1 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1924022 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/25/2014 12:10 PM
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Nobody's telling anyone how much they can sock away. You can sock away however much you want. The IRA cap would pertain only to how much you can exempt from taxes.

I think you're misunderstanding the change. There already are caps on how much income per year you can stick into an IRA or a 401(k). The deal is, once it gets behind the account firewall, if you manage to make a million percent return it's all yours. This seems like (or at least, it's my interpretation) that it would cap returns.

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Author: TheDope1 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1924023 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/25/2014 12:11 PM
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Benghazi!

Sputter sputter sputter... Hmmm

Hillary!


Heh. It's fun seeing the *form* a poster takes when he/she decide to make themselves irrelevant. Some chant PARTYFIRST!, others throw the race card and/or accuse everyone else of lying.

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Author: xLife Big funky green star, 20000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1924046 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/25/2014 1:00 PM
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Simply put, the US gov't plans to use our retirement accounts to pay its promises.

You made that up.

Did you even read the link you posted?

It's about three things:

1) How to calculate Social Security cost-of-living increases, using CPI or chained CPI. Obama wants to use ordinary CPI, not chained.

2) Limiting the allowable tax deduction on contributions to retirement savings funds to 28% of income. (I'm surprised that there isn't a limit already.)

3) Capping the amount that can be held in a tax-deductible retirement account to $3.4 million.

The last two things would affect very few people, probably less than one-percent of Americans. How many people save more than 28% of their income? How many have more than $3.4 million in an IRA? (The average IRA, at retirement, is worth about $210K.) And why should taxpayers subsidize the retirement savings of the extremely wealthy?

Simply put, there is nothing in the article about the government using your retirement savings plan for anything at all.

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Author: sano Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1924060 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/25/2014 1:24 PM
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Benghazi!

Sputter sputter sputter... Hmmm

Hillary!

Heh. It's fun seeing the *form* a poster takes when he/she decide to make themselves irrelevant. Some chant PARTYFIRST!, others throw the race card and/or accuse everyone else of lying.


An silly response is all a dishonest position deserves.

You must expect BS in response to your BS.

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Author: xLife Big funky green star, 20000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1924121 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/25/2014 5:22 PM
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Nobody's telling anyone how much they can sock away. You can sock away however much you want. The IRA cap would pertain only to how much you can exempt from taxes.
---
I think you're misunderstanding the change. There already are caps on how much income per year you can stick into an IRA or a 401(k). The deal is, once it gets behind the account firewall, if you manage to make a million percent return it's all yours. This seems like (or at least, it's my interpretation) that it would cap returns.


I think you're the one who misunderstands. You can still make a million percent return. You just can't exempt more than $3.4 million from taxes. Boo hoo. This rule would probably affect .01% of retirement plans, and even those not very much because anyone with that kind of money can avoid paying taxes some other way.

But the point isn't whether it's a good proposal or a bad one. It's that the it is definitely is not about the government "tunneling" into retirement accounts and "stealing" our money.

(Is there some kind of stupidity contest going on in rightwingnut circles? There's been a spate of "I refuse to understand what this is really about" stories lately. First, it was the CBO report about people cutting back their hours because they can now get inexpensive Obamacare insurance being described as "2.5 million jobs lost!" Then there was the silly freakout about "Obama wants to put censors in the nation's newsrooms" spin on the proposed FCC study. Now this.)

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Author: laissezFaireOne Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1924123 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/25/2014 6:00 PM
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"But the point isn't whether it's a good proposal or a bad one. It's that the it is definitely is not about the government "tunneling" into retirement accounts and "stealing" our money. "

So taxing money over 3.4 million isn't tunneling into our retirement account. If this passes then it is, because it becomes a new revenue source for the government. And in the future, 3.4 million could become 2.5 million etc etc.

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Author: Rightime Big gold star, 5000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1924124 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/25/2014 6:03 PM
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So taxing money over 3.4 million isn't tunneling into our retirement account.

-Nem0

Our Retirement Accounts? You've really got to get out of your mom's basement more often

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Author: xLife Big funky green star, 20000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1924131 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/25/2014 6:37 PM
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So taxing money over 3.4 million isn't tunneling into our retirement account.

Correct. It is merely capping the amount of money eligible for a tax exemption. For what it's worth, the home mortgage interest deduction has a cap too and no one claims that is "stealing."

And in the future, 3.4 million could become 2.5 million etc etc.

Actually, the reverse. The limit is likely to increase since it's based on interest rates and because of inflation.

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Author: laissezFaireOne Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1924132 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/25/2014 6:41 PM
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" It is merely capping the amount of money eligible for a tax exemption."

Which means paying taxes over 3.4 million, which doesn't happen now. Less money in the retirement account, more money in the hands of the government. I still see this as finding new revenue sources via retirement account by the government.

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Author: Rightime Big gold star, 5000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1924138 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/25/2014 8:05 PM
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I still see this as finding new revenue sources via retirement account by the government.

Nem0B


People over 60, of course, tend to have the biggest retirement savings and are more likely to have multiple IRAs; looking at combined IRA and 401(k) balances within that cohort, the team figures that about 0.107%, or roughly one of every thousand, would exceed the cap.

http://blogs.marketwatch.com/encore/2013/04/10/obama-budget-...

Wow! You mean the Government has found a new goldmine in 0.107% of IRAs.

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Author: nigelwhalmsley Big gold star, 5000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1924156 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/25/2014 10:35 PM
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[ It is merely capping the amount of money eligible for a tax exemption. ]

"Which means paying taxes over 3.4 million, which doesn't happen now. Less money in the retirement account, more money in the hands of the government."

How does the cap on tax free retirement accounts result in less money in the retirement account? You put 3.5 million in, you pay tax on the .1 over the cap. Doesn't take any money out of the retirement account.

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Author: NewLiberal Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1924159 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/26/2014 12:31 AM
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The president’s plan would also cap the maximum amount of money that could be held in tax-deferred retirement accounts at a level that would limit them to providing an annual retirement income of $205,000, according to a formula based on prevailing interest rates. (That level is currently $3.4 million, but could fall if rates rose higher.)

The Fed is printing like mad. Interest rates will eventually rise dramatically ... unless our gov't decides to toast the dollar. Thus, the $3.4 million cap will also fall dramatically. Obama and friends are definitely coming for our retirement accounts.

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Author: nigelwhalmsley Big gold star, 5000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1924173 of 1962030
Subject: Re: Tunneling Into Our Retirement Accounts Date: 2/26/2014 8:59 AM
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"The Fed is printing like mad. Interest rates will eventually rise dramatically ... unless our gov't decides to toast the dollar. Thus, the $3.4 million cap will also fall dramatically. Obama and friends are definitely coming for our retirement accounts."

Rabid paranoia.

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