Posted on 02/22/2014 11:34:32 AM PST by Red in Blue PA
Keep taking investment money out of the economy to redistribute it into the federal plantation, until everyone is on the federal plantation, and no one has investment money to redistribute. It never works out, but radical leftists, called Democrats, keep trying to prove it can.
That’s funny. My Roth IRA went up to $6500. Limit is 5k but ‘catch-up’ limit for those over 50 went up from 6k. It’s stupid. Those that were too lazy to save when younger get rewarded later in life. At least the compounding won’t help them like it helped the rest of us.
This tax-deferred retirement plan was NOT designed for the “astute investor”. It was designed as (1) an alternate retirement vehicle for employers and (2) promote savings. If an employee is lucky enough to work for an employer who matches 50%-100% of the employee's payroll deduction that would be an easy 10% of gross annual income savings. That does not include the tax savings.
Your post #3 is exactly right: it is only a matter of time. Barry might not have time, but his free s#*t army representatives will get it done.
They will Steal from the producers and give to their base for the children, etc.
How about ending the EITC (I believe) where people get tax money back that they never even paid in the first place!
There are no tax deductions for IRA’s for high income people Oboobma.
The 50% includes me and all other social security folks.
To assume all old folks love their stuff and Obama’s lies better than is a serious error in judgement. It is to be duped
So, the One Billion Dollars this new Tax Scheme will raise for the next 900 Years will pay for Obama’s failed Stimulus Program.
Add in another Five Thousand Years to pay off all of Obama’s Deficits.
So, the One Billion Dollars (a year) that this new Tax Scheme will raise for the next 900 Years will pay for Obama’s failed Stimulus Program.
Add in another Five Thousand Years to pay off all of Obama’s Deficits.
Revised...
Are you kidding?? Just in my family alone, two out of four siblings have saved nothing for retirement. The majority will applaud zero and the dems as all of those tempting 401k’s are confiscated and redistributed “equally”. It’s only FAIRRRRRRR.
To encourage people to save, we will take people’s retirement money.
War is Peace
Freedom is Slavery
Ignorance is Strength
This is why I tell people they shouldn’t pay the taxes on an IRA and convert it to a Roth to any large degree.
Ten years from now some people are going to be sitting on huge (converted) Roth IRAs that are supposed to be exempt from all income taxes when withdrawn. All it will take is for a Democrat arguing “fairness” and pointing to someone withdrawing, say $50k from a Roth IRA of $1,000,000 to get a groundswell going to tax them in spite of what the previous law specified. Then they’ll end up paying the taxes twice.
Hell, it wouldn’t surprise me to see even our after-tax savings partially confiscated in the next financial panic. Greece has already done it, so the precedent is there.
One of Obama’s sorriest accomplishments is convincing a lot of people that contracts mean little anymore, especially when the government comes calling. And if he ever gets to appoint a liberal Supreme Court, they’ll mean nothing at all any longer.
Wait until bill gates and warren buffett find out a WEALTH TAX is coming.
Norseman, I doubt they will change the rules on a Roth. Too politically risky. Besides, if they announce their intent to change the tax treatment of Roth funds, people will immediately draw them out while they are still tax-free, before the law can be changed and enacted. What will screw the folks who have big Roth balances is the enactment of a VAT. I’m a big Roth fan, but the thought of a “VAT in lieu of (or in addition to) income tax” scheme being passed in the future is what freaks me out. With a VAT, even withdrawing your Roth funds before they can change the Roth rules will not help, because the VAT will be the double taxation.
All they have to do is say in April of a given year that Roth balances as of January 1st of the current year will be taxed at 40% upon withdrawal so long as the balance is greater than, say, $500,000.
The only people who will complain will be the ones getting the shaft. Good luck with that. As I said, Obama pretty much destroyed the concept of contracts. Now it’s just open season on the law. After all, look at Obamacare. 90% of it is now unconstitutionally “play it by ear” executive orders.
You’re right about the VAT. First pay taxes on income for savings. Then pay a new tax on purchases with those already-taxed savings. Drop the income tax at the same time, just to rub it in.
And an astute politician could appeal to the 20-40 crowd by arguing that this would get even with the older generations for loading them down with the national debt. He’d actually have a point too, so don’t be surprised to see it come up for serious discussion in a few years.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.