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De Omnibus Dubitandum - Lux Veritas

Wednesday, May 8, 2013

Obama: A Sweet Pension for Himself, But Not For America’s Savers or Investors

by Hans Bader on May 6, 2013 · 0 comments
In The Washington Post, Allan Sloan points out that while President Obama wants to cap American citizens’ IRAs at $3 million or substantially less—discouraging saving and investment in the process—Obama’s own-taxpayer-subsidized retirement benefits are worth more than twice as much, a generous $6.6 million. A sweet pension for me, but not for thee, seems to be Obama’s thinking.  Discussing the president’s “proposal to limit the value of 401(k)s, pensions and other tax-favored retirement accounts to about $3.4 million” (or much less, as interest rates rise), Sloan notes that Obama want “to limit savers’ tax-favored accounts to only about half the value of what he stands to get from his post-presidential package. Based on numbers from Vanguard Annuity Access, I value his package at more than $6.6 million. . . .And that doesn’t include [his] IRA  . . . Or the $18,000 (plus cost of living) a year he will get at age 62 for his service in the Illinois Senate.”…..To Read More…..

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