Obama calls for cap on IRAs and cuts in Social Security, Medicare

President Barack Obama's budget proposal for 2014 asks Congress to limit the size of tax-deferred individual retirement accounts to $3 million and do away with the special "carried interest" tax rate for general partners in private-equity funds. Other measures aimed at narrowing the U.S. budget deficit include cuts in Social Security and Medicare, a minimum 30% tax on incomes above $1 million and caps on tax deductions for the wealthiest 3% of taxpayers.

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