FINALLY: President Obama to decide how much money you need for your retirement

Mark Levin's been warning about this for years, ever since a Marxist crackpot was asked to testify about nationalizing retirement accounts in front of a Congressional committee.

You can think of that as showing some ankle. Now the president has hiked up the entire skirt.

Welcome to the new U.S. Socialism always has the same predictable process. Once the government collectivizes a sector then the politicos and bureaucrats get to work on "improving the system". In a private enterprise, that'd mean offering more to your customers for a cheaper price. In government, it is always the opposite, finding ways to reduce benefits for their "customers".

This is why Obamacare is and will be a disaster to anyone interested in having quality medical care and choice... Once the government uses its force to gain a monopoly on a sector like medical care then all of a sudden it now becomes everyone else's business what you do with your own body. You smoke? You should be stopped! Don't wear a seatbelt? You should be fined. Why? Because we are all paying for each other's medical care and so it now becomes everyone else's business what you do with your health because it could potentially cost them more money.

The same has been happening since the U.S. government has had a multi-decade long monopoly on retirement savings (IRAs). Since they get to make the rules they get to decide just how much is enough for your retirement and that is exactly what will be happening next week when President Obama will be releasing his budget plan which will limit how much a wealthy individual can keep in those tax-reducing IRA plans and other retirement accounts.

According to a senior administration official, wealthy taxpayers can currently “accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving"... What is the "reasonable amount" that he thinks is enough? The numbers being bandied about seem to indicate $3 million. Sounds like quite a bit, right? Well, let's look further at the proposal.

"The budget would limit an individual’s total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million in 2013."

[But] if you lived in any number of states where total income taxes are over 50%, very quickly brings that number down to around $100,000... Of course, that is just the beginning of other payments to the state. Your average person with a $3 million IRA probably lives in at least a $1 million house. If that person lived in New Jersey where property tax averages 1.89% of property value, then you can take another $19,000 off of the remaining $100,000 for property tax payments to rent his own home.

Of course, there will be numerous - countless really - other taxes paid over the course of the year... gasoline tax, cigarette taxes, alcohol taxes and numerous others. But, even without including those we are already below $7,000/month.

But here is the real kicker. If that person did take the $205,000/year annuity, their retirement funds would only last them fourteen years. Of course, some may state that they could and should be earning a return during that time which will extend it.

...These are the wonders of the American Dream today. It is turning into a nightmare. They have you coming and going from all sides. And then, if you manage to survive all the taxes and inflation, whatever remaining money you have left will be mostly gutted by the death tax. Yes, there is a tax to die in the land of the free. And don't try to commit suicide either. That's illegal.

And, like the Alternative Minimum Tax, which was originally designed to target only "the rich" but trapped everyone, rest assured that all Americans are in the cross-hairs. To deploy another cheesy metaphor, Obama's effort to cap retirement accounts at $3 million is the camel's nose under the tent.

This Marxist class warfare, which is provably destructive of the civil society and free enterprise, must be stopped. And if that means crushing the RINO establishment along the way, so be it.