April 4, 2009
Is it true that Obama plans to take money from larger retirement plans in order to redistribute the wealth?
Rick asked:
A friend of mine told me that Obama plans to take money from individual retirement accounts in order to fund his redistribution of wealth program. Has anyone else heard this?
Elsie
A friend of mine told me that Obama plans to take money from individual retirement accounts in order to fund his redistribution of wealth program. Has anyone else heard this?
Elsie
Comments on Is it true that Obama plans to take money from larger retirement plans in order to redistribute the wealth?
Aliza
That would be patently false. Obama has consistently said that retirement accounts are necessary to ensure that retirees are able to live in dignity and support themselves. In fact, he supports extending individual retirement accounts. People, among them Ben Stein, have mis-characterized his proposal to increase capital gains taxes as an additional tax on retirement account distributions. Since retirement account distributions are distributed as income and not capital gains, they would not be subject to capital gains taxes, whether the rate now or increased.