No. of Recommendations: 9
Owebama Budget to Take Aim at Wealthy IRAs

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.


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.

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