Posted on 02/29/2024 5:31:44 AM PST by Red Badger
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.
Roth’s are tax free.
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.
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.
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.
And eventually 100% of SS will be taxable instead of just 85%, regardless of how much income you have outside of SS.
Theresa Ghilharducci. (sp?) evil witch. She’s been on my watch out/keep track of list for a long time.
True, over-spending is the problem, not under-taxing...............
I believe it was Jamie Gorelick. Liberal hack.
THEY control our behavior thru the tax code. It’s one of their chief weapons. They’d sooner give up their 1st born.
Been saying it for years - only a matter of time.
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.
;-)
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.
If such a law were to pass, it would immediately collapse the entire US Banking system................
If such a law were to pass, it would immediately collapse the entire US Banking system................
There are some states that are strongly considering taxing unrealized gains.
Deep State is indeed.
And Deep State doesn’t want a healthy, financially independent middle class, does it.
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.
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.
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.