Obama Seeks To Cap IRA's at $3.4 million : Did Obama Come Up With Idea At Chicago Democratic Socialists of America Conference in the 1990's at University of Chicago Campus ?

CNBC reports:

The tax advantages of saving for retirement could be a limited-time opportunity for wealthy investors.

President Barack Obama's 2016 fiscal year budget includes a proposal to cap contributions to tax-preferred retirement plans like 401(k)s and IRAs. "While tax-preferred retirement plans are intended to help middle class workers prepare for retirement, loopholes in the tax system have let some wealthy individuals convert these accounts into tax shelters," the White House said. Under the proposal, individuals would be prohibited from contributing to or accruing additional benefits in such accounts once balances reach $3.4 million—enough, it estimates, to provide an annual income of $210,000 in retirement.

No word yet on whether Barack Obama came up with this idea , in the 1990's , at the socialist conference he headlined on the University of Chicago campus. Also, no word on Obama considering capping university endowments that compound tax free. How many longer before the statists want to tax that Roth-IRA you've got?