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.