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Obama budget to take aim at wealthy IRAs

Posted By -NO AUTHOR- On 04/06/2013 @ 1:29 am In Money,Politics | No Comments

(The Hill) President Obama’s budget, to be released next week, will limit how much wealthy individuals – like Mitt Romney – can keep in IRAs and other retirement accounts.

The proposal would save around $9 billion over a decade, a senior administration official said, while also bringing more fairness to the tax code.

The senior administration official said that wealthy taxpayers can currently “accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.”

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