Federal Government Looking for Ways to Get to Retirement Funds
Just when you thought your retirement account was safe from the federal government, think again. That’s’ because according to the Government Accountability Office, there are around 9,000 U.S. taxpayers who have a minimum of $5 million in an individual retirement account.
Now some lawmakers are taking a closer look at these accounts because as Senate Finance Committee Chairman Ron Wyden of Oregon puts it: “The IRA was never intended to be a tax shelter for millionaires.” According to the GAO report, these accounts are only possible for someone who has access to investments that are not available to most people or who has an aggressive investment strategy.
Meantime, there were an estimated 1,100 taxpayers that had more than $10 million in their IRAs as of 2001, according to the GAO report. Of those, 314 people had more than $25 million. On the other hand, that means that close to 99 percent of all people who have IRAs have less than $1 million in their accounts.
So what, if anything, is the government trying to do about these types of accounts? For starters, last year, President Obama introduced a proposal that would put limits on these kinds of accounts. Under his proposal no one would be able to add tax-favored contributions after their total account balances accumulated about 3.2 million. However, so far, the president’s proposal has not moved forward in Congress. It remains to be seen if other lawmakers will push harder for changes.
Six Habits of Professional Leaders
This article will discuss six habits of Professional Leaders. Leadership in the workplace comes in many different styles and forms. Not all people in positions of leadership have the necessary skills to excel at their position. To be successful in business leadership, developing and honing numerous talents, abilities, and attributes is necessary. Some professional leaders are…
How Small Businesses Are Being Empowered with Big Data | Dan Forootan
“How Small Businesses are Being Empowered with Big Data”, Dan Forootan Transcript, Interview by Alan Olsen, Host of The American Dreams Show: Dan Forootan: I started my first company at 16 years old when I was in high school. I loved technology and Bill Gates was my idol. I started playing with stocks in eighth grade.…
The True Value of Communication
The True Value of Communication Communication is extremely valuable in all relationships and in almost every setting. If you want to have a successful relationship with your spouse you must be able to communicate effectively with each other. If you want to have a positive relationship with your children, then you have to learn to communicate with them. Communication in…
A Guide to Family Business Decision Making
The topic of group decision making has spawned many academic studies, books, and white papers. It is never easy to get a group of human beings to make a decision together; it’s hard enough for a single individual to make a decision! Add to the mix more people with their cultural differences, values, needs, desires,…