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Senator Burr's Blog - The President's Budget

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As you may know, Obama's Budget was released yesterday. The President seems to have heard some of our concerns, however the slight improvements reflected in his budget are over-shadowed by the hundreds of billions of dollars in new spending programs at a time when we can't even afford the government we already have.

For the first time ever, the Obama budget is setting its sights on raiding Americans' retirement savings accounts in order to feed more revenue to the government. Americans should not be comforted by the Administration's claim that its proposed raid on retirement accounts will only affect the "wealthy." Let's be clear, retirement savings accounts cannot be a shelter for the wealthy because contributions to these accounts are already capped under current law, and individuals are subject to income taxes either on the money they contribute to a Roth account or withdraw from a traditional account. Rather, the Obama plan specifically targets those Americans who have saved responsibly over their entire working lives, regardless of what their income is, and because it takes the radical step of going after account balances, it will subject all Americans who save even a cent toward retirement to unprecedented reporting requirements to the IRS.


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