If I were a socialist and was the president (but I repeat myself) and was looking around for money to fund wasteful schemes that benefits my friends and discourages capital accumulation, where would I look? How about retirement plans? There's lots of money there. Naw, that would be too obvious. Wouldn't ever fly. Too many people have them.
But, let's just go after those who have way too much in their plans: the rich! Class warfare has worked well in the past. Besides, we really really need the money.
Dreaming? Nope. Here's the plan from our anti-capitalist socialist-in-chief: cap retirement plans at $3 million! Tax anything over. Perfect. Both objectives accomplished:
Obama's budget plan, to be unveiled April 10, would prohibit taxpayers from accumulating more than $3 million in an individual retirement account. That proposal would generate $9 billion in revenue for the Treasury over the next decade, according to a White House statement released today.
Why would anyone need more than $3 million? That's what the White House asks:
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.
There it is: class warfare and egalitarianism in one sentence! Sweet.
Ed Slott, an accountant from New York, said a lot of people got upset last fall when they learned that Mittens had accumulated more than $100 million in his IRA! Slott said this was some kind of tipping point:
Over the last election it hit a critical mass when a lot of people found out that Romney had $100 million in his IRA. People thought, how on earth did that happen? I think that was the tipping point.
That “tipping point” no doubt occurred to Slott, probably because he doesn't have $100 million in his IRA and thinks that Mittens ought to share. But it made great headlines and promoted the envy meme that the rich don't deserve to be rich because they took excessive advantage of the system. Capping the amount at $3 million is just the ticket to evening things out.
See? socialism is easy once you get the hang of it.