Romney’s IRA Obama Target for Revenue With $3 Million Cap
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President Barack Obama’s latest plan to raise tax revenue from wealthy individuals would pinch tax-favored retirement accounts of some private-equity executives and self-employed professionals by capping them at $3 million.
The proposal, to be detailed in Obama’s budget April 10, would raise $9 billion for the government over the next decade, according to the White House. The issue of multimillion-dollar individual retirement accounts drew attention last year when Republican presidential nominee Mitt Romney disclosed that his IRA had a maximum value exceeding $100 million.