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In reply to the discussion: So the President is proposing a CAP on IRA accounts not to exceed 3 million. I know that is a lot [View all]L0oniX
(31,493 posts)8. It used to be that rich people felt an obligation to give back to the society that helped make them
rich. The key word is "felt". So let's put the measurement of the "what rich is" goal post on wheels so the rich can move it should they ever be accused of not feeling like they should give back something to society. So let's keep debating what rich really is ....cause that's working out so well for all of us. For those who don't know ...some of us can only wish we had money for an IRA ...instead we are hoping we won't be out on the street when we are 80.
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So the President is proposing a CAP on IRA accounts not to exceed 3 million. I know that is a lot [View all]
still_one
Apr 2013
OP
I agree with your assessment. On one hand you encourage people to save, then say that you
still_one
Apr 2013
#12
The most Social Security pays per year is about $30,000; $3 million buys an annuity of $200,000
muriel_volestrangler
Apr 2013
#16
You pay taxes on IRA money when it is withdrawn. If you are referring to Roth Iras, you cannot even
still_one
Apr 2013
#17
People who can accumulate more than $3m in a retirement plan are not middle class
muriel_volestrangler
Apr 2013
#18
It takes 40 years to accumulate that at 10%. It is doable. This won't pass anyway, but it punishes
still_one
Apr 2013
#21
the reason was to help kill defined benefit pensions & SS & replace them with crappy alternatives.
HiPointDem
Apr 2013
#33
The best solution would be limiting IRA investments to cash or publicly traded stocks and bonds.
dawg
Apr 2013
#4
It used to be that rich people felt an obligation to give back to the society that helped make them
L0oniX
Apr 2013
#8
We already Cap rate of Investment, now we admit to being full of excrement
One_Life_To_Give
Apr 2013
#19
Pleas read the link in #19, and explain why a retirement income of more than $205k needs a tax break
muriel_volestrangler
Apr 2013
#20
It can be checked in the same way that they check you're not exceeding the yearly limits
muriel_volestrangler
Apr 2013
#31
A bad solution to a problem purposely created to legalize outright theft of worker's
Egalitarian Thug
Apr 2013
#29