The money in an IRA is not “tax-preferred,” as the White House asserts. Money in an IRA is rather “tax-deferred,” meaning the government is going to get their money one way or another. No surprise there that they got that wrong. The White House is short on CPAs. They don’t even know how to do their own taxes right.
"I do think at a certain point you've made enough money," he told a Quincy, Illinois audience. It was only "fair," Obama continued to argue, that government should confiscate the rest by raising taxes.