Congressman Charles W. Boustany, Jr., M.D., (R-South Louisiana) issued the following statement in reaction to a provision in President Obama's budget proposal which would prohibit accumulations of over $3 million in tax-preferred retirement accounts:
"America's small businesses have already suffered through a stagnant economic recovery and onerous regulatory burdens under this Administration. Now, President Obama is coming after small businesses again by proposing to limit the amount workers can accumulate in their 401(k) retirement savings plans. This is a direct assault on America's small businesses, creators of 70% of all jobs in this country. It is unacceptable.
"Hard-working small business owners have played by the rules, planning diligently for a well-deserved retirement, only to see the President move the goalposts. My conservative colleagues and I will continue to oppose the President's war on small businesses. I will work diligently to promote policies encouraging saving, investment, and growth to put America back on the path to prosperity."