Obama says $3 million is enough for retirement

First of all I am sure that does not apply to him. The fact is whether people are fortunate enough to have that amount of money when they retire does not take into fact that parents nowadays have had to not only worry about future expenses of their own but expenses they can have trying to keep family members afloat in this economy.

Obama budget proposal would cap tax-favored IRAs at $3 million : Business

Conceptually, this isn’t much different than some of the stuff Romney was proposing. 401(k) and similar retirement savings vehicles represent enormous tax preferences, and limiting such preferences with respect to the highest earners is similar to Romney’s proposals to raise revenues without hiking tax rates by limiting the use of certain deductions by those with higher incomes.

What’s pernicious about this proposal is the amount of tax information and reporting that would be required. Citizens for the first time would have to provide coordinated information on an annual basis about total retirement savings. The extreme degree to which this infringes on privacy, especially in relation to the relatively small amount of revenue raised, make this a non-starter.