Obama budget proposal to call for $3M limit on IRAs

04/8/2013 | Bloomberg

The budget plan that President Barack Obama will propose this week calls for limiting IRA assets to $3 million, with an estimate that it would generate $9 billion in revenue over the next 10 years. The White House said in a statement that some wealthy investors are able to save "many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving."

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