And the "Wealth Tax" begins....

There it is, right there in the second paragraph of this story.

It is this kind of ignorant journalism that allows the government to continue to chip away at our freedom and liberty. Can you spot it?

Obama budget to take aim at wealthy IRAs

By Bernie Becker - 04/05/13 11:45 AM ET

The Hill

President Obama’s budget, to be released next week, will limit how much wealthy individuals – like Mitt Romney – can keep in IRAs and other retirement accounts. 

The proposal would save around $9 billion over a decade, a senior administration official said, while also bringing more fairness to the tax code.

The senior administration official said that wealthy taxpayers can currently “accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.”

Under the plan, a taxpayer’s tax-preferred retirement account, like an IRA, could not finance more than $205,000 per year of retirement – or right around $3 million this year.

Romney, Obama’s 2012 opponent, had an IRA several to many times that amount, leading to questions about how the former Massachusetts governor was able to squirrel away so much money in that sort of retirement account.

In fact, the entire premise of the article is exactly 180 degrees from reality.  Look again at the second paragraph:

The proposal would save around $9 billion over a decade, a senior administration official said, while also bringing more fairness to the tax code..  

No.  Not save.  TAX!  Tax an additional $9,000,000,000.00!   And then they have the gall to mention fairness in the same sentence.  Let's talk fair:

• 39% of ALL taxes are paid by the top 1% of all earners.
• 86% of ALL taxes are paid by the top 25% of all earners
• 97% of ALL taxes are paid by the top 50% of all earners.

Think about that last one.  Only 3% of ALL taxes are paid by the bottom 50% of all earner....  This is "fair"?

But, wait.  It gets better: 

The senior administration official said that wealthy taxpayers can currently “accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.”  

Really? So now "The senior administration official gets to decide that you or I may have "..substantially more than is needed to fund reasonable levels of retirement saving.” Please show me in the U.S. Constitution where is says a government official has the right to decide what is reasonable and what is too much for me to save for my self?

You think this is only for the Mitt Romney type?  Remember this.  The original income tax only was 1%  up to $20,000 in 1913.  What are the rates now?