Posted on 07/20/2019 12:54:26 PM PDT by BradtotheBone
Like I’ve been telling other Freepers, I agree with Trump on this issue.
see, e.g.:
“Trump says US ‘foolishly spent $7 trillion in the Middle East’”
https://www.timesofisrael.com/trump-says-us-foolishly-spent-7-trillion-in-the-middle-east/
Well, then you and Trump are both wrong.
“You do realize that the money in these IRA’s and 401K’s BELONGS to the people who own them and NOT the government.”
In non-Roth retirement accounts, money has never been taxed.
Part of the value belongs to the government, which will collect their share when you withdraw it, at current tax rates.
It comes out as ordinary income.
You don’t even get to benefit from lower capital gains rates.
Temporary tax breaks are deceptive.
Wealth is preserved with permanent tax breaks.
“They are only changing the rules for heirs...”
It is always easier to go after somebody else’s money.
Raise the tax on billionaires? Easy, that doesn’t affect me.
Raise the pollution tax on Exxon. Easy, that doesn’t affect me.
Raise the inheritance tax after I’m dead. Easy, that doesn’t affect me.
Raise the IRA tax after I’m dead.....
Hmm. I wonder if the heirs of farmers and small businesses could get together and tell of what happened to them because of the inheritance tax.
Section 114. Community Newspapers Pension Funding Relief
Community newspapers are generally family-owned, non-publicly traded, independent newspapers. This provision provides pension funding relief for community newspaper plan sponsors by increasing the interest rate to calculate those funding obligations to 8%. Additionally, this bill provides for a longer amortization period of 30 years from 7 years. These two changes would reduce the annual amount struggling community newspaper employers would be required to contribute to their pension plan.
https://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/SECURE%20Act%20section%20by%20section.pdf
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It’s this kind of crap, that they slip in for their “friends”, that I find disgusting. It will allow these favored employers to reduce what they need to contribute to their employee retirement plans. This will make these private plans almost guaranteed to become INSOLVENT as time passes. This is already happening to too many plans and this will simply MAGNIFY THE PROBLEM!
In fact I’ve been saying that the biggest advantage to a Roth is because you’ve already paid tax on the principal what they’re left with trying to eleminate the promise not to tax the interest and whatever penalties they may choose to apply (though ex post facto are forbidden what does that mean to the trash on the Left?)...
All they have to do is switch to the European VAT model, and all the money in your Roth is suddenly taxable.
I kinda sorta otto agree with the general idea. 401Ks allow tax deferred savings for the saver’s retirement, not to set up their heirs. Do that with a trust or somesuch.
One of the problems that can happen in society is the emergence of too many “idle rich” that don’t contribute to society commensurate with their wealth.
Wealth should be a direct result of ambition and risk, in a healthy society.
Yes, your income. When it goes to another person (not a wife), then it should be as if it were income to them - which it is. To continue the tax deferred accumulation is just a dodge.
Repubs and democrats have no problem wasting tax money with or without wars.
The House vote was 417-3...
Nobody is saying you can’t pass your wealth along. Just that before you do you should pay your taxes on it like everyone else.
agreed on govt not taking wealth away.
(though that’s the one thing govt does the best, alas)
i was referring to its taxation (which is itself the confiscation you, we object to)
best,
fhc
we agree
Bluster and fear mongers? Nevertrumpers?
Don't you know they are simply conceeerned for our country? Trump is such a meanie, he's such, such, an orange meanie, a big orange meanie. How dare he.....this shall not stand!
Do I need an /s?
Since all the costs of taxes are passed on to the consumer it already happens by that standard.
Thanks.
“We need the government to fear the citizenry and nothing seem to be going in that direction now.”
When was the last time you walked into a federal building? My latest trip into a federal bureaucracy was my local social security office.
All the low-IQ bureaucrat drones were squatting on their fat butts behind a foot-thick wall with bulletproof glass. The fear was palatable as the fat bureaucrat squishes tried to answer questions via a speaker phone mounted on the glass.
You had to pass an armed guard before you entered the waiting area. I could smell Barney Fife cologne all over him. The whole place was rancid with fear and 50-IQ incompetence.
Go check it out, man.
SECURE = Stealing Every Cent U Reportedly Earn!!
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