Romney’s IRA Obama Target for Revenue With $3 Million Cap.
President Barack Obama’s latest plan to raise tax revenue from wealthy individuals would pinch tax- favored retirement accounts of some private-equity executives and self-employed professionals by capping them at $3 million. The proposal, to be detailed in Obama’s budget April 10, would raise $9 billion for the government over the next decade, according to the White House. The issue of multimillion-dollar individual retirement accounts drew attention last year when Republican presidential nominee Mitt Romney disclosed that his IRA had a maximum value exceeding $100 million. It’s not just private-equity executives who would encounter higher taxes under Obama’s proposal. Self-employed business owners, such as doctors and lawyers, can contribute up to $51,000 a year to their IRAs, making it relatively easy for them to hit $3 million over a career without unusual investment strategies, said Bobbi Bierhals, a partner at McDermott Will & Emery LLP in Chicago who specializes in estate planning. “This is going to be seen as a disguised rate increase” that will alter estate and retirement planning, said John Olivieri, a partner in the private clients group of White & Case LLP in New York. “Clients have typically tried not to touch this money ever, because it’s subject to tax.” Obama, who persuaded Congress to raise top marginal tax rates on ordinary income, capital gains, dividends and estates during his first term, is seeking more revenue from some of the same sources. His budget plan will include other revenue-raising proposals paired with spending cuts in a renewed pitch to congressional Republicans for a so-called grand bargain to trim the deficit.
Read More
http://sweetfutures.com/2013/market-update-from-mike-kuta-part-2/
The risk of loss in trading futures and options can be substantial, therefore only genuine "risk" funds should be used in such trading. Futures and options may not be a suitable investment for all individuals and individuals should carefully consider their financial condition in deciding whether to trade. Option traders should be aware that the exercise of a long option will result in a futures position. Information herein has been obtained and prepared from sources believed to be reliable; however no guarantee to its accuracy is made. Comments contained in these materials are not intended to be a solicitation to buy or sell any of the commodities mentioned. Past performance is not indicative of future performance results. Opinions expressed herein are the opinions of the author only and not the opinion of any firm the author may be affiliated or associated with.
