Here we go, again.
President Barack Obama’s latest guess at a budget looks to cap Americans’ retirement accounts at roughly $3.4 million (never mind that what seems like a fairly substantial amount of money will shrink to insignificance in the coming Bernanke inflation).
On top of that, Obama wants to “return the estate tax to the parameters in place in 2009…. That move would drop the per-person exemption to $3.5 million (remarkably close to that retirement funding cap) from the present $5.25 million and increase the top tax rate on a deceased’s estate to 45% from 40%.
According to Obama, it isn’t really your money, and Big Government Knows Better what to do with it than you do, anyway.