Obama to Propose $3 Million Limit to Tax-Preferred Retirement Accounts

President Obama's fiscal 2014 budget, scheduled to be released April 10, will propose a $ 3 million limit to tax-preferred retirement accounts and an increase in the federal tobacco tax.
The $ 3 million limit on tax-preferred retirement accounts would raise $ 9 billion over 10 years, according to select media outlets briefed by senior administration officials on aspects of Obama's budget plan.
The tobacco tax increase is being proposed as a way to fund Obama's pre-kindergarten education plan, White House press secretary Jay Carney confirmed during his daily briefing April 5.

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