Announcement

Collapse
No announcement yet.

POTUS BHO's 2016 Budget Targets Retirement Accounts

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • POTUS BHO's 2016 Budget Targets Retirement Accounts

    EXCERPT:

    President Barack Obama's Fiscal Year 2016 Budget was unveiled Monday to the American public, along with the Department of Treasury's Greenbook, which provides further explanation and details of the proposals in the president's budget.

    In truth, the president's budget is really more of a "wish-list" than anything else, but it's a good indication of where the administration is headed.

    This year's version of the budget included a number of provisions targeting retirement accounts. That was no surprise, as provisions aimed at retirement accounts have been a regular feature in budgets in recent years. What was a surprise, however, is how many proposals were targeting retirement accounts, and how many new proposals there were. All told, this year's budget featured over a dozen provisions that, if they were to become law, could directly impact your retirement savings.
    Below you will find a complete list of these provisions, as well as some commentary:
    http://www.msn.com/en-us/money/retir...nts/ar-AA90CwO
    TANSTAAFL = There Ain't No Such Thing As A Free Lunch
    “War is merely the continuation of politics by other means” - von Clausewitz

  • #2
    This is just typical Big Government tax and spend thinking coming from an administration that knows nothing else. It killed Detroit. It's killing California. It has wrecked countries like Greece and Spain.

    Obama is just looking anywhere he can for more cash to feed the voracious social welfare state he champions.

    Comment


    • #3
      Originally posted by T. A. Gardner View Post
      This is just typical Big Government tax and spend thinking coming from an administration that knows nothing else. It killed Detroit. It's killing California. It has wrecked countries like Greece and Spain.

      Obama is just looking anywhere he can for more cash to feed the voracious social welfare state he champions.
      Did you read the article? Please post they exact ones you object to. Don't forget the ones that are of actual benefit to retirement account holders.

      Between my wife and I we have about 8 or so accounts. Nothing in the proposals that hurts us, several/most are neutral or will help us.
      “The time has come,” the Walrus said,
      “To talk of many things:
      Of shoes—and ships—and sealing-wax—
      Of cabbages—and kings—
      And why the sea is boiling hot—
      And whether pigs have wings.”
      ― Lewis Carroll

      Comment


      • #4
        Originally posted by Combat Engineer View Post
        Did you read the article? Please post they exact ones you object to. Don't forget the ones that are of actual benefit to retirement account holders.

        Between my wife and I we have about 8 or so accounts. Nothing in the proposals that hurts us, several/most are neutral or will help us.
        Sure. I read the article early this morning.

        Objections:

        Eliminate the special tax break for NUA.

        While it won't affect me, being over 50 I see taxing stock gains on assets that someone cannot access until they retire is just wrong. There is no way to predict the performance of that stock over decades before it becomes accessible to the IRA owner. Tax them when they take the money out.

        Limit Roth conversions to pretax dollars

        The whole idea of a Roth IRA is that it is post tax money. That is, you have already paid taxes on it. Now, Obama wants to tax you both ways eliminating the whole purpose of having an Roth IRA.

        ‘Harmonize’ the RMD rules for Roth IRAs with the RMD rules for other retirement accounts

        This is just more of the same. Eliminate the whole idea of Roth IRA's by rules changes that make them undesirable. This will force people into company IRA's where their money can be taxed against the stock options more easily. It is a smoke screen to raise taxes by regulation.

        Eliminate RMDs if your total savings in tax-favored retirement accounts is $100,000 or less
        This one is a sop to low income earners who are more likely to be voting Democrat. However I really have no objection to doing this either.

        Create a 28% maximum tax benefit for contributions to retirement accounts

        Put bluntly, more "Tax the rich!"

        Establish a cap on retirement savings prohibiting additional contributions

        Another "Tax the rich" proposal that limits contributions. All it will do is make people affected put their money somewhere else to avoid taxes. The rich didn't get rich by being stupid. Obama on the other hand, is stupid.

        Create a hardship exception to the 10% penalty for the long-term unemployed

        No objection to this one. You are unemployed in this economy... Fine dip into your retirement savings if you like without penalty.

        Mandatory five-year rule for non-spouse beneficiaries

        Tax the dead, another perennial Leftie favorite. Why 5 years? Why not 1 or 3 or 20? This is just a stupid rule that makes things more complicated. It also plays on hoping that some people just won't notice until they get hit and the government takes their cash. It's almost like a scam using law.

        Allow non-spouse beneficiaries to complete 60-day rollovers for inherited IRAs

        Another legal limitation scam like above.

        Require retirement plans to allow participation from long-term part-time workers

        More rules on employers that will cost jobs. But, it is being proposed because of all the stupidity already in place that is making more and more workers end up part time to begin with. Here Obama (and others) have created a situation making this asinine rule necessary to begin with. Thanks Obama, you flaming @$$hole!

        Require Form W-2 reporting for employer contributions to defined contribution retirement plans

        More rules for employers that will cost them time and money. Being done to make it easier to tax people and for little other reason.

        Mandatory auto-enrollment IRAs for certain small businesses

        Obamacare part II. Forcing people to do something by government diktat. Hey Obama, we don't need your authoritarian nonsense! Keep your useless laws off my body!

        Facilitate annuity portability


        This one is neutral but cumbersome. There really is no advantage to more regulation here.

        Eliminate deductions for dividends on stock of publicly traded companies held in ESOPs

        A simple more tax proposal. Nothing like adding taxes to US corporations already hit with the highest taxes in the Western world.

