Romney's IRA Obama Target for Revenue With $3 Million Cap | White & Case LLP International Law Firm, Global Law Practice
Romney's IRA Obama Target for Revenue With $3 Million Cap

Romney's IRA Obama Target for Revenue With $3 Million Cap

President Obama is proposing raising tax revenues from wealthy individuals by capping how much money they can have in tax-favored retirement accounts, such as IRAs, at $3 million.

"This is going to be seen as a disguised rate increase" that will alter estate and retirement planning, said John Olivieri, a partner in the private clients group of White & Case LLP in New York. "Clients have typically tried not to touch this money ever, because it’s subject to tax."