Some Americans might be thrilled by President Barack Obama’s latest plan to take more revenge on the wealthy, because they’re…well…wealthy.
As CNBC reported:
President Barack Obama’s 2016 fiscal year budget includes a proposal to cap contributions to tax-preferred retirement plans like 401(k)s and IRAs.
Those plans would be capped at $3.5 million, which we’re told would provide an annual retirement income of $210,000. (What, how dare they earn as much as some of Illinois’ retired public servants!)
So, what’s the point?
Will this raise a ton of new tax revenue for the government? Would it encourage more savings by the middle class?
None of the above. As certified financial planner Clark Randall, founder of Financial Enlightenment in Dallas, told CNBC:
I don’t think the proposal is going to save that much money in terms of tax savings. And any attempt to limit retirement planning sends the wrong message to consumers.
In other words, it’s another pointless effort by the progressive Obama to show how much he dislikes the rich and that he’s going to show them. So, there.
For information on my award-winning historical novel, “Madness: The War of 1812,” visit: http://www.madness1812.com