Where did the term ”chip on my/your shoulder” come from? I’ll have to Google that later, but right now, I have a big problem with some of these asshats in D.C. with the politicizing they’ve already started with the Oklahoma tornadoes. Continue reading
Ok, so whenever there is a scandal or something goes wrong in the Obama administration, it seems low-level employees are to blame. That is, if you believe the White House in recent weeks. First the IRS, and now Israel. Continue reading
A lot of people think that there are way too many checks and balances in place and too many decent people within government for some sort of conspiracy to actually take place. Well, that’s obviously not true. Continue reading
Have you noticed that politics are becoming more and more divided? Even though President Obama was touted about as a uniter, as someone who would be fair to everyone regardless of political party, race, gender, religion, sexual preference, etc. Has that happened? Continue reading
I’ll tell you what, I am glad they caught the “second” guy. I do have a few problems with how everything’s going down. There are somethings that just don’t add up. Continue reading
I’m sure you’ve seen this story, but I wanted to share it anyway, just in case. All-too-often, we see kids acting like fools. Why not, they’re kids. Kids do foolish things, it’s a part of growing up. However, this kid, Jared Marcum, has his head on straight. He’s standing up for his beliefs and Constitutional rights. If you haven’t heard or read his story, do so below. It’ll give you more faith in his generation. Continue reading
What happened to our founders’ vision of the United States and their limited government? This over-reaching of federal powers is nothing new. It seems to come in waves. Even Abraham Lincoln did some unconstitutional things in his term. Remember manifest destiny? I know that wasn’t Lincoln’s deal, but it all ties in. Continue reading
(Photo via Fox News)
Army Master Sgt. C.J. Grisham was on a ten-mile Boy Scout hike with his son in Texas when he was arrested and accused of “rudely displaying” his firearm. Knowing there are wild boars, coyotes, and cougars in the area, he had an AR-15 rifle slung over his shoulder and was also carrying a .45 caliber pistol, according to Fox News’ Todd Starnes. Continue reading
We all know who Mayors Against Illegal Guns is, right? Well, you may think you do, but I doubt you know as much as you think. The group is full of mayors from all over the country, mostly Democrats, that want to take your guns away, but they do it in the guise of only wanting illegal guns off the streets. Well, here’s the deal. If AR-15s are outlawed and you own one, you are a criminal. Continue reading
How much do you know about our friends at FEMA? I used the term “friends” loosely. What do you really know about the NDAA? Think you’re safe from an over-reaching government making an example of you? Think again. Continue reading
People seeking freedom throughout the world are horrified by the government of Cyprus stealing money from personal bank accounts. [Read: Cyprus! Government Spending, Debt and Government Confiscation of Private Property] Continue reading
So, ol Barry is at it again. This moron can’t leave well enough alone. If you still don’t think this guy is intentionally trying to screw our country, you need a lobotomy! Read this article from US News and World Report.
White House claims some people are saving ‘more than is needed’ for their post-employment future
By Danielle Kurtzleben
President Obama’s proposed budget would reportedly cap returns on high-end retirement accounts.
The Obama Administration’s new budget will cap retirement savings for the nation’s super-rich, but it’s possible that it could affect even smaller-scale savers.
According to advance reports, the administration’s budget due out on Wednesday will propose a cap limiting the amount of annual return a retirement account can create to $205,000. If that proposal were enacted today, that would mean retirement accounts would be limited to $3 million in assets. The White House estimates that caps on the tax-preferred accounts would generate $9 billion over 10 years.
“Under current rules, some wealthy individuals are able to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving,” the White House told Politico last week.
Most Americans may greet this news with a shrug; after all, only a tiny sliver of Americans saving for retirement have that much money saved up. According to a new analysis from the Employee Benefit Research Institute, only around 0.06 percent of total IRA account holders had $3 million as of the end of 2011, and 0.0041 percent of 401(k) accounts had $3 million as of the end of 2012.
Still, there is the potential for that cap to affect yet more people. One is a changing financial environment. Based on past annuity prices, EPRI projects that the account threshold could fall as low as $2.2 million, and even lower if and when interest rates grow.
Of course, a threshold of $2.2 million would still only take into account a small sliver of Americans. But depending on how such a plan is administered, it could discourage employers from providing retirement plans, fears one expert.
“I think a lot of what people are missing about this is this is most likely going to be very, very difficult from an administrative complexity standpoint for employers to deal with this,” says Jack VanDerhei, research director at EPRI.
Exactly how such a plan would be implemented is impossible to know right now, as the details are still sketchy. But the difficulty of keeping track of an employee’s retirement account—particularly if that employee has multiple accounts held over from last jobs, for example—could cause some employers to throw up their hands, says VanDerhei.
He’s not the only one who has voiced concerns about this. Last week, Brian H. Graff, the CEO of the American Society of Pension Professionals & Actuaries fretted in a statement that businesses would “lose their incentive to maintain a plan, and either shut down the plan or greatly reduce benefits.”
There’s nothing to do right now but wait and see the details of the administration’s plan, however.
“Obviously they have something in mind. And whether that means no additional deductible contribution, whether that money has to literally be taken out of the account, we unfortunately don’t know,” says VanDerhei.
Of course, all this is contingent not only on whether employers find the policy troublesome, but also whether the cap will actually go into effect. Given that presidential budgets tend to be wish lists of an administration’s priorities, not to mention constant congressional gridlock, that possibility may be slim, or at least a long way off.
Saving more than is needed? What a freakin’ retarded statement! This guy is doing everything he can to make more and more people dependent on the government. Just look at the welfare rolls since he’s taken office. Look at the number of people getting on disability through Social Security. Look at the entitlement stuff, I mean ads on TV promoting free phones and $1/month service. One such ad even says the feds are cracking down on fraud in the Lifeline phone service and that YOU need to hurry and get yours before its too late. This is insanity! What has happened to the independent American spirit that made this country great? Where is it? I can’t believe it’s gone. I just refuse to believe that. However, when you look at groups like Occupy, welfare abusers, and the rest of the “give-it-to-me-for-free” crowd, it’s no wonder that we’re following in the same footsteps as Rome, Greece, and the Ottoman Empire. What happened to them? The people lost their morals and their conquering spirit (to conquer life’s obstacles, not necessarily other people) and they fell. They fell like lead balloons. They went down in flames. Are we going to go that way, too? Will we let this happen? When and how will we stop our once great nation from becoming a 3rd world country? It’s time we act. It’s time we stop these people from taking us down a path that we may never return.
I mean, where does this guy get off telling the American people they can’t save so much for their retirements? What business is it of this douche bag if I save a dollar a year or one million dollars a year? He wants everyone equal, but not in the right kind of equality. He wants us all equal as slaves to the system, rather than equal in opportunities to be our best. The feasibility of his desires may not be there, but the fact that he wants this is disturbing enough.
I have come to the conclusion that Obama is inherently evil. He’s just an evil hate-monger in disguise as a warrior for the people. I’d rather be poor and free than comfortable and dependent on the system. I’d rather live in a tent or a makeshift shelter in the woods than live under his oppressive thumb.
Mr. President, you are an embarrassment to this country and especially to our founding principles. You are a joke of a man. You are an idiot and you make Jimmy Carter look presidential. Moron!