        Also, this isn't about you. It is about everyone. I see Obama's proposals in the most part as bad for someone and overall only good for government spending and growth of government. That is bad. Better to dump his entire proposal than let government grow because of any of it.

        Comment


        • #5
          Why did I ask. Your answer demonstrate that you don't understand most of the provisions.....
          “The time has come,” the Walrus said,
          “To talk of many things:
          Of shoes—and ships—and sealing-wax—
          Of cabbages—and kings—
          And why the sea is boiling hot—
          And whether pigs have wings.”
          ― Lewis Carroll

          Comment


          • #6
            Originally posted by Combat Engineer View Post
            Why did I ask. Your answer demonstrate that you don't understand most of the provisions.....
            Thank you for that gratuitous, if mild, ad hominem...

            Comment


            • #7
              Originally posted by T. A. Gardner View Post
              Sure. I read the article early this morning.

              Objections:

              Eliminate the special tax break for NUA.

              While it won't affect me, being over 50 I see taxing stock gains on assets that someone cannot access until they retire is just wrong. There is no way to predict the performance of that stock over decades before it becomes accessible to the IRA owner. Tax them when they take the money out.

              Limit Roth conversions to pretax dollars

              The whole idea of a Roth IRA is that it is post tax money. That is, you have already paid taxes on it. Now, Obama wants to tax you both ways eliminating the whole purpose of having an Roth IRA.

              ‘Harmonize’ the RMD rules for Roth IRAs with the RMD rules for other retirement accounts

              This is just more of the same. Eliminate the whole idea of Roth IRA's by rules changes that make them undesirable. This will force people into company IRA's where their money can be taxed against the stock options more easily. It is a smoke screen to raise taxes by regulation.

              Eliminate RMDs if your total savings in tax-favored retirement accounts is $100,000 or less
              This one is a sop to low income earners who are more likely to be voting Democrat. However I really have no objection to doing this either.

              Create a 28% maximum tax benefit for contributions to retirement accounts

              Put bluntly, more "Tax the rich!"

              Establish a cap on retirement savings prohibiting additional contributions

              Another "Tax the rich" proposal that limits contributions. All it will do is make people affected put their money somewhere else to avoid taxes. The rich didn't get rich by being stupid. Obama on the other hand, is stupid.

              Create a hardship exception to the 10% penalty for the long-term unemployed

              No objection to this one. You are unemployed in this economy... Fine dip into your retirement savings if you like without penalty.

              Mandatory five-year rule for non-spouse beneficiaries

              Tax the dead, another perennial Leftie favorite. Why 5 years? Why not 1 or 3 or 20? This is just a stupid rule that makes things more complicated. It also plays on hoping that some people just won't notice until they get hit and the government takes their cash. It's almost like a scam using law.

              Allow non-spouse beneficiaries to complete 60-day rollovers for inherited IRAs

              Another legal limitation scam like above.

              Require retirement plans to allow participation from long-term part-time workers

              More rules on employers that will cost jobs. But, it is being proposed because of all the stupidity already in place that is making more and more workers end up part time to begin with. Here Obama (and others) have created a situation making this asinine rule necessary to begin with. Thanks Obama, you flaming @$$hole!

              Require Form W-2 reporting for employer contributions to defined contribution retirement plans

              More rules for employers that will cost them time and money. Being done to make it easier to tax people and for little other reason.

              Mandatory auto-enrollment IRAs for certain small businesses

              Obamacare part II. Forcing people to do something by government diktat. Hey Obama, we don't need your authoritarian nonsense! Keep your useless laws off my body!

              Facilitate annuity portability


              This one is neutral but cumbersome. There really is no advantage to more regulation here.

              Eliminate deductions for dividends on stock of publicly traded companies held in ESOPs

              A simple more tax proposal. Nothing like adding taxes to US corporations already hit with the highest taxes in the Western world.

              Also, this isn't about you. It is about everyone. I see Obama's proposals in the most part as bad for someone and overall only good for government spending and growth of government. That is bad. Better to dump his entire proposal than let government grow because of any of it.
              Good presentation.

              I wonder how any of this will affect Obama when he leaves the White House...NOT.

              BTW...you are already taxed twice anytime you receive an income tax refund. Your "refund" is not money earned in the new tax year. It's excess money you already paid taxes on last year and the government took too much and had to give it back.

              Maybe BooBoo would like to fix that.
              Quis Custodiet Ipsos Custodes? Who is watching the watchers?

              Comment


              • #8
                I'm a tax the rich guy. As long as every dollar raised by more taxes is met with a dollar cut from government spending. Also I'd like to see tax breaks for the poor and lower middle class. I'm with Romney when he said that he was not worried about the rich. They can take care of themselves. We have a safety net for the poor. It's the middle class that he worried about. I don't remember the quote word for word, but it was something like that. The best way to help the lower middle class IMO is by tax cuts, not hand outs or free college.
                If I could have back my taxes from last year I wouldn't need free college.
                "A foe who had fought so long and valiantly, and had suffered so much for a cause, though that cause was, I believe, one of the worst for which a people ever fought, and one for which there was the least excuse." Ulysses S. Grant

                Comment


                • #9
                  Originally posted by Combat Engineer View Post
                  Why did I ask. Your answer demonstrate that you don't understand most of the provisions.....
                  You asked him to post the ones that he objects to, he does and you reply with the above?
                  "I don't discuss sitting presidents," Mattis tells NPR in an interview. "I believe that you owe a period of quiet."

                  Comment

                  Latest Topics

                  Collapse

                  Working...
                  X