How Obama wants to prevent future Mitt Romneys from sheltering massive amounts of wealth

[customerserviceguy]

3. Three million sounds like a lot of money

But I remember when unemployment comp started to be taxed in 1978. The adjusted gross income cutoff for a married couple to have UC taxed was a then seemingly large amount of $25,000, and for a single person, it was $20,000. Then a few years later TEFRA bounced those numbers down to $18K and $12K, respectively, and of course, the thresholds were later eliminated entirely. Once we've established the principle that a tax-deferred retirement account is not really fully that, then we've started down the slippery slope.

That money is always taxed eventually, when any unused portion goes to heirs, and not just for estate tax. Three million sounds like a lot, but changes in the law and inflation will eventually eat away at it. I would imagine that if we do nothing about Social Security in the next few years, at some point the way out will be to have a person choose either a tax-deferred account or SS, that it's some kind of a double-dip to have both. And there will be lines of people waiting to turn in their IRAs and 401K's for a Social Security check. I hope I'm dead before that happens.