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Cap on retirement saving?

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in Small Business Tax,Small Business Tax Deduction Strategies

With the sequester gripping Washington, D.C., all kinds of tax reforms are on the table. Recent budget proposals by President Obama include a major change for retirement savers: A new $3 million limit would apply to assets in IRAs and qualified retirement plans, such as 401(k) plans.

Details of how this would work haven’t been released, but the Obama administration projects that the cap would bring in $9 billion in additional ­revenue over the next decade.

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