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Obama Budget Would Expand SEC Advisor Exams

by on April 11, 2013



“Small business owners earning over $250,000 would have to pay tax on contributions in the year the contributions are made then pay tax at the full rate when contributions are distributed at retirement. If a small business owner has saved $3 million in his or her 401(k) account, they won’t be allowed to save any more—and will have to pull out and pay tax on any balance over that amount,” the trade group’s executive director and chief executive officer Brian Graff said in a statement.

The Investment Company Institute, the trade group for mutual fund operators, said Obama’s proposal to cap the amount of annual contributions to retirement plans that can be deducted at 28% of income would harm savings and retirement preparedness.

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