Politics

 

Obama: 'Prohibit' Americans from Saving More Than $3M in Retirement Accounts

Obama: 'Prohibit' Americans from Saving More Than $3M in Retirement Accounts

President Barack Obama’s proposed budget would simultaneously compel Americans to enroll in a tax-deferred retirement account and “prohibit” them from saving more than $3 million in such accounts.

That sum, Obama’s budget argues, is all that is “needed to fund reasonable levels of retirement saving.”

Under current law, American who save money in tax-deferred retirement accounts are taxed on the money in such accounts when they withdraw it--and are charged an additional tax penalty if they withdraw it before retirement age.

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