{"id":7152,"date":"2015-02-06T19:04:43","date_gmt":"2015-02-06T19:04:43","guid":{"rendered":""},"modified":"2015-02-06T19:04:43","modified_gmt":"2015-02-06T19:04:43","slug":"obama_wants_your_retirement_account","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2015\/02\/06\/obama_wants_your_retirement_account\/","title":{"rendered":"Obama Wants Your Retirement Account"},"content":{"rendered":"

\"Listen<\/a><\/p>\n

RUSH: It\u2019s a story from the website Watchdog.org<\/a>, and the headline: “Obama\u2019s Budget Targets Your Retirement Accounts.” I can\u2019t recall the number of times that I have mentioned casually, forcefully, predicted directly over the course of the years that, as this government continued to expand and spend money it didn\u2019t have and print money it needed, that at some point it was gonna have to go get money. <\/p>\n

You can\u2019t just rely on fake money that\u2019s printed. They\u2019re gonna have to get more. They\u2019re gonna target money, and I warned everybody, “They\u2019re gonna they\u2019re gonna come after your pensions, and they\u2019re gonna come after your retirement accounts, because that\u2019s real money there, and it\u2019s yours, and it\u2019s there.” I knew this because the Reverend Jackson way back in the late eighties suggested that this was a great source of wealth for the government, because people that had huge retirement accounts really didn\u2019t need \u2019em. <\/line><\/p>\n

They were already rich. <\/p>\n

So it didn\u2019t take an act of brilliance to see this coming. <\/p>\n

But it looks like it has arrived now. It\u2019s in the Obama budget. This is not the 529 scam that he\u2019s running, or wanted to run. It says here, “You should be concerned about President Obama\u2019s plans to raise taxes, even if you aren\u2019t one of his main targets for tax hikes. Your retirement could be at stake. Earlier this week the president finally revealed his budget proposal. He wants to increase spending, increase the deficit, and increase taxes, all while promising to simplify the tax code.<\/p>\n

“‘Simplify\u2019 is an odd way of putting it, considering that his proposals would actually make the tax code even more complex. Most Americans might not be too concerned about his plans to raises taxes on the wealthy and corporations, but they might be concerned about his proposals to change the tax treatment of retirement accounts. Politico made light of a provision known as ‘The Mitt Romney Loophole,\u2019 but [Politico] failed to mention the other ways the president wants to change the tax treatment of retirement savings.<\/p>\n

“Wealthy Americans will not be the only investors affected by these proposals. MarketWatch<\/a> went through [Obama\u2019s] budget and found that there are more than a dozen provisions in the [Obama] budget that target retirement accounts. They aren\u2019t all bad, but the proposal to change the rules on Roth IRAs would hit middle class savers the hardest. Under the Obama plan employees would no longer be allowed to convert traditional retirement accounts to Roth IRAs.<\/p>\n

“Further, [Obama] wants to impose required minimum distributions (RMD) on Roth IRAs, which, according to MarketWatch, is the most egregious proposal. Unlike traditional IRAs, contributions are made to Roth IRAs after taxes, but then they aren\u2019t taxed again on earnings that accumulate over the years. Currently people can withdraw as much or as little from these [Roth IRAs] as they like any time after the age of 59\u00c2\u00bd.” <\/p>\n

<\/a>So predictions notwithstanding, this is in Obama\u2019s budget. Look what wanted to do on the 529. These are your education savings accounts. He wanted to just take the money. He wanted to retroactively tax you on the money that you had been permitted to deposit into the 529 account tax-free. Whether this is gonna pass is another thing. I mean, it\u2019s Obama\u2019s budget, and the Republicans run the show.<\/p>\n

But, folks, there are many people, an increasing number of people who don\u2019t simply rely on the fact it\u2019s a different party as evidence enough alone to stop Obama. Some of this stuff like Obamacare, we\u2019re learning, and executive amnesty on illegal immigration, the Republicans agree with the president on. But the bottom line is, he\u2019s out there talking about tax increases on “the rich,” and not talking about tax cuts for you. Remember, now, you are supposed to be happy. <\/p>\n

You\u2019re supposed to think you somehow are going to prosper, you are somehow gonna benefit when the rich pay some more taxes. Somehow that\u2019s called limiting the income gap or reducing the income gap. But I don\u2019t know how that works. I don\u2019t know how somebody I don\u2019t know paying more taxes is gonna make me have more disposable income. I don\u2019t follow the math on that. I don\u2019t see how that works. “Well, that\u2019s right, Mr. Limbaugh, but you\u2019re gonna be given more government programs.”<\/p>\n

What government programs? I don\u2019t have government programs now, but how does a government program put money in my back pocket? It doesn\u2019t. Besides, if it\u2019s a government program, I\u2019ve gotta behave in a certain way in order to qualify for it, and my income has to be in a certain category before I qualify for it. There\u2019s no way. It\u2019s silly to think that tax increases on rich people somehow make the middle class more prosperous. But that\u2019s what Obama\u2019s selling.<\/p>\n

Anyway, while saying all that, he\u2019s making a beeline for your retirement accounts, and he wants to tax the money that you have placed in those accounts tax-free. When it comes to the Roth IRAs, he wants to change the rules in the middle of the game and eliminate the flexibility you have in withdrawing money and depositing money all independent of taxes, as was the original promise. <\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: It\u2019s a story from the website Watchdog.org, and the headline: “Obama\u2019s Budget Targets Your Retirement Accounts.” I can\u2019t recall the number of times that I have mentioned casually, forcefully, predicted directly over the course of the years that, as this government continued to expand and spend money it didn\u2019t have and print money it […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[],"tags":[],"yoast_head":"\nObama Wants Your Retirement Account - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rushlimbaugh.com\/daily\/2015\/02\/06\/obama_wants_your_retirement_account\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"Obama Wants Your Retirement Account - 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