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Will a Money Hungry Government Take Away Your IRA and 401K?...A Bloomberg op-ed proposes the government will kill the 401K, and also that it should.
https://mishtalk.com ^ | February 27, 2024 | Mike 'Mish' Shedlock

Posted on 02/29/2024 5:31:44 AM PST by Red Badger

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To: mrmeyer

They 401K’s and IRA’s won’t be gone. But no way will they let all that accumulation go tax free. They will eventually find a way to tax it. Way too much money available.


41 posted on 02/29/2024 6:16:58 AM PST by napscoordinator (DeSantis is a beast! Florida is the freest state in the country! )
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To: TexasFreeper2009
Thank You. +1
Just more Click Bait nonsense.
Wheres the “Not this Sh*T again Guy”. LOL!!
42 posted on 02/29/2024 6:17:18 AM PST by MotorCityBuck (Keep the change, you are filthy animal! )
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To: Republican Wildcat

Roth’s are tax free.


43 posted on 02/29/2024 6:17:42 AM PST by napscoordinator (DeSantis is a beast! Florida is the freest state in the country! )
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To: napscoordinator

But they do tax it when you withdraw it, and by the age of 72, you are forced to take a required minimum distribution, they could simply force that required distribution to go up and insure it’s taxed at a higher rate.


44 posted on 02/29/2024 6:19:13 AM PST by dfwgator (Endut! Hoch Hech!)
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To: Red Badger

We have to dispel this notion that the role of government is to figure out how to ‘maximize tax receipts’.

The Laffer Curve states that if you tax somebody at 100%, you’ll end up with nothing, as there’s no incentive to make money. If you tax somebody at 0%, you’ll end up with nothing, as there’s no tax. SO - there’s some midpoint that maximizes taxes and just ‘raising the tax rate’ doesn’t necessarily translate into more tax revenue.

While I agree with this, it still rests on the premise that maximizing tax revenue is, and should be, the goal. It shouldn’t be. Clearly our government can’t control its spending. It’ll never be enough. The only answer is for government to be able to survive on a minimal income, giving us OUR money back, as MUCH AS POSSIBLE.

The ‘we the people’ being able to keep as much as possible should be the goal. We know how to spend it best, which includes investment at various levels, personal, local, and global. The mindset is completely upside down. The notion that problems get solved at the Federal level is insane - disproven by every socialist or communist government ever.


45 posted on 02/29/2024 6:23:52 AM PST by fuzzylogic (welfare state = sharing of poor moral choices among everybody)
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To: dfwgator

They definitely will eventually do that to ROTH’s. They won’t allow people to pay no taxes except on social security. I know traditional are still taxed. But the ROTH’s would not need to be mandatory to take out as it wouldn’t benefit the government at all.


46 posted on 02/29/2024 6:23:55 AM PST by napscoordinator (DeSantis is a beast! Florida is the freest state in the country! )
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To: napscoordinator

And eventually 100% of SS will be taxable instead of just 85%, regardless of how much income you have outside of SS.


47 posted on 02/29/2024 6:25:19 AM PST by dfwgator (Endut! Hoch Hech!)
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To: Lurker

Theresa Ghilharducci. (sp?) evil witch. She’s been on my watch out/keep track of list for a long time.


48 posted on 02/29/2024 6:33:27 AM PST by BudgieRamone (Everybody loves a bonk on the head)
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To: fuzzylogic

True, over-spending is the problem, not under-taxing...............


49 posted on 02/29/2024 6:35:42 AM PST by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
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To: Lurker
Some broad at some NY think tank came right out and advocated for complete confiscation of 401k plans.

I believe it was Jamie Gorelick. Liberal hack.

50 posted on 02/29/2024 6:40:50 AM PST by Bloody Sam Roberts (The Truth is like a lion. You don't need to defend it. Let it loose and it will defend itself.)
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To: fwdude

THEY control our behavior thru the tax code. It’s one of their chief weapons. They’d sooner give up their 1st born.


51 posted on 02/29/2024 6:45:53 AM PST by JonPreston ( ✌ ☮️ )
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To: Red Badger

Been saying it for years - only a matter of time.


52 posted on 02/29/2024 6:48:12 AM PST by mykroar ("It's Not the Nature of the Evidence; It's the Seriousness of the Charge." - El Rushbo)
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To: fuzzylogic

The Laffer Curve is “value neutral”.

It is just data analysis and math.

Policymakers are too stupid to either understand it or implement it anyway—so there is that.

;-)


53 posted on 02/29/2024 6:49:10 AM PST by cgbg ("Our democracy" = Their Kleptocracy)
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To: Red Badger

They screw with what little retirement options we have left, it’ll be time to start ending bloodlines.

On top of everything else? Camel... meet the last straw.


54 posted on 02/29/2024 6:49:11 AM PST by Dead Corpse (A Psalm in napalm...)
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To: mykroar

If such a law were to pass, it would immediately collapse the entire US Banking system................


55 posted on 02/29/2024 6:54:15 AM PST by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
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To: mykroar

If such a law were to pass, it would immediately collapse the entire US Banking system................


56 posted on 02/29/2024 6:54:15 AM PST by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
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To: Lurker

There are some states that are strongly considering taxing unrealized gains.


57 posted on 02/29/2024 6:59:44 AM PST by Chaka7887
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To: Lurker

Deep State is indeed.

And Deep State doesn’t want a healthy, financially independent middle class, does it.


58 posted on 02/29/2024 7:02:23 AM PST by mewzilla (Never give up; never surrender!)
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To: Red Badger

I’ve been saying for several years that the government will only extend tax advantages to 401k investments in federal bonds and T-bills.

3% return and your money goes to fund the government.


59 posted on 02/29/2024 7:10:45 AM PST by Cletus.D.Yokel (When I say "We" I speak of, -not for-, "We the People")
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To: dfwgator

That’s true. That’s another thing reagan got wrong…taxing social security. That and his love for illegal aliens are two reasons I think trump is better then Reagan.


60 posted on 02/29/2024 7:16:53 AM PST by napscoordinator (DeSantis is a beast! Florida is the freest state in the country! )
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