Sunday, February 12, 2012

Leeches and thieves

Congress has its eyes on your IRA:
A surprise proposal in Congress to drum up tax revenue from inherited IRAs is raising eyebrows—and making some financial advisers nervous.
A Senate Finance Committee proposal floated this past week as part of a highway-funding bill would give heirs five years to empty inherited individual retirement accounts or 401(k)s, which would typically trigger income-tax payments. The rule change could raise some $4.6 billion in income taxes over the next decade, according to a statement by Sen. Max Baucus (D., Mont.), chairman of the Senate Finance Committee.
Remember that they will try to take your money however, whenever, and wherever they can, and it doesn't matter much which party is in power.