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Obama has proposed $3M cap on tax deferred retirement plans. Most people rely on these for retirement - they do not have guaranteed pensions and responsibly save. The govt says $3M will guarantee a $200k income for life. It only does so if you buy an annuity, the annuity company remains solvent and you leave nothing to your spouse or children. If one doesnt go the annuity route, then risk free returns generate about $60 k/y. One can take risks but then the value of the account will vary - both up and down. If the account is capped and the value drops (as in market crash) it may never return to the capped value. The $3M proposed cap is clearly an attack on the middle class. This is also an attack on investment and on jobs. This proposal must be DOA..
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