Obama Budget Takes One Last Swipe At Mitt Romney — And His Enormous IRA
Mitt Romney’s unfathomably large IRA was a big political liability for him in 2012.
Fortunately for other financial titans who hope to be president, it’ll be hard in the future to skirt the rules and amass such enormous, tax-deferred savings — if President Obama gets his way.
A new provision in Obama’s budget “[e]nds a loophole that lets wealthy individuals circumvent contribution limits and a cumulate millions in tax-preferred retirement accounts,” according to a budget summary released by the White House. The White House is unveiling its new budget Wednesday.
A senior administration official confirmed to TPM that the provision is a fresh addition to Obama’s budget, and intended to close the loophole that allowed Romney to amass upward of $100 million in his individual retirement account.