LOL, that's a constituency but a very narrow one. The current system plays favorites and non-favorites a hell of a lot worse than what you are describing here. If they have that much money they'll be fine.
Dear groanup,
"LOL, that's a constituency but a very narrow one."
Perhaps not as narrow as you might think. But, that wasn't the example I initially gave. I gave an example where all income is generated from pensions, Social Security, and qualified retirement accounts.
I only gave this example because you mentioned about earnings from pools of savings.
"The current system plays favorites and non-favorites a hell of a lot worse than what you are describing here. If they have that much money they'll be fine."
I don't really see it that way at all.
The rules are the rules, and they are relatively stable, and folks can conform their financial lives to take advantage of the rules, or not to. Each person may choose.
So, you're saying that someone with a planned spending budget of nearly $60,000 per year will be fine if they have to reduce that by $10,000 per year?
After planning for years under the present rules?
Well, they might not agree with you.
To me, the most unfair feature of tax laws is that they change.
But the changes we have nowadays are relatively modest.
The changes proposed with the NSRT, on the other hand, are total and complete. There is significant injustice and unfairness just in the level of change proposed.
sitetest