The Glade 4.0

I'm with you on everything except that part. I thought the whole point of the Roth IRA was that the gains were tax free. Now you're saying that they're not? If this is true, what's the point of the Roth IRA? A regular IRA lets you put in pre-tax money in and then taxes everything when you take it out. According to this, the Roth taxes the principle before you put it in and then taxes the gains when you take them out, which makes the Roth a strictly worse option in every conceivable way.

Facism is not a school of thought, it is a racial slur.

It doesn't tax the gains. It considers your withdrawals income. Which gets taxed.

Yes, so what is the point of ever doing a Roth IRA? A regular IRA lets you put pre-tax money in and then taxes the withdrawals as income. Now you're saying a Roth also does this. That means with a Roth you put post-tax money in and then whatever you withdraw is taxed as income. That's strictly worse in every conceivable way and there would be no reason to ever have a Roth IRA if this was the case.

In comic strips the person on the left always speaks first. - George Carlin

Kathleen Pender of the San Francisco Chronicle also notes that Obama’s plan would not apply to himself:

The limit would not apply to Obama’s own pension, which is worth at least $5 million, because it is not in a tax-advantaged account, according to Brian Graff, executive director of the American Society of Pension Professionals & Actuaries. Obama’s pension, which guarantees him a Cabinet-level salary for life indexed to inflation, is a “non-qualified deferred compensation plan, similar to what corporate executives get,” he says.
“No legislation should inhibit individuals from taking care of their own retirement,” says Marotta. “Government officials know very little about retirement planning. They haven’t even had the foresight to keep Social Security solvent.”