"Under current rules, some wealthy individuals are able to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving."
If I work, pay my taxes, give to others according to our Lord, then I should be able to do what I want to do with the rest of my money. Period!
If I want to horde 10,000 pairs of shoe strings, that's nobody's business except mine. Every pair of shoe strings that I buy and horde means somebody else earned a living making them. Sales and income taxes help fund Uncle Sam's "needs". That's all he needs to know.
When Uncle Sam discourages me from hoarding shoe strings, all he is doing is building more dependence on him to supply my shoes. And the strings in those shoes are a whole lot different from the ones stuffed in the back of my closet. There's a whole lot of stuff I can do with my strings from candle wicks to a cord on a fire bow. His only function as puppet strings. Guess who pulls those strings.
If the government has already taxed my money and I save up what is left, why should they be able to get at it again?
I don't understand?
What if I want to save my money for my children or my grandchildren?
I already know that with inheritance tax, much of it will be taxed a second time.
What if I want to invest in a friend's business when I'm 90?
Who cares what I want to do with the money??
It's mine.
It should stay mine to do with it what I want.
It's not surprising that all the more conservative-minded posters in this thread favor preservation of private ownership, while the three left-leaners imply disapproval of it.
They do tax us again, and again, and, again.....when your checking and/or savings accounts accrue a certain % of interest, they tax the %. Three things are certain in america, "life, death, and paying taxes".....:laugh: