Posted on 04/06/2020 9:20:40 AM PDT by DIRTYSECRET
That's my idea. We know corporations don't pay taxes. We also know capital has already been taxed b4 it gets to the gains. My trick is to allow a $100k tax free withdrawal from our 401k/IRA's. Call it what it is: a tax cut for the rich. They(we) will be the ones to lead us out of this mess. Like a drug addict we have to hit rock bottom so that POTUS can strike while the iron is hottest. He can do it right after a good November.
I’d be down with a tax free Roth conversion.
I’ve also advocated allowing people at a certain age to withdraw tax free monies up to a certain point. 1-2% of balance or 10K, whatever.
There’s more. Make trade deals North America-centric. Cutback on 10% of government that will not be noticed-departments. Make it up for renewal a week after the 2022 elections. Transferring money to a Roth won’t circulate but it may keep inflation at bay with all this new money floating around.
Wouldn’t that be nice. I just booked a big one last week.
How about being able to deduct more than $3,000 for your losses?
The market is in the toilet right now - why would anyone withdraw from their IRA? Secondly, what capital gains? There are capital LOSSES. Why get rid of the rule when taxpayers can benefit from it?
My friends this is an opportune time.
a very good idea.
i wouldn’t limit it to just 100K, let people withdraw what they wish...if they pull any of their retirement money out it will almost certainly be spent on living expenses or invested...and will therefore stimulate the economy in a major way
Solution, abolish income taxes in all forms - this requires an amendment to the constitution - a law will not suffice, since Rats will introduce new legislation for income taxes after they have been abolished. Then create a consumption tax for consumers only - businesses pay zero taxes, have zero lobbying for taxes, have zero tax accounting and have zero tax lawyers fees. You get your full paycheck, no taxes withdrawn. You pay the consumption tax when you purchase a good or service. The state department of revenue collects the consumption tax along with their sales tax. (I believe there are only two states that don't have a sales tax.) Additionally, you are never taxed on capital gains, any retirement earnings, until you purchase a good or service. Every good has a consumption tax, the same percentage, which set each year to match the federal budget. The only goods that do not have a tax are goods that have already been taxed, e.g., second-hand goods, used cars and per-existing homes. Yes, this idea sounds a lot like the Fair Tax, but it lacks the socialist basic income idea of a pre-bate.
Let’s see. Eliminate corporate welfare right off the bat and eliminate all welfare after the 2022 elections. Trumps last text deal should be called the Final Solution to the consternation of the left. Btw Hitler was a leftist.
A tax-free Roth conversion theoretically helps to starve the Beast.
I loved [at least until the Market tanked] taking $$s out of my Roth to pay for the occasional big ticket expenditure or transfer to the gradkids [moderated by their paris]. I used to only take from earnings [even from < 5yr money] as IRS accounting binned it as a taking from the initial principal.
It’s a sweet deal.
That sounds better than the FT.
As long as spending already taxed savings are not included somehow.
To convert to a Roth.
Just no on the capital gains. All the insiders that traded before the tanking do not deserve a damn thing.
There aren’t going to be any capital gains to tax this year
Hey, that's not a bad idea!
that would be wonderful....maybe limit the amount..
Quit taxing Social Security benefits.
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