Obama's very late and unbalanced 2014 budget would limit tax-protected retirement accounts to $3 million. )The total of all such accounts a person has.) Because no one needs more than that.
Except Him. His retirement is estimated to have present value of $5 million. And he will exempt accounts like his. It is not of the tax-protected kind like a 401(k).
Suckers! Laws apply to you, not to The One. His pension is even indexed for inflation. Mine is not.
[Place photo of President Obama with his trademark arrogant look.]
Kathleen Pender at SF Gate:
The limit would not apply to Obama’s own pension, which is worth at least $5 million, because it is not in a tax-advantaged account, according to Brian Graff, executive director of the American Society of Pension Professionals & Actuaries. Obama’s pension, which guarantees him a Cabinet-level salary for life indexed to inflation, is a “non-qualified deferred compensation plan, similar to what corporate executives get,” he says.
The proposal would not cap those plans or prevent corporate executives from walking away with retirement packages worth tens or hundreds of millions of dollars, Graff says. But it could discourage some small- and mid-size business owners from continuing to contribute to employee retirement plans when their own balances hit $3 million, he says.
Hat tip: Breitbart News