Will Congress Tax Your Retirement Savings And IRAs?

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This episode of What’s Ahead warns that money-hungry congressional Democrats are looking for ways to loot personal retirement accounts. They claim they’re appalled that some 30,000 IRAs have more than $5 million in assets, so they’re conjuring up ways to help themselves to it.

Don’t be lulled. It’s not only “the rich” they’re gunning for. Several years ago, then-President Obama and his team floated the idea of capping the size of personal retirement accounts, saying that $2 million was quite enough to fund an adequate retirement. Future inflation will have millions of people reaching that level.

Greedy Democrats may even go after Roth IRAs, which are funded with after-tax dollars on the basis that future payments will be tax-free.

Today, the total value of IRAs is almost $13 trillion, with 401(k)s around $7 trillion.

It’s no wonder that Washington politicians are salivating at finding ways to get their piggy paws on these accounts.

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Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.

Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers,

Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.

Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers, politicians and pioneers in business and economics in honest conversations meant to challenge traditional conventions as well as featuring Steve’s signature views on the intersection of society, economic and policy.

Steve helped create the recently released and highly acclaimed public television documentary, In Money We Trust?, which was produced under the auspices of Maryland Public television. The film was inspired by the book he co-authored, Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It.

Steve’s latest book is Reviving America: How Repealing Obamacare, Replacing the Tax Code and Reforming The Fed will Restore Hope and Prosperity co-authored by Elizabeth Ames (McGraw-Hill Professional).

Steve writes editorials for each issue of Forbes under the heading of “Fact and Comment.” A widely respected economic prognosticator, he is the only writer to have won the highly prestigious Crystal Owl Award four times. The prize was formerly given by U.S. Steel Corporation to the financial journalist whose economic forecasts for the coming year proved most accurate.

In both 1996 and 2000, Steve campaigned vigorously for the Republican nomination for the Presidency. Key to his platform were a flat tax, medical savings accounts, a new Social Security system for working Americans, parental choice of schools for their children, term limits and a strong national defense. Steve continues to energetically promote this agenda.





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