Obama Budget Would Cap IRAs at $3 Million

I don't know about you, but it fries me when a proposal is cast out to the wind without any details. A $3 million cap on IRAs - on the surface, that sounds great, right? One more way to tax the rich and bring more money into the government to use for *worthwhile* programs. First, there are no details on how this would work, which worries me. More importantly, messing with IRAs bothers me a lot because the program was created to encourage people to save in these tax-deferred funds, whereas if those people who have millions socked away had known that their funds could be tampered with, they might have invested differently from the get-go.

Capping the IRAs going forward, now that makes some sense. But the plan as I understand it is all about forcing those who have saved in IRAs to pull out their money according to the government's schedule, disrupting the plans they had for their retirement. Bad politics, if you ask me.





I don't know about you, but it fries me when a proposal is cast out to the wind without any details.

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Caleb Newquist is the Editor-in-Chief of Sift Media US, overseeing content for both AccountingWEB and Going Concern.

Prior to this role, Caleb served as the editor of Going Concern since its founding in 2009. During his time as editor, Going Concern quickly became one of the most popular and talked about websites in the accounting profession. He has been named one of Accounting Today's Top 100 Most Influential People every year since 2011 and has been published on numerous websites, including Above the Law, Deadspin, Denver Business Journal, and the Huffington Post.

Caleb is an adjunct professor of journalism the Community College of Denver in Denver, Colorado, where he teaches Internet Media.

Prior to falling bass ackwards into the media business, Caleb spent over five years working in public accounting, with more than three of those years at KPMG. Caleb received a Master of Science in Accounting from Colorado State University and a Bachelor of Science in Business Administration from the University of Nebraska at Kearney.

Caleb spends a lot of time on a bicycle and reading, but never at the same time.

